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DIVAKAR VIJAYASARATHY
If you submitted Form 60 instead of PAN earlier, Income Tax Dept now wants you to get a PANForm 60 is required to be submitted in lieu of PAN if an individual does not have one but is conducting certain specific transactions like ...- Claiming fake deductions, rent receipts while filing your ITR can lead to heavy penaltiesIt is important for individuals to ensure that they have proofs and required documents for all the deductions and tax exemptions claimed wh...
- Actual cost of missing July 31 ITR filing deadline is much more than penaltyIf an individual misses the last date of filing ITR i.e., July 31, then it is a known fact that a belated ITR can be filed albeit by paying...
- What is my ITR filing status if I recently shifted back to India from the US?If your days spent in India are more than 182, it makes you a resident in India. Further, determine whether you are resident and ordinarily...
- I want to transfer shares, mutual funds worth Rs 50 lakh to NRI daughter. What will be my tax liability?Once your daughter sells these investments any time in the future, the cost and period of holding at your end will be considered for calcul...
- I am US citizen who has sold property in India. How to cut income tax and transfer money to US?The Income-tax Act provides various deductions and tax-exemptions to lower the income tax burden of capital gains tax
- Wife transferred her shares without any money to my demat account. Will I have to pay tax when I sell?The transfer of shares by your wife to you, for no consideration, will not attract any capital gains in her hands.
- I have a job offer as consultant with US-based firm. What are the income tax related issues I need to keep in mind?From a direct tax perspective, it should be ensured that the CPA firm in the US does not equip itself with knowledge or expertise while you...
- I came to Europe in 2019 for higher studies, started working in 2021. Will I be considered an NRI?Given the fact that you haven’t returned to India since August 2019, you will be considered a Non-Resident Indian for tax purposes for 2020...
- How can I save on capital gains tax from sale of plot?The due date to invest in CGAS is 31 July 2021. Investments in post office time deposits are not eligible for the purpose of claiming exemp...
- Returning to office was like getting oxygen back for DVS Advisors LLP founderSeeing barren roads during office hours was haunting, said Divakar Vijayasarathy.
- When can I claim deduction on short term capital gains?As per the Income Tax Act, deductions allowed against the sale of shares resulting in short term capital gains, are the cost of acquisition...
- Can capital gains from sale of unlisted stocks be adjusted against loss from house property?As per the Income-tax Act, 1961, provisions, the brought forward a loss from house property can be set off only against income from house p...
- Are there any tax implications if I buy shares within a week of selling them?The purchase of the same shares after one week would not have any separate tax implications. Consequently, if the same is sold again and ga...
- Budget 2021: Real estate stocks climb up to 7% on FM’s affordable housing push"As anticipated, affordable housing and rental housing got a big boost with the government extending the period for extra deduction of Rs 1...
- Tax implications of NRI transferring money to wife's bank account in IndiaAs per current income tax laws, an NRI is required to file an income tax return in India if his gross total income exceeds Rs 2.5 lakh in a...
- Why the India-centric overseas funds aren’t based out of India?A deep investment market with global participation significantly enhances the value creation propensity of an economy.
- What to do with the additional cost incurred during Covid pandemic: Indian captives in a limbo“The issue is whether the resulting costs should be funded through trade transaction by the principal or through equity by the parent as an...
- Tax implications of setting up overseas subsidiariesA rising trend of incorporating a startup overseas, especially Singapore, can lead to several tax complications at home.
- The essentials of the Incorporation process of a startupThe Incorporation process gives the startup a formal structure and some issues need to be meticulously considered to avoid eventualities in...
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