Non Resident Seafarers to get tax exemption

CBDT has clarified tax liability for  remuneration received by a non-resident seafarer in NRE (non-resident external) account kept with an Indian bank. Salary of a non-resident seafarer for services outside India on a foreign ship will not be included in the total taxable income of the seafarer, even though such salary is credited in the […]

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7 Basics That Everyone Should Know About GST

With the passage of the GST bill in both the houses of Parliament, its implementation from 1 July 2017 is nearly certain. The rollout of GST— touted as the biggest tax reform that the country has seen post-independence—will have a huge impact on our economic environment. However, GST still has many people in a fix […]

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Linking Aadhar card mandatory for accounts opened in a certain period: IT department

According to new regulations released by the tax department, account bearers who opened their bank accounts between July 2014 and August 2015 need to submit their KYC details and Aadhar card number before April 30 to avoid repercussions. These details are required under the FATCA regulations (Foreign Tax Compliance Act) signed between India and the […]

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How GST will impact the wallet of the common man

Since the passing of the GST Constitutional Bill by the Rajya Sabha in August last year, the country has been preparing itself for the new tax regime. The new GST law is India’s biggest tax reform initiative which is expected to improve compliance levels, increase government revenue, and create a common playing field for the […]

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How to claim HRA exemption for rent to parents without inviting department’s wrath

It is common for taxpayers to claim HRA exemption by paying rent to parents. But a lot of us do not know the right way to do this. Let’s understand in detail. You may have heard about a recent case law of how the income tax department refused to allow HRA exemption for rent paid by a […]

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ITR forms for FY 2016-17(AY 2017-18) income tax return forms for e-filing

The Income Tax Department has released the  ITR (Income Tax Return) Forms for Financial Year 2016-2017 (i.e. Assessment Year 2017-2018). These ITR forms will be applicable for your income tax return for income earned from 1st April 2016 to 31st March 2017. FY 2016-17 (AY 2017-18). The due date of submission of these ITR Forms will […]

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