But, some experts warn it may not be a blanket benefit available to all businesses and professionals eligible for presumptive taxation schemes.  How does presumptive taxation work? Presumptive taxation for businesses and professionals is covered under Section 44AD and Section 44ADA, respectively. Under Section 44AD, small businesses with a turnover of up to â‚ą2 crore, whose…
I live in Dubai. I bought 5,000 shares in an Indian company three years ago at a valuation of â‚ą200 per share. Since the promoters want to ease out the investors, the company is now planning to buy shares back at â‚ą500 per unit in May 2025. Will I be liable to pay any buyback…
My relative has gifted me some amount in my NRO (non-resident ordinary) account from her NRO account. I want to transfer this amount to my foreign bank account. Do I have to obtain CA certificate for this transfer too? -Name withheld on request. Form 15CB is required to remit funds from an NRO account to…
New Delhi: Finance minister Nirmala Sitharaman on Tuesday said the new Income Tax Bill, currently under review by a select committee, will be taken up for discussion in the upcoming monsoon session of Parliament. Speaking in the Lok Sabha during a discussion of the Finance Bill, Sitharaman said the select committee has been mandated to…
I have incorporated an IT company abroad. I want to transfer money to my own account abroad and give a loan to my company outside India. Can I avoid TCS by doing this? -Name withheld on request. Tax collected at source (TCS) is applicable on all remittances made under the Liberalised Remittance Scheme (LRS), as…
I have worked outside India for 12 years but I will be relocating back to India in April for a better employment opportunity at an MNC. I have one residential property in India from 2010 which I will sell and instead purchase a bigger one after I return. Approximately how much tax will be there…
My wife’s PPF will mature in April. She wants to transfer â‚ą23 lakh to my senior citizen savings account and balance â‚ą7 lakh to our daughter. What will be the tax position implications for all of us? As from April, interest will be earned in my name. I should and will be liable to pay…
Adverse tax assessments by tax authorities often result in additional tax liabilities, commonly known as “tax demand.” Under the Income-tax Act (IT Act), taxpayers must pay the tax demand within 30 days of receiving the demand notice. While they have the right to challenge an adverse order before a higher forum, the complexity of managing…
Union Finance Minister Nirmala Sitharaman on Feb 13 tabled the new Income Tax Bill in the Parliament. This was a landmark move as the entire 64-year-old income tax law was overhauled and the older complex provisions were made simpler and lucid amid much fanfare. One of the key arguments given by the Finance Minister was…
The Income Tax Act of 1961 has undergone innumerable amendments since its inception (4,000, as stated by the finance minister in Parliament). Historically, successive governments have used tax as an instrument to incentivize specific industries, promote investments in certain regions, or to encourage foreign exchange earnings. As a result, numerous provisions were added over the…
