Computation of Long Term Capital Gain on Sale of Shares

Exemption for long-term capital gains arising from transfer of listed securities as referred to in Section 10(38) has been withdrawn by the Finance Act, 2018 w.e.f. Assessment Year 2019-20 and a new section 112A is introduced in the Income-tax Act. As per Section 112A, long-term capital gains arising from transfer …

Annual Return on Foreign Liabilities and Assets (FLA return) FAQs under FEMA 1999

FLA: The annual return on Foreign Liabilities and Assets (FLA) is required to be submitted directly by all the Indian companies which have received FDI (foreign direct investment) and/or made FDI abroad (i.e. overseas investment) in the previous year(s) including the current year i.e. who hold foreign Assets or Liabilities …

TAX AUDIT

TAX AUDIT   What is tax audit? ​​The dictionary meaning of the term “audit” is check, review, inspection, etc. There are various types of audits prescribed under different laws like company law requires a company audit, cost accounting law requires a cost audit, etc. The Income-tax Law requires the taxpayer …

ACQUISITION AND TRANSFER OF IMMOVABLE PROPERTY IN INDIA  by non- residents-FEMA REGULATIONS, 2000

ACQUISITION AND TRANSFER OF IMMOVABLE PROPERTY IN INDIA  by non- residents-FEMA REGULATIONS, 2000   1)Acquisition and Transfer of Property in India by an Indian Citizen resident outside India.   A person resident outside India who is a citizen of India may-  (a) acquire immovable property in India other than an agricultural …

Income Charged to Tax in India in the hands of Resident/Non Resident taxpayer

  Which incomes are charged to tax in India in the hands of a taxpayer The following chart highlights the tax incidence in case of different persons: Nature of income Residential status​ ​Residential status​ ​​ Residential status​ ​ ROR (*) RNOR (*) NR (*) Income which accrues or arises in …