Your taxable income is more than Rs 5,00,000.
Am I required to file income tax return in India?
This financial/tax history is positively viewed and favourably used by most agencies with whom you may need to interact, such as when you avail any kind of loan (home, personal, vehicle loan, etc when you apply for visa etc.
I am not sure how smooth this process will work.Note: Penalty is limited to Rs 1,000 for those with income up to Rs 5 lakhs.Is there any specific column for mentioning it in the IT return? .The gift so made would not be covered within the provisions of Section 56 of the Act.This actually was a part of Direct Tax Code but the notification has been issued making it applicable for this year also.When does this take effect?You are a company or a firm irrespective of whether you have income or loss during the financial year. The term relative for the said purpose means.(a) spouse of the individual b) brother or sister of the individual c) brother or sister of the spouse of the individual d) brother or sister of either of the parents of the individual e) any lineal ascendant.
Oof of (financial) life.
3.When you file your tax returns every year, you manage to create your financial record with the tax department.c) A gift can be given to a daughter-in-law as well as grandchildren.Return filing is mandatory if you are a Resident individual and have an asset or financial interest in an entity located outside of India.You will love to read this too Guidelines to filing your income tax return (ITR form) for 2011 in India. An exchange of letters making a gift and accepting such gift will be sufficient as an evidence of making a gift.The exemption will be permitted only millionaire gives free money away if the assessee has received a certificate of tax deduction in Form 16 from the employer.Effective FY 2016-17, AY 2017-18.(applicable uptil FY 2016-17). Can she enjoy the status of super senior citizen for financial year 2015-16.Lalit Bharatwaj a) Section 87A of the Act provides that in case an assessee whose total income does not exceed Rs 5 lakh shall be entitled to a rebate from the income-tax payable on his total income to the extent of an amount equal.
If you are a foreign company taking treaty benefit on a transaction in India.