ITR stands for the Income Tax Return. It is filed in a prescribed form. The particulars of the incomes earned by any person in a financial year and the taxes paid on such income are communicated to an Income-tax Department by filing an IT return.
ITR allows carrying forward the loss and further claim refunds from the income tax department. The Different forms of income returns are prescribed for filing the returns for different Status and Nature of income.
Yes, capital gains on investment in shares and securities of India will be taxable in India. For example, if a house is sold and receives a long-term capital gain, the purchaser will deduct TDS at 20%.
According to provisions of income tax laws, an NRI can avoid double taxation by seeking relief under the provisions of Double Taxation Avoidance Agreement (DTAA) between the two countries.
Under the provisions of DTAA, there are two ways to claim relief of tax exemption: Exemption Method and Tax Credit Method. With the application of the exemption method, if NRIs are taxed in a single country, they can be exempted in another. Under the tax credit method, when the income is taxed in both countries, relief of tax can be claimed in the residence country.
A tenant of an NRI, while paying rent, must deduct TDS at 30%. The income can be received in an Indian account or in an account of another country’s bank account of the NRI in which he is currently staying.
An NRI must file his income tax return like any other Resident Indian in India if the total gross income received in India is more than Rs. 2.5 Lakh for the provided financial year. Further, 31 July is the due date for filing the income tax return for an NRI of the relevant assessment year, or the due date can also be extended by the Government of India.
A succession certificate cannot be granted for immovable property. According to the provisions of the Indian Succession Act, a succession certificate refers to a document which provides the holder of the certificate to receive or pay the securities and debts owned by the deceased on his behalf.
Yes, it can be challenged. Once the application for succession certificate is filed in the Court, the court will issue notices to all the relatives and legal heirs of the deceased asking if anyone have any objection regarding the grant of the succession certificate to the applicant.
To get a succession certificate, a petition must be prepared and filed in the relevant district court as per the jurisdiction. The relevant jurisdiction will be the ordinary residence of the deceased where he was residing at the time of death.
A Succession Certificate is required when someone wants to inherit the property or assets after the death of an immediate family member under the provisions of the Hindu Succession Act or Indian Succession Act.