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
Rohit Pithisaria 29/06/2024
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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
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.
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
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
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
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
As per the GST law, generally a taxpayer pays tax under normal rates i.e 5%, 12%, 18%, 28% and avails cenvat credit on inputs, input
What is Input Tax Credit (ITC) Input Tax Credit refers to the tax already paid by a person at time of purhase of goods ro
GSTR-3B is required to be filed every month by all taxpayers till 20th of the next month. Although this is a relatively easy form and
Introduction Goods and Service Tax (GST) is applicable in India from 1st July 2017. Before 1st July 2017, service tax applies to services and vat,
Who is considered as e-commerce operator? CGST act defines electronic commerce as – ” Electronic Commerce means the supply of goods or services or both,
Agent is defined in CGST act as “agent” means a person, including a factor, broker, commission agent, arhatia, del credere agent, an auctioneer or any
Following an increasing internet penetration in India, more and more Indians are beginning to make use of so-called online betting sites which allow users to
There are various ways in which you can verify your e-return, one of which is using bank account details. This option comes handy when you
Meaning of Clubbing In general, clubbing means including the income of any other person into the Assessee’s total income for the purpose of taxation. Certain
Any person (other than individual or huf who is not liable to audit under section 44AB who is responsible for paying to a resident Fees for
New penalty for late filing of Income Tax Return under section 234F is introduced in Budget 2017. Although this penalty is applicable only for income
Long term capital gain means capital gain arising from transfer of long term capital asset. Indexation benefit is available for long term capital gains. Long