Income tax Return

    Income Tax Return Till now, as per the Income Tax Act, 1961 (“the Act), in case any assessee finds any omission or error in the Income tax return filed for any assessment year, they have an option to revise the same within 3 months before the end of relevant assessment year or before the completion of the assessment whichever is earlier. Therefore, there was very less time available to the taxpayers to file the revised tax return. Now, the Hon’ble Finance Minister has provided some relief to the tax payers while doing their Income tax return filing . Accordingly, now an assessee can file an updated tax return wherein such errors or omission can be rectified by paying some additional taxes. Also, such updated tax return can be filed within 2 years from the end of the relevant assessment year. Therefore, now the window for revision or filing of updated tax return is available for 2 years from the end of the relevant assessment year instead of earlier period of only 3 months. Ho

  Form 15CA and 15CB   NRI Tax Return Like any Resident individuals, sale of property in India by NRIs are subject to capital gain tax on any appreciation made on such property. However, such capital gain tax may be avoided if such capital gain proceeds are invested in the manner prescribed under the Income Tax Act. Further, NRIs can also repatriate the sale proceeds of property outside India after payment of appropriate taxes and filing of form 15CA and 15CB . Such sale of property and relevant capital gain tax on same need to be reported while filing NRI Tax return in India. Similarly, any income earned by NRIs by giving Indian property on rent would also be subject to tax in India after statutory deduction and such income will also form part of NRI Tax return in India. It may be noted that all the transactions in India of NRIs relating to immovable property is governed by the guidelines issued under FEMA and RBI regulations. Any person, not being Indian citizens and/or compa

  FOREIGN COMPANY REGISTRATION IN INDIA SUBSIDIARY COMPANY REGISTRATION IN INDIA WHOLLY OWNED SUBSIDIARY Branch Office Vs Subsidiary Company Registration in India Whenever a foreign company is desirous of setting up business in India, it has many options of foreign company registration in India like branch office registration, liaison office registration, LLP registration and subsidiary company registration in India . In this write up, we have made a comparison between branch office registration and subsidiary company registration in India. What is a Branch Office? A Branch Office is a direct expansion of the parent company and it is engaged in core activities like a head office. It is meant to help generate revenue for the company and within the particular geographic region or territorial boundary. However, it is not a separate legal entity from the parent company or head office. It performs support and implementation-related tasks without having any individual bu

Income Tax Return   Every person earning any income in India are require to do their tax computation and   Income Tax Return Filing or ITR filing every year, in case, it has taxable income more than prescribed limit. Income tax return reflects the true financial worthiness of any person and also the tax collected by government are utilized in various social wellbeing and nation building exercises. Therefore, it is the responsibility of every citizen to compute their tax liability, pay their taxes honestly and file their Income Tax return. In this article we have highlighted some important points to be kept in mind while doing Income Tax Return Filing in India .      Due Date ITR filing must be completed on or before the due dates prescribed, otherwise, a person will be liable to pay penalty, interest. Also, current year losses cannot be allowed to be carried forward in case returns are filed after the due dates. Residential status of a person Determination of correct res

  Like Resident Indians, Non Resident Indians are also liable to pay taxes on income earned in India as well as File their NRI Tax return in India.   In India, the taxability of any person under Income Tax Act depends upon his/her residential status. Further, such person would be liable to file Income tax Return in India only if He/She is taxable in India. There are 3 categories of person in India i.e. Resident, Non Resident and Resident but not ordinary resident (RNOR).   In case of Resident, any income earned in India or outside India both would be taxable in India. In case of Non Resident, only income earned or accrue or arise in India would be taxable and not the income earned or accrued or arise outside India. In case of RNOR, apart from the income received or accruing or arising in India, even income from a business controlled in India or profession set up in India is taxable.   Therefore, if any NRI has business operations outside India and His status is RNOR, in