Rajiv Gandhi Equity Saving Scheme – Key Highlights

  Rajiv Gandhi Equity Saving Scheme is new tax saving device for Individuals whose eranings is below Rs 10, 00,000/-. RGESS is allowed only for first time investors in equity market. RGESS allows  income tax deduction of 50% to new retail investors (whose annual income is below Rs 10 lakh), … Continue reading

Due date for filing income tax return and Impact of late filing of Income tax return

Due date of filing of income tax return for Assessment Year 2012-13, Financial year 2011-12 is as under 1) Non Audit cases: In case of person who are not liable to get their accounts audited is 31.08.2012 . 2) Audit cases: In case of person who’s accounts are liable to … Continue reading

State income taxes in the USA and Canada are eligible for foreign tax credit under section 91 of the Income-tax Act despite, DTAA allows only Federal Tax

Assessee covered by DTAA will be eligible for credit of State taxes u/s 91 despite DTAA not providing for the same Current Scenario 1) The India-US tax treaty (DTAA) provides for the credit of the Federal income taxes only. 2) This is allowed under Section 90 of Income tax act. 3) In … Continue reading

Income Tax on Non Resident Indians (NRI) / Persons of Indian Origin

Who is an NRI/ PIO ? NRI(Non-Resident Indian) is an Indian citizen residing outside India. Person of Indian Origin(PIO) means an individual (not being a citizen of Pakistan or China or Bangladesh or Sri Lanka or Iran or Nepal or Bhutan), who has either held an Indian Passport at any … Continue reading