TDS, also known as Tax Deducted at Source is a direct taxation mechanism that facilitates direct tax collection from the source at the time of the income payout. The deducted TDS amount will be remitted to the Central Government. TDS is levied on a number of income avenues such as
As in many Asian countries, online gambling has been on the rise in the last several years in India. At the same time, India has very complex gambling laws and regulations, alongside quite a few gambling restrictions that possibly undermine the industry’s amazing growth potential. When discussing the legality of
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
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