Finance Buddy

  Recognising the unique requirements of non-resident taxpayers, the government has introduced various provisions to ease their tax compliance burden over time. For instance, the income tax (I-T) department has established multiple Centralised Processing Centers (CPC), ensuring quicker return processing. Similarly, pre-filled returns and single informative tax statements have significantly reduced the time and effort required by NRIs to fulfill tax obligations. Additionally, the government has implemented measures to prevent the duplicity of taxes levied by entering into several new Double Taxation Avoidance Agreements (DTAA) with foreign countries. In the interim budget for 2024, there is a need to enhance the digitalization of procedures such as changing residency status, assessments, and even alternative tax return verification systems linked to NRIs, according to tax experts. AIS helps There is better tax compliance among NRIs due to the Form 26 AS and  Annual Information...

Notwithstanding the record-breaking rally of key benchmark indices and skyrocketing flows through systematic investment plans, the net inflows into  equity  schemes were flat at ₹1.62 lakh crore last year against ₹1.61 lakh crore logged in 2022. New fund offers at ₹63,854 crore last year, accounted for 39 per cent of overall equity inflows. Investors preferred to book profit consistently at every available opportunity last year on the back of growing uncertainty globally and buoyed by logic-defying bull runs in the domestic markets. New fund offers at ₹63,854 crore last year, accounted for 39 per cent of overall equity inflows. Investors preferred to book profit consistently at every available opportunity last year on the back of growing uncertainty globally and buoyed by logic-defying bull runs in the domestic markets. The reality is slowly sinking in, with most corporates registering a flattish topline growth in the December quarter due to weak demand across sectors and the...

The Central Board of Direct Taxes (CBDT) has introduced Form 10-IEA, aimed at facilitating the continuation of the old income tax regime for the current financial year. This move comes as the default tax option has shifted to the new regime starting from the financial year 2023-24 , as mandated by changes in Section 115BAC under the Finance Act 2023. Navigating the transition Previously, individuals expressed their preference for the new tax regime using Form 10-IE. However, starting from the financial year 2023-24, the new regime has automatically become the default option. "It is to be filed separately from the Income Tax Return (ITR) forms, serving as a standalone document. The form requires individuals to indicate whether they intend to opt out of or re-enter the default new tax regime. Additionally, relevant dates for opting out or re-entering the new tax regime must be specified," Bangar told CNBC-TV18.com. Yeeshu Sehgal, Head of Tax Market at AKM Global, a tax and co...