All Indian residents and ordinarily resident Indians are required to disclose any foreign assets held, including financial interest, or income from a source outside India. Non-disclosure can lead to action under the Income Tax Law as well as the Black Money Law, which provides for a more stringent taxation framework for undisclosed foreign assets or income. Besides the penalty, the law also provides for criminal liability for non-disclosure. #tax #india #money #law
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The move to allow non-bank FPIs in GIFT IFSC to issue offshore derivative instruments is expected to cash in on the surge in investments after their introduction last year. However, alongside the easing of ODI issuance in IFSC, there is a need to address the tax treatment of these instruments. These instruments will become more appealing to NRIs if capital gains are exempted from their transfer. #GIFTIFSC #InvestmentOpportunities #OffshoreDerivatives #FPIs #TaxTreatment #CapitalGains #KshitijPatel
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The law requires a will to be attested by two or more witnesses. The attesting witnesses must have seen the testator, i.e. the person making the will, sign it. The witness is also required to sign the will in the testator’s presence. For proving the execution of the will, at least one of the attesting witnesses is required to be examined. In case the attesting witness fails to prove the will’s attestation, the validity of the will shall fail. #WillAttestation #LegalRequirements #KshitijPatel
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When filing the annual Income Tax Returns, verifying the information in the Tax Information Statement and Form 26AS against PAN is crucial to ensure accurate tax filing and avoiding discrepancies. #KshitijPatel #TaxFilingTips #VerifyBeforeFiling #TaxReturns
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Suspecting the misuse of the Liberalised Remittance Scheme (LRS), under which resident individuals can transfer up to $2,50,000 a year abroad to invest in properties and securities, maintenance of relatives and other specified purposes, banks have started questioning the source of the money being transferred overseas. Banks are scrutinising past income statements to figure out the fund’s origins, and some are even enquiring if the funds being transferred were a gift from a relative. #LiberalisedRemittanceScheme #MoneyTransfer #KshitijPatel
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India has signed a protocol amending the Double Taxation Avoidance Agreement with Mauritius to stop the misuse of the treaty for tax evasion or avoidance. The amended pact lays out the condition that tax benefits under the treaty will not be applicable if it is established that obtaining the duty benefit was the principal purpose of any transaction or arrangement. #IndiaMauritiusTaxProtocol #TaxAvoidance #DoubleTaxation
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Grateful for the enriching discussion at Nirma University's event on 'Opportunities for Global Accounting Services in GIFT IFSC'! It was a privilege to share insights and collaborate with fellow panelists and students. Let's continue to explore and unlock the potential of GIFT IFSC for global financial excellence. GIFT City Nirma University, Ahmedabad, Gujarat, India #AccountingInnovation #GlobalFinance #Discourse #NirmaUniversity #Students #KshitijPatel
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CA. Ranjeet K. Agarwal, President ICAI as Chairman of the "GIFT IFSC as Global Finance and Accounting Hub" with CA. Aniket S. Talati, Imm. Past President, Members of the Committee & CCM met Mr. K Rajaraman, Chairperson-IFSCA today at GIFT City, Gandhinagar to submit the Report. IFSCA Official GIFT City
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Spreading joy, one splash at a time! Celebrating Holi with colors and profits! #ColorfulProfits #FestivalOfJoy
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The Central Board of Direct Taxes has extended the deadline for filing of modified income tax return by companies undergoing business reorganisation such as amalgamation, merger or demerger. Such companies can file the ITR by June 30, CBDT said in an order. #CBDT #IncomeTax #BusinessReorganization #TaxDeadline #ITR #Amalgamation #Merger #Demerger #TaxFiling
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Mismatch in tax returns has resulted in some taxpayers receiving email and SMS from the Income Tax department. Taxpayers can check the mismatches by logging into the compliance portal of the department. They can clarify the mismatches on the portal itself, but in case of being unable to provide a satisfactory clarification, an updated ITR may be required to be filed.
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