Taxation

If there is TDS mismatch in ITR Form 26AS, there can be negative outcomes such as delayed refund, tax notice, penalty or extra tax Taxation continues to be a matter of anxiety for many people. Despite millions being spent on improving the taxation software systems, bugs and issues remain. One of the common problems taxpayers face every year is the …

Also known as ‘Inquiry Notice’, Section 142(1) Income Tax notice can be due to not filing tax return or collecting the relevant documents Income Tax is a vast subject and it continues to confuse people from time to time. There are hundreds of different rules and new ones are regularly getting created. There is even greater anxiety among taxpayers when …

Tax implications for NRIs returning to India will be determined based on their residential status With stricter immigration laws and job cuts by US tech companies, many NRIs are thinking about returning to India. A number of things have to be planned in such situations, one of which is the tax obligations. Let us take a look at some key …

Taxation laws for cryptocurrency income are still in its infancy in India, which is why it is important to get clarity Investment in cryptocurrencies such as Bitcoins has become quite popular among a niche group of investors. However, the rules related to taxation on various cryptocurrency transactions are not well understood by everyone. This can lead to improper tax filing, …

With its large global workforce, India is the biggest receiver of remittances from the United States A number of steps are being taken by the U.S. government, as part of its long-term strategy to Make America Great Again (MAGA). One of these steps is the proposed tax to be imposed on remittance made from the United States to other countries. …

Tax is often a burden for most of us and we always think about ways to reduce the amount of tax charged on our income. We also have a tendency of complaining about the high tax rate. However, based on where you live, it is possible that people in other countries may be paying a much higher tax rate. To …

A win in lottery games such as Powerball and Mega Millions can make you a multi-millionaire overnight. Just for records, the jackpot amount in 2016 Powerball was a staggering 1.586 billion. This was the highest ever recorded. Even if you consider the lower end, lottery jackpots can easily fetch you around a couple of hundred millions. So, what to do …

Taxation may be necessary from government’s perspective, but it is often a burden for taxpayers. Taxation takes away your hard earned money and is usually a complex, cumbersome process. Taxpayers usually have to hire a certified accountant to fulfill their tax obligations. Ask taxpayers and most would be quite happy if their tax burden can be eliminated. Can that be …