It is the entity which includes foreign bank accounts, financial interest, immovable property, accounts, trusts in which an individual has signing authority, held by the assessee outside India.
Income earned in form of salary, house property capital gain or other sources from the foreign country. DTAA- (Double Tax Avoidance Agreement) It is an agreement signed between the two or more countries to help taxpayers avoid paying double taxes. ...
Salary paid by a foreign Government to its employees serving in India is taxable under the head "Salaries" u/s 15 of the 1961 Act. The words ‘an employer’ occurring in clause (a) of that section are wide enough to include a foreign Government. But if ...
When a long-term capital asset like a house property or long-term bonds are sold, the gains are usually very large and are taxed at 20%. Thus, the tax liability on this profit also turns out to be a substantial amount as a long-term capital gains ...
The Income tax Act allows you to claim depreciation on your movable tangible and intangible assets. The rates of depreciation are different for different assets as specified in the Act.
Capital gain is termed as profit received from the sale of real estate, bonds and golds, where sale price exceeds the purchase price. Capital gain is negative if the purchase price exceeds sale price and it is termed as loss. The losses can be set ...