Category Archives: Income Tax

Decoding Budget 2019: The Hidden Opportunity for Smart Investors to Create Tremendous Wealth

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The interim budget 2019 included few indicators properly placed in the budget speech, if identified and analyzed properly, could become a great opportunity for smart investors to create tremendous wealth in long term. This blog tries to explain and analyze … Continue reading

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Budget 2018 Proposal related to 10% LTCG on equity, its effect and expectations of stock market until March 31, 2018

The Finance Bill 2018 proposes to tax the long term capital gain (LTCG) on equity shares and equity mutual funds subject to STT @ 10% exceeding Rs. 1,00,000 from April 1, 2018. The LTCG on equity has been exempt from … Continue reading

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Budget Analysis for Investors: How to Efficiently Plan your Investments NOW for Maximum Benefit

Budget 2017 has proposed many important changes related to investments. Efficient Planning of your equity, debt as well as real estate investment could materially affect the investment returns. I have analyzed the effect of major changes proposed in the budget … Continue reading

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Rs. 500 and Rs. 1000 Currency notes No longer valid in India from November 9, 2016 – An Analysis

“From midnight of November 8, 2016, Rs. 500 and Rs.1000 will cease to be legal tender. These notes are just papers from tomorrow,” said Prime Minister Mr. Narendra Modi. The announcement was made to combat black money, corruption, counterfeit currency … Continue reading

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15CB, 15CA Procedures Updated: Understand new procedures applicable from April 1, 2016

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Finally, the Central Board of Direct Taxes (CBDT) issues Notification no. 93/2015 dated December 16, 2015 that is both reasonable and practical for anyone making payment to a non-resident or an NRI remitting money outside India or transferring from NRO … Continue reading

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“Non Filing of Income Tax Return – Reg.” notice and Eye-opening Reality of Information Gathering by IT Department

Recently, the Income Tax Department (ITD) has become very aggressive in widening the tax base through identification of stop-filers and non-filers by issuing notices to  persons who it thinks may have filed the return. The notice would say,  ”The Income … Continue reading

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NRO to NRE transfer Update: 15CB/15CA required for Both “Taxable” and “Non Taxable” Transfers

From June 1, 2015, any person making a payment to a non-resident, including an NRI transferring funds from NRO to NRE account would be required to obtain a certificate from a Chartered Accountant in form 15CB and file form 15CA … Continue reading

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Awards Received – ACCOUNTANT OF THE YEAR and CUSTOMER CENTRIC BUSINESS OF THE YEAR

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We are honored to have received Two Awards at the Intuit Quickbooks Excellence Awards 2013 in association with Bloomberg TV India at Delhi on 21st November 2013. Naresh J Patel & Co, Chartered Accountants received “ACCOUNTANT OF THE YEAR” and for NRI Advisory … Continue reading

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Domestic Transfer Pricing – Need to Know

·  Applicability: From Assessment year 2013-14. The provision of transfer pricing have been extended to cover “specified domestic transactions”. Due Date of filing return of Income is 30th November 2013. ·   Coverage:  Any Assessee having Specified Domestic Transaction need to comply with … Continue reading

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15CA/CB rules revised Again: 15CA/CB May NOT be required for NRO to NRE transfer

CBDT vide notification 67/2003 revised the rules and procedures AGAIN for payment to NRI. And this time, for good. The updated rule will also be effective from October 1, 2013. I hope they do not change the rules again. 1. As … Continue reading

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Revised Forms 15CB/15CA and Updated Procedures for Outward Remittance of money (including NRO to NRE transfer)

On August 5, 2013, CBDT (Central Board of Direct Taxes) changed the rules, procedures and forms for making payment to a non-resident from October 1, 2013. The revised forms and procedures will also be applicable for transfer of funds from NRO … Continue reading

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Webinar on NRI Investments and Taxation – Opportunity for NRIs to enrich their Knowledge with latest rules and regulations

India has always been the most rewarding and sought after destination for investments for NRIs due to higher interest rates and growth potential. However, their experience may not be excellent mainly due to theirs or their advisors’ ignorance of rules … Continue reading

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