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Maximizing Tax Benefits: A guide to claiming foreign tax credits in India

The Foreign Tax Credit (FTC) alleviates double taxation on income earned in one country, crucial in today s globalized world. Tax Treaties distribute taxing rights between source and residence countries, aiming to prevent double taxation. Navigating FTC complexities requires careful planning, documentation, and awareness of key challenges and strategies.

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How to determine tax residency status for Indians with foreign income

How to determine tax residency status for Indians with foreign income
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tax reforms: Concerns rise among NRIs, new migrants over impending UK tax reforms

The new tax order, expected to take effect in April 2025, would increase their tax burden, require meticulous planning, and may even make the UK a less attractive country to migrate.

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Not disclosing foreign shares, investments, assets in your ITR can lead to penalty of Rs 10 lakh

Filing of schedule FA is mandatory if an individual is owner of any foreign asset like foreign stocks, foreign mutual funds, other foreign assets. Failing to file schedule FA along with ITR would mean violation of Black Money Act which would mean a flat penalty of Rs 10 lakh for each defaulting year.

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Crorepatis rising: Here s how the income of Indian tax filers has changed in one year

Here’s how much income Indians have earned in FY23 as per the Income Tax Department.

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