Income tax Return

  FORM 15CA AND 15CB Both FEMA regulations as well as Income Tax Act has prescribed rules to regulate any payments made overseas by any Resident. This is done in order to avoid money laundering and to ensure proper financial discipline relating to overseas payment.   At the time of remittance outside India by any Residents, besides other documents, bankers usually ask for the copies of form 15CA and 15CB .   Now, a question arises what exactly is form 15CA and 15CB ?   Well the purpose of filing both the form 15CA and 15CB is to ensure that the taxes are collected before remittance of money outside India. Now, both the forms may be filed electronically which helps in monitoring as well as checking the effectiveness of remittances.   WHAT IS FORM 15CA?   In such form, the remitter of money makes a declaration that He has deducted the relevant taxes before remitting money to the Non Resident.   WHAT IS FORM 15CB?   I...

INCOME TAX RETURN FILING IN INDIA The Income Tax Return filings in India is an important event both for the assessee or the taxpayers as well as for the government as Income tax or Direct taxes are one of the major source of revenue collection for the government. For individual assessee, the due date for filing Income Tax Return is 31 st July every year unless there is some extension in the due dates. Central Board of Direct Taxes (CBDT) has notified new Income Tax Return Filing forms for FY 2021-22 or AY 2022-23. CBDT has released the offline utility for filing ITR-1 and ITR-4 and the assessee may download the offline utility from the tax department portal and file the Income tax return. In this write up, we would be discussing about some points relating to new ITR-1 and ITR-4 notified by the government. 1)       ITR-1 may be filed by any Resident individual who is not Not Ordinary Resident and have total income less than Rs.50 lac during FY 2021...

  INCOME TAX RETURN As per law, every person who has taxable income more than the prescribed exemption limit of Rs.2.5 lac has to mandatorily file their Income Tax Return on or before the due date prescribed under the Income Tax Act.   Thus, income tax return filing in India is compulsory in case the income of the person is taxable. Now, a question arises as to what will happen if a taxable person does not file His/Her Income tax return within time?   Following are the consequences of non filing of Income Tax Return within time in India:   1)       In case of Income tax return filing after the due date - Penalty of Rs.5000 u/s 234F will be levied in case ITR is filed on or before   31st December of the Assessment Year. However, penalty of Rs.10,000 would be levied in case ITR is filed after 31 st December but before 31 st March of the assessment Year.   2)       In case of late ...

PRIVATE LIMITED COMPANY REGISTRATION Every month, thousands of companies are incorporated in India. There are 2 types of entity registration in India i.e. traditional types where company registration takes place in the form of sole proprietorship and partnership firms and nontraditional types like Private Limited Company Registration , Public Limited Company Registration, Limited Liability Partnership etc. Whenever any entrepreneur approaches a consultant for new business set up in India , majority of them opts for traditional types of registration and later wants to convert the same into nontraditional types. There are many popular myths or beliefs in the mind of new entrepreneur which stops them to opt for non traditional types of entity registration in India. Let’s discuss about some of the popular myths or beliefs about private limited company registration in India. Popular myths or beliefs about Private Limited Company Registration 1)       C...

  NRI Tax Return Determination of Taxable Income for filing NRI Tax Return in India   The Financial Year 2021-22 is coming to an end and every individual assessee has to prepare and file their Income Tax return in India   on or before the specified due date i.e. 31 st July 2022 unless and until again the pandemic broke out and results in delay in all compliances including Income Tax Return Filing in India. In this writeup, we would be discussing about types of income of NRI which are taxable in India. This would be helpful in filing NRI Tax return in India. In case of NRIs, following income which is earned in India or received in India or accrue or arise in India would be taxable in India namely, 1)       Salary Income Earned in India:   ·          In case NRI has rendered any service in India, it would be taxable in India as it will be considered as income arises in India. Th...