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Comprise taxation preparation on financial gain attained during a twelvemonth a region of that is subject as per rates prescribed for that year. With the twelvemonth running from one Apr to thirty one March of following year, generally taxpayers square measure classified as residents or non-residents wherever the individual taxpayers may be classified as 'residents however not standard residents'.
An individual is taken into account resident in India if he's in India in tax year for:
• 182 days or additional
• 60 days or additional wherever the amount of sixty days stands modified to 182 days or additional for – Indian citizens/persons of Indian origins on visit to India
• For citizens of India leaving India for employment abroad as members of crew of Indian ship throughout tax year.
• Has been "non-resident" in India in 9 out of ten previous years preceding that year
• Has throughout previous seven years, preceding that year been in India for total amount of 729 days/less
Income is classified underneath 5 broad heads/classes wherever the subject part of financial gain is determined as per the foundations for explicit head/class of financial gain followed by aggregation for crucial total subject financial gain. These include:
Salaries – Received against services rendered and embody wages, pension, fees, commission and subject price of perquisites.
Income from house properties that comprise financial gain that arises from use of residential/commercial properties. Here, solely 2 prescribed deductions square measure allowable whereas computing financial gain.
Profits and Gains from Business/Profession that covers financial gain attained from business/profession that's web of permissible deductions, against revenue attained.
Capital Gains that covers gains that arise from transfer of capital qualitys and therefore the amount of holding crucial classification of asset, that then determines manner of taxation. The gains comprise short-run assets and long-run capital assets.
Income from other Sources that square measure residuary head/class of financial gain covering any financial gain not specifically handled underneath alternative heads.
For foreign nationals, Tax Preparation Services under Indian law provides exemption of financial gain attained subject to prescribed conditions. This is often supported conditions like –
• Individual's resides in India doesn't exceed ninety days
• Payment created isn't deducted in computing financial gain of the employer
• Remuneration received by person used on foreign ship provided his stay in India for not more than ninety days
• Remuneration of foreign diplomats, diplomatic building employees, trade officers and their employees and family
• Income of employee/consultant of presidency approved foreign charitable establishments
Income Tax Preparation and filing of various statutory returns are done by tax accountant and documents with the revenue authorities periodically.