India Tax

NRIs To Pay Tax On Gifts Received From India

  As per the latest Indian budget, all the Non-Resident Indians (NRIs) living in the U.S. will be required to pay taxes on gifts received by them [...]

Due date for filing ITR for AY 2016- 2017 Extended

As per provisions of Section 139(1) of Income-tax Act 1961, Central Board of Direct Taxes extends the due date for filing returns of Income for Assessment Year [...]

India – Union Budget 2016

Union Budget 2016: Finance Minister MR. ARUN JAITLEY said that the global economy is in serious crisis and financial markets have been battered in the past [...]

Declarations and payments made under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 came into force with effect from 1st July, 2015. The Act provided for a [...]

Black money fight: India, Seychelles sign information exchange pact

NEW DELHI: In its fight against black money, India today signed an information exchange agreement with Seychelles on tax matters, along with pacts to deepen [...]

Income tax send 23 lakh letters for non filing return

Some sort of last-ditch effort to satisfy revenue targets, the Income tax Department will always be sending out text letters to 23 lakh assessees that have not [...]

Indian Americans: How to get your 2013 tax residency certificate

With effect from financial year 2012-13, India made it mandatory for all foreigners, including non-residents to obtain a Tax Residency Certificate with certain [...]

Common Reason for E-filed Defective Returns

Defective Returns Currently CPC is unable to process over 2 lakhs returns which have been classified as defective under CPC's business rules. Assessees are [...]