Income Tax Articles

TCS on Credit Card Payments: Impact on International Transactions and How to Navigate the Changes

CA Krishna Kumawat 22 May 2023 at 08:41

With the recent amendments in the Foreign Exchange Management Act (FEMA), international credit card spending now falls under the Reserve Bank of India's (RBI) Liberalised Remittance Scheme (LRS).

Taxation for NRI in India

Poojitha Raam Vinay 20 May 2023 at 07:17

Non-Resident Individual is an individual who is not a resident of India for tax purposes.

20% TCS on credit card payments made outside India, effective July 1, 2023

Shree 19 May 2023 at 08:46

This move is expected to help track overseas transactions, but it has also drawn criticism from some who say it will make it more expensive for Indians to travel and shop online and increase the burden of compliance on the existing taxpayer

Dynamics of Practice

Mr. C SANJEEVA RAO 18 May 2023 at 10:45

Tax Practice may appear, from a distance, to be lucrative and effortless whereas it is not so primarily on account of the cumulative effect

Why is it essential to determine a person's status as Resident, Ordinarily resident and Not Ordinarily resident under Income Tax Act?

CA. ILA JINDAL 17 May 2023 at 14:23

As we all must be aware about that an individual’s income taxability is depends upon his residential status, which is to be determined on a year to year basis.

FAQs On Offline verification process of Aadhaar and role of Offline verification seeking entities (OVSEs)

Shivani 16 May 2023 at 11:19

Offline verification is the use of Aadhaar for identity verification and KYC locally, without sending data to and receiving response from UIDAI online. In offline verification resident directly submits the Aadhaar number and associated demographic information to the Offline Verification Seeking Entity (OVSE)