Unless otherwise mentioned by any other specific law from the date of infringement of legal rights or interests, Arbitration should be initiated in 2 years.
Archives: FAQs
How many arbitrators can be appointed to an arbitration tribunal?
The parties mutually decide the number of arbitrators and the procedures for the appointment of the arbitrators. If the parties do not concede to a mutual decision in regards to the arbitrators, then three arbitrators would be appointed. In case of a failure to appoint an arbitrator, an arbitrator can be appointed by the president of the arbitration centre or any Court that has the jurisdiction.
How is the tax liability of an NRI determined?
Determination of Tax on an individual’s income depends on the source of such income and the residential status in India.
Am I Required to File My Income Tax Return in India when I am filling my return regularly abroad?
Any individual, whether NRI or not, is liable to file ITR if his/her income is above INR 2,50,000 subject to certain conditions.
Is an NRI liable to pay tax in India on rental income earned from house property in India?
Yes, an NRI is liable to pay tax on the rental income earned from a house property situated in India.
Is a non-resident taxable on salary income for the period of services rendered in India?
A non-resident is taxable on the salary income in respect of the services rendered in India under a deputation or any other arrangement.
What Is a Short-Term Capital Gain?
If an individual buys a property and sells it within two years of the purchase, then the profit from the sale is called short-term capital gains. Short term capital gains add up to the taxable income of the individual and attract taxes as per the individual’s applicable Income Tax slab. Short term capital gains are calculated by deducting the cost of purchase from the Full Sale Price of the property as per the provisions.
I am an NRI. I have stayed in the UK for the past five years. Am supposed to File My Income Tax Return in India?
Any individual whose income exceeds INR 2,50,000, irrespective of them being NRIs or not, has to file an income tax return in India.
Whether an NRI is required to pay Advance Tax?
If your tax liability exceeds INR 10,000 in a financial year, you are required to pay advance tax.