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Author: CA Tarannum Khatri

NRI taxation in India : 7 important rules to know

NRI taxation in India is governed by NRI income tax rules. Non residential indian should know seven income tax rules before deciding taxability of income earned by him in India. In this article, you will get knowledge and understanding of these points. 7 Income tax rules for  NRI taxation in India: Introduction to the Basic Taxation structure NRI and its interpretation(s), etc. Residential Status of NRI Categories of Income & Liability to Tax Slab Rates Applicable to NRI. Double Tax Avoidance Agreements. Advanced implications also relevant for NRI’s – TDS rates for NRI Introduction: The Central Board of Direct...

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7 Benefits of filling income tax return

Yesterday my client asked me the question about benefits of filling income tax return.He was arguing, ” I am salaried employee and his income is less than Rs. 5 lakhs and TDS is already deducted. So there is no need to file income tax return.”I have explained some points to him which I have presented in this article. I hope it will help you to understand income tax return filling benefits. 7 benefits of filling income tax return: Fast refund processing: TDS is one of the most important reason for filling of income tax return. My 60% clients are...

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Capital gain on sale of agriculture land: 7 important points to know

Capital gain on sale of agriculture land is exempt if land is situated in rural area. Here, many inter related sectoins are covered to understand the topic. It is necessary to study section 2(14) -changes in definition of capital asset in financial bill, 2013, section 10 ( 37), section 45, section 54B, section 194LA. All these sections are covered in this article. I have presented theme in details for better understanding. 7 important points about capital gain on sale of agriculture land: Capital gain on agriculure land held as investment:  capital asset definition under section 2(14) and changes in...

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Form 15G / Form 15H : Detailed guide

April 2015 is running and you may be asked by your banker to submit form 15G or Form 15H. You can download this form here. In this article I will explain you – how to fill form 15G or form 15H correctly? and who should submit form 15G or form 15H to bank for non deduction of TDS? Let’s start. Meaning of form 15G / form 15H: Form 15G or form 15H is submitted to requrest income provider for not deducting income for prescribed income. In that form, declaration maker declares that his estimated taxable income for the same...

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Small service provider exemption : Detailed guide

Service tax providers has small relief via small service provider exemption. Last update for it is in  via notification no. 33/2012- ST dated 20/6/2012 ( small service provider exemption notification). Service providers whose value of taxable services does not exceed Rs. 10 lakhs in previous year can avail exemption scheme for small service provider. Small service provider exemption history: In notification no. 6/2005, dated 1/3/2005, the government has granted small service provider exemption when service turnover does not exceed Rs. 4 lakhs. This limit has been increased with time passed. Recently it is Rs. 10 lakhs. We can see through following table history of small service provider history. Applicable fromRate of service taxNotification 1/4/20054 lakhs6/2005 dated 1/3/2005 1/4/20078 lakhs4/2007 dated 1/3/2007 1/4/200810 lakhs8/2008 dated 1/3/2008 1/7/201210 lakhs33/2012 dated 20/6/2012 Small service provider meaning: Small service provider means taxable value of service provided during the previous financial year does not exceed Rs. 10 lakhs.  Small service provider exemption limit: Small service provider can get exemption up to aggregate value of taxable services up to Rs. 10 lakhs. When turnover of taxable services exceeds Rs. 10 lakhs, service provider is required to charge and pay service tax. We can understand if from below table. Aggregate value of taxable services provided for previous yearAggregate value of taxable services provided for current yearService tax applicable Less than 10 lakhs or 10 lakhsLess than...

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