Filing Income Tax Return (ITR) for Seafarer
As per Section 139(1)(b), every individual, if his total income exceeds the maximum amount which is not chargeable to income tax shall file his return before giving any benefits of any deduction under Chapter VI-A (like LIC, medical premium, school fees etc. provided under section 80) shall furnish his return of income. Filing return of […]
How to Use Fundamental Analysis in Forex Trading
Traders in the foreign exchange market implement the same two types of analysis as stock market investors do: fundamental and technical analysis. The applications of technical analysis in Forex are similar: the price is considered to reflect all news, and the charts are the focus of the study. But, unlike corporations, governments do not have […]
Residential Status for Seafarers (Merchant Navy)
A seafarer salary is tax free in India if he is out of India for 184 days or more (185 days in case of a leap year) during a financial year. Check your residential status from our NRE Days Calculator for Seafarer. Residential status is the most important concept for income tax applicability on seafarers. […]
Income Tax Guide 2024 (FY 23-24) for Indian Seafarer (Merchant Navy)
Meaning of Seafarer A sailor, seaman, mariner or a seafarer is a person who navigates water bone vessels or assists as a crew member in their operation and maintenance. Seafarer holds a variety of ranks and professions, each of which carries unique responsibilities which are integral to the successful operation of an ocean-going vessel. A […]
Taxability of Salary and Other Income for Seafarers
Taxability of Salary Income Salary income received by a non-resident seafarer working on a Foreign Flag Ship (sailing outside India) is not taxable in India. Section 5(2)(a) provides that only such income of non-resident shall be subjected to tax in India that is either received or deemed to be received in India. In other words, […]
Type of Bank Accounts for Seafarers
Non-resident seafarers are allowed to have various types of bank account as follows: – Non-resident Ordinary Account (NRO) It is a rupee-denominated saving account for managing income earned in India by the non-resident. Interest earned on this account is not tax-free and TDS is deducted by the bank @ 31.2%. It is highly advisable to […]
NSC – National Saving Certificate
National Saving Certificate, commonly known as NSC, is saving bonds issued by Indian Government to individuals only. It is primarily focused on small savings. Also, the amount invested in NSC, can be claimed as tax deduction investment u/s 80C of Income Tax Act, 1961 subject to limit specified. Features of NSC VIII Issue Interest on […]
Order of Utilisation of Input Tax Credit Under GST
Meaning of Input Tax Credit (ITC) Input Tax Credit refers to the tax already paid by a person at time of purchase of goods or services and which is available as deduction from tax payable on sale of goods or services. It can be ITC of IGST, CGST & SGST. ITC Claim ITC claim means […]
Income Tax Slabs & Rates for FY 23-24 and FY 24-25
Resident & Non-Resident Individuals (all age group) for FY 2023-24 & FY 2024-25 under the New Tax Regime under section 115BAC Net Income Range FY 2023-24(AY 2024-25) FY 2024-25*(AY 2025-26) Upto Rs. 3,00,000 NIL NIL From Rs. 3,00,001 to Rs. 6,00,000 5% 5% From Rs. 6,00,001 to Rs.9,00,000 10% 10% From Rs. 9,00,001 to […]
Cost Inflation Index (CII) for FY 2024-25 and Previous Years
Cost Inflation Index (CII) Applicable from Financial Year 2017-18 Financial Year (01 Apr to 31 Mar) Cost Inflation Index (CII) 2024-25 363 2023-24 348 2022-23 331 2021-22 317 2020-21 301 2019-20 289 2018-19 280 2017-18 272 2016-17 264 2015-16 254 2014-15 240 2013-14 220 2012-13 200 2011-12 184 2010-11 167 2009-10 148 2008-09 137 2007-08 […]