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Doubts over residency status remain... - The Hindu BusinessLine

Doubts over residency status remain.
Satya Sontanam
BL Research Bureau |
Updated on
February 01, 2021
.but there are enough reasons to cheer
Determining the residential status of a taxpayer for each assessment year is essential as the taxability and disclosure requirements for a taxpayer’s foreign income and assets depend on the residency status.
In case of residents, their Indian as well as foreign income will be taxable in India. The reporting and compliance requirements are also tougher for residents. For instance, residents have to report in their tax returns, their foreign assets and income earned from such assets. So, for an individual, it is beneficial to be categorised as an non-resident (NR)/not ordinarily resident (NOR) rather than as a resident under the Indian tax laws, if one could do so. ....

Sunil Gidwani , Partner At Nangia Andersen , It Department , Tax Department On , Tax Department , Nangia Andersen , சுனில் கித்வனி , கூட்டாளர் இல் ணங்கிய ஆண்டர்சன் , அது துறை , வரி துறை ஆன் , வரி துறை , ணங்கிய ஆண்டர்சன் ,

Tax ombudsman on the cards: Will it have adequate teeth? - The Hindu BusinessLine

Tax ombudsman on the cards: Will it have adequate teeth?
Survey hints at reintroduction of the independent redressal organisation
If you are a taxpayer, you sure would have a tale to tell about your tryst with the tax department. While there are some mechanisms to help taxpayers resolve their grievances, the Economic Survey offers a new ray of hope by emphasising on the need for reintroducing the tax ombudsman, independent of tax administration, to fulfil taxpayers’ rights. It states that a dedicated institution to take up issues from taxpayers’ perspective helps in developing trust of the taxpayers.
Background
For direct taxes, the Institution of Income-Tax (I-T) Ombudsman was created in the year 2003 to deal with grievances related to settlement of IT complaints. ....

Aaykar Sewa Kendras , Sunil Gidwani , Nangia Andersen , Institution Of Income , Economic Survey , Income Tax Ombudsman , Indirect Tax Ombudsman , Taxpayer Charter , Principal Chief Commissioner , Income Tax , ஆயக்கர் சேவா கென்ரச் , சுனில் கித்வனி , ணங்கிய ஆண்டர்சன் , நிறுவனம் ஆஃப் வருமானம் , பொருளாதார கணக்கெடுப்பு , வருமானம் வரி ஆஂபட்‌ஸ்மந் , மறைமுகமாக வரி ஆஂபட்‌ஸ்மந் , வரி செலுத்துவோர் சாசனம் , ப்ரிந்ஸிபல் தலைமை ஆணையர் , வருமானம் வரி ,

Cryptocurrency surge may continue, but regulatory uncertainties create bottlenecks

Cryptocurrency surge may continue, but regulatory uncertainties create bottlenecks
Surabhi
Mumbai |
Updated on
Despite Supreme Court lifting ban on trading, most banks remain cautious
The surge in cryptocurrencies, led by Bitcoin, is likely to continue with robust response from not only retail but also global institutional investors, believe players. However, regulatory uncertainties continue for the sector.
“The crypto ecosystem has also been growing largely due to institutional investors buying into crypto and large companies like PayPal offering it,” said Nischal Shetty, CEO of domestic cryptocurrency exchange WazirX, adding that 2021 is likely to be even better for the sector with more regulatory clarity coming in from countries like the United States. ....

United States , Coinswitch Kuber , Sandeep Jhunjhunwala , Ashish Singhal , Nischal Shetty , Supreme Court , Nangia Andersen , While The Supreme Court , Reserve Bank , Payment Systems , ஒன்றுபட்டது மாநிலங்களில் , சந்தீப் ஜுன்ஜுன்வாலா , ஆஷிஷ் சிங்கால் , நிசால் ஷெட்டி , உச்ச நீதிமன்றம் , ணங்கிய ஆண்டர்சன் , போது தி உச்ச நீதிமன்றம் , இருப்பு வங்கி , கட்டணம் அமைப்புகள் ,

More in hand, more to spend: Centre mulling tax tweaks

More in hand, more to spend: Centre mulling tax tweaks
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Synopsis
A final call will be taken after considering the revenue loss due to these measures and the benefits accruing to the economy balanced against the economic thrust from utilising the amount to directly fund infrastructure or healthcare.
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NEW DELHI: Changes in income tax slabs, extension of the leave travel concession scheme, enhanced rebate for health insurance and housing loan payments are among budget measures being considered to provide relief to individual taxpayers and encourage them to spend more to boost demand.
“Proposals to this effect are being examined,” said a government official. “The Direct Tax Task Force provided a template. Some of those suggestions are being looked at.” ....

New Delhi , Rakesh Nangia , Tax Task , Direct Tax Task Force , Provide Demand , Nangia Andersen , Income Tax Slabs , Individual Taxpayers , Union Budget 2021 , Budget 2021 , Revenue Loss , புதியது டெல்ஹி , ராகேஷ் ணங்கிய , வரி பணி , நேரடி வரி பணி படை , வழங்க தேவை , ணங்கிய ஆண்டர்சன் , வருமானம் வரி அடுக்குகள் , தனிப்பட்ட வரி செலுத்துவோர் , வருவாய் இழப்பு ,

Budget 2021: Does The New Tax Regime Need A Tweak For A Facelift? 4 Experts Weigh In

The choice between the new and existing tax regimes has confused many taxpayers. Four tax experts weigh in on how to improve the new tax regime ....

Amit Maheshwari , Rakesh Nangia , National Leader , People Advisory Services , Tax Partner , National Leader People Advisory Services , Nangia Andersen , Income Tax , அமித் மகேஸ்வரி , ராகேஷ் ணங்கிய , தேசிய தலைவர் , வரி கூட்டாளர் , ணங்கிய ஆண்டர்சன் , வருமானம் வரி ,