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 place bets on popular sporting events from India and around the world and potentially win money. As with all activities that have an element of
Taxability of Salary Income As per Section 5(2), the total income of any financial year who is a non-resident includes all the incomes from whatever source derived which – is received or deemed to be received in India or arise in India during such financial year. accrue or arises or
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
Residential status is the most important concept for income tax applicability on seafarers. It is required to find out for every financial year to compute your tax in India. If you are a non-resident for a financial year then your salary receipts are not taxable in India whereas if you
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%.
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
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 do not have a mobile number registered in your Aadhar card and even do not use net banking which is the most commonly used method
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 cases have been defined under the Income Tax Act, in which the income of other person is statutorily required to be included in the income
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 professional services Fees for technical services Royalty Any remuneration or fees or commission by whatever name called, other than those on which tax is deductible
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 tax return of Financial Year 2017-18 and onwards. If a person who is compulsorily required to file Income Tax Return (ITR) doesn’t file return on
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