But, some experts warn it may not be a blanket benefit available to all businesses and professionals eligible for presumptive taxation schemes. How does presumptive taxation work? Presumptive taxation for businesses and professionals is covered under Section 44AD and Section 44ADA, respectively. Under Section 44AD, small businesses with a turnover of up to ₹2 crore, whose … Read more
I live in Dubai. I bought 5,000 shares in an Indian company three years ago at a valuation of ₹200 per share. Since the promoters want to ease out the investors, the company is now planning to buy shares back at ₹500 per unit in May 2025. Will I be liable to pay any buyback … Read more
My relative has gifted me some amount in my NRO (non-resident ordinary) account from her NRO account. I want to transfer this amount to my foreign bank account. Do I have to obtain CA certificate for this transfer too? -Name withheld on request. Form 15CB is required to remit funds from an NRO account to … Read more
I have incorporated an IT company abroad. I want to transfer money to my own account abroad and give a loan to my company outside India. Can I avoid TCS by doing this? -Name withheld on request. Tax collected at source (TCS) is applicable on all remittances made under the Liberalised Remittance Scheme (LRS), as … Read more
I have worked outside India for 12 years but I will be relocating back to India in April for a better employment opportunity at an MNC. I have one residential property in India from 2010 which I will sell and instead purchase a bigger one after I return. Approximately how much tax will be there … Read more
My wife’s PPF will mature in April. She wants to transfer ₹23 lakh to my senior citizen savings account and balance ₹7 lakh to our daughter. What will be the tax position implications for all of us? As from April, interest will be earned in my name. I should and will be liable to pay … Read more
Union Finance Minister Nirmala Sitharaman on Feb 13 tabled the new Income Tax Bill in the Parliament. This was a landmark move as the entire 64-year-old income tax law was overhauled and the older complex provisions were made simpler and lucid amid much fanfare. One of the key arguments given by the Finance Minister was … Read more