Income tax and tax matters for NRIs
We provide a full range of services for private individuals or organisations regarding income tax matters in India (for any income derived from a real estate asset, income derived from a business or profession, income derived from salaries, income derived from capital gains, or any other income), including but not limited to an assessment of tax liability, payments of taxes based on applicable rules and statutes, handling of any income tax notices, arguing cases or appeals as per the case in appropriate courts or tribunals and negotiating settlements on behalf of our clients.
The Income Tax Act of 1961 is the main statute that controls the laws and regulations pertaining to income tax in India. Tax applicability and liability on the income of an individual person or a body corporate are determined under the Income Tax Act of 1961. It includes provisions for the assessment, management, collection, and recovery of income tax. The central government and the state governments impose taxes in India. However, the municipalities and other local government entities also levy a few small taxes. The top body responsible for managing taxes in India is the Central Board of Revenue, sometimes known as the Department of Revenue. It is a division of the Ministry of Finance, which was established by the Central Board of Revenue Act of 1924.
The following five heads of income are subject to taxation under the Income Tax Act of 1961:
– Revenue from immovable property (Real Estate holdings).
– Income from a person’s business or the income of a corporation.
– Earnings from wages
– Gained income from capital gains.
– Any other form of income.
As a result of the Indian economy’s liberalisation and globalisation, India’s tax rules are modernising quickly and going totally digital. Our services guarantee that we can provide top-notch, current tax advice on income tax concerns that is responsive to the constantly changing changes in tax regulations. With regard to the most recent circulars, exemption notifications, etc. issued by the appropriate government authorities regarding changes or interpretation of the applicable tax laws governing the country, our team of lawyers is fully up to date and completely up to speed. We are always on our toes in this regard.