Report Wire

Tag: taxable income

  • What kind of investments will assist scale back my taxable earnings?

    I’m 27-year-old working for a multinational firm (MNC), drawing a web wage of ₹1.4 lakh per thirty days. My annual earnings is ₹22.3 lakh, of which my taxable earnings is ₹15.5 lakh. My tax-savings come from part 80C devices, the place I make the most of the utmost restrict of ₹1.5 lakh each year (p.a.), and exemption from home lease allowance (HRA) is ₹2.8 lakh p.a. There is skilled tax of ₹2,400 p.a. I’ve additionally bought a flat for which I’ve taken a house mortgage of ₹36 lakh at 9.2% rate of interest. My equated month-to-month instalment (EMI) involves ₹30,000. How can scale back my taxable earnings additional?

    —Name withheld on request

    Salaried people attempt to maximize their tax financial savings by claiming numerous exemptions and deductions whereas computing taxable earnings. The outdated tax regime permits a person to save lots of earnings tax by numerous exemptions and deductions like medical insurance coverage premium, HRA, and so on. However, if a person opts for the brand new tax regime, then she or he can not declare the above-mentioned deductions. In the present case, we’ve got assumed that you’re planning to go for the outdated tax regime.

    You can use Section 80CCD (1B) of Income Tax Act (IT Act), whereby further deduction of ₹50,000 is allowed in a monetary 12 months for investments made in National Pension System (NPS). Such deduction is over and above the deduction of ₹1.5 lakh supplied underneath part 80C.

    The Section 80CCD (2) of IT Act permits deduction on employer’s contribution to NPS. The worker is allowed to assert deduction of as much as 10% of wage (assuming you aren’t a authorities worker) in case an employer makes contributions to NPS.

    Section 80D permits deduction for medical insurance coverage premium paid for a person (in addition to partner and dependent kids) of as much as ₹25,000. Additional deduction of ₹25,000 is on the market if insurance coverage is taken for folks ( ₹50,000 might be claimed if dad and mom are senior residents).

    The Section 80TTA permits you to declare deduction of as much as ₹10,000 in a monetary 12 months, for curiosity earned from financial savings checking account. If the curiosity earnings earned is under ₹10,000, it’s possible you’ll declare a deduction of the entire quantity.

    You can declare a tax deduction underneath part 80G of both 50% or 100% of the whole donation to a charitable establishment. Also, it’s possible you’ll analyse the wage parts provided by the employer and go for these wage parts which assist maximize tax advantages.

    Aditya Goyal is a Bengaluru-based chartered accountant.

    “Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!” Click right here!

    Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
    Download The Mint News App to get Daily Market Updates.

    More
    Less

    Updated: 04 Oct 2023, 09:35 PM IST

  • How tax on rental earnings works for NRIs?

    How is earnings from dwelling property taxed in India for NRIs or non-resident Indians? Are there any distinct legal guidelines that NRIs ought to adhere to, and what is the course of for calculating taxable earnings from dwelling property for NRIs?

    —Name withheld on request

    There will not be any separate tips for taxation of dwelling property in India for residents and non-residents. Taxation tips are the similar for every form of residency standing. Rental earnings from the property positioned in India is taxable throughout the fingers of the proprietor of the house property, whether or not or not it is for an NRI or a resident Indian. The strategy of computing taxable rental earnings is prescribed beneath the earnings tax laws as follows:

    Gross annual value (GAV) a lot much less municipal taxes actually paid supplies the web annual value (NAV). Reduce the same old deduction of 30% of NAV and curiosity on housing mortgage from it, which is ready to then be the taxable rental earnings.

    GAV is larger of the following: (i) Amount at which the property might pretty be anticipated to be let unfastened; or (ii) Actual rent receivable.

    In totally different phrases, GAV compares the exact rent obtained or receivable with anticipated rent that the property would possibly fetch.

    If there could also be loss beneath the highest earnings from a house property from let unfastened property on account of curiosity expenditure on housing mortgage being larger than the NAV a lot much less 30% regular deduction, such loss could also be set off in the direction of the earnings beneath totally different heads of earnings solely to the extent of ₹200,000 and stability could also be carried forward as a lot as eight years for the set off in the direction of future earnings from a house property.

    Also, reimbursement of principal amount in the direction of housing mortgage taken from eligible lenders for getting a property is eligible for deduction beneath Section 80C (prohibit ₹150,000). But this deduction should not be obtainable if the particular person opts for the benefit of lower tax worth beneath the model new tax regime beneath Section 115BAC.

    Also, any loss incurred on earnings from dwelling property should not be allowed to be set off in the direction of each different earnings and carried forward beneath the model new tax regime.

    Sonu Iyer is tax confederate and different individuals advisory firms chief, EY India.

    Catch the entire Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
    Download The Mint News App to get Daily Market Updates.

    More
    Less

    Updated: 05 Jun 2023, 11:23 PM IST

  • Is lease paid for redevelopment initiatives taxed?

    Construction work is occurring at a delicate tempo in roughly 11,125 developing web sites in Mumbai for the time being. An enormous chunk of this pertains to redevelopment initiatives— the renovation of an current property, residential or industrial, for diverse causes. To make sure, such initiatives are being undertaken in several components of the nation as correctly. To facilitate redevelopment and to compensate flat homeowners for the hardship confronted by them all through such work, a developer may provide them compensation inside the kind of lease to ensure varied lodging all through the problem. This compensation would possibly each be paid in lump sum or as a month-to-month payout. Should this amount be dealt with by the recipient as taxable income?

    Let us take the hypothetical occasion of Ravi, who resides in a flat at Shreeji Co-operative Society Ltd. The society decides to go for redevelopment and arms the problem to, say, builder A. The latter offers varied lodging charges of ₹20,000 per thirty days to Ravi. Ravi shifts to a special flat, nevertheless the lease proper right here is ₹18,000. Should the steadiness ₹2,000 per thirty days be added to his taxable income? Let us ponder one different event. Builder A offers varied lodging charges and hardship allowance to Varsha, who moreover resides within the an identical society, inside the kind of a lump sum amount of ₹10 lakh. Varsha, nonetheless, strikes to her dad and mother‘ flat and would not utilise the amount for the aforesaid objective. What may very well be the tax implication for Varsha?

    As per the Income Tax Act, all revenue receipts and positive capital receipts significantly talked about throughout the Act are taxable. Hence, we have now to first contemplate whether or not or not this compensation for alternate lodging, hardship allowance, and so forth. is a revenue or a capital receipt beneath income tax authorized pointers.

    As the property has been given for redevelopment, compensation is paid by the builder on account of the hardship confronted by the flat proprietor due to the displacement of its occupants. The talked about payment is throughout the nature of hardship allowance/rehabilitation allowance. In such a state of affairs, the compensation acquired by the assessee in course of displacement by the use of the occasion settlement simply is not a revenue receipt. It constitutes capital receipt and subsequently simply is not liable to tax. This understanding has been confirmed by a modern order by the Income-Tax Appellate Tribunal (ITAT) – Mumbai throughout the case of Ajay Parasmal Kothari. Thus, throughout the occasion above, Ravi will not be going to have in order so as to add the lease acquired or any part of it to his taxable income. Irrespective of the actual fact whether or not or not it was utilised for the goal of alternate lodging or not, will most likely be dealt with as capital receipt and is thus not taxable. For the an identical goal, Varsha moreover will not be going to ought to pay any tax on the lump sum amount acquired from the builder.

    Let’s take one different occasion. Rama has a industrial retailer at Ramesh Co-operative Society. The co-operative society opts for redevelopment with builder B. The latter offers varied lodging charges and hardship allowance lumpsum of ₹20 lakh to Rama. Should this be added to Rama’s taxable income? Similarly, Pammi had given her flat on the an identical society on lease. Builder B offers varied month-to-month lodging charges and hardship allowance of ₹20,000. Should Pammi pay tax on this amount?

    Compensation paid by the builder on account of hardship confronted by the proprietor of a property as a consequence of displacement of the occupants, alternate lodging, and so forth., is throughout the nature of capital receipt. So, every Rama and Pammi will not be going to ought to pay any tax on the lump sum or month-to-month amount acquired from the builder.

    As a corollary to the most recent judgement by ITAT throughout the case of Ajay Kothari, we are going to conclude that no matter the actual fact whether or not or not the property is residential, industrial, self-occupied or let loose, will most likely be dealt with as capital receipt and thus not taxable. However, it’s a grey house that the tax assessing officer can drawback throughout the courts.

    Nitesh Buddhadev is the founding father of Nimit Consultancy.

    Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
    Download The Mint News App to get Daily Market Updates.

    More
    Less

  • The significance of selecting tax regime on time

    It’s the beginning of a model new financial 12 months and employers have started rolling out the tax declaration type for staff. For salaried of us, the selection of selecting between earlier and new tax regimes is on the market yearly. At the time of submitting the Income Tax Return (ITR) moreover, they will swap from earlier to new regime or vice versa, whichever is further helpful.

    Do discover that positive deductions and exemptions might be discovered beneath the earlier regime nevertheless not the model new one. With affect from 1 April, till you notably go for the earlier regime, the model new regime is likely to be considered the default alternative and accordingly, TDS (tax deducted at provide) is likely to be computed by the employer. Suppose, you do not notably choose the earlier regime nevertheless decide to go for it on the time of submitting ITR, you might at the moment of time nonetheless declare positive deductions like these obtainable beneath sections 80C and 80D, housing mortgage curiosity, and so forth., even when these have not been declared to the employer. However, there are some exemptions that you can be not be able to declare if they are not a part of your wage building.

    View Full Image

    Graphic: Mint

    For occasion, Sneha doesn’t notably go for the earlier regime and declares the equivalent to her employer. So, the employer computes her tax as per the default new regime. Since there are usually not any allowances exempt throughout the new regime, the employer does not take into consideration residence lease allowance (HRA), depart journey allowance (LTA), and so forth., in her wage building. Accordingly, her employer deducts tax at provide. Now, Sneha realizes that she needs to say HRA exemption. An employee is eligible for this exemption primarily based totally on these conditions: a) the HRA given by the employer; b) it constitutes 50% of the wage if the employee lives in any of the metro cities (Delhi, Mumbai, Calcutta, Chennai), or 40% of the wage for non-metro cities; and c) it contains the exact lease paid minus 10% of the wage.

    Since Sneha’s employer did not take into consideration HRA as part of wage building whereas computing her tax, she will not be eligible for this exemption. Had Sneha notably opted for the earlier regime, she would have been able to declare the allowance. This moreover applies to totally different exemptions resembling LTA.

    It’s noteworthy that workers often are usually not eligible for the earlier regime alternative if the ITR is simply not filed all through the given timeline. For event, Riya opts for the earlier regime and her TDS is ₹140,400. Riya, however, does not file her ITR on time. Since the time to go for the earlier regime expires, Riya’s tax obligation is likely to be mandatorily selected the thought of the model new regime. She will not be eligible for exemptions /deductions obtainable beneath the earlier regime. So, her taxable income will enhance significantly and there is likely to be tax obligation of ₹1.95 lakh, over and above the TDS deducted, which she ought to pay along with curiosity and penalty.

    It’s subsequently essential to declare to your employer about your alternative of each the earlier or new regime. It will also be important to file your tax return on time.

    Nitesh Buddhadev is a chartered accountant and founding father of Nimit Consultancy.

    Catch the entire Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
    Download The Mint News App to get Daily Market Updates.

    More
    Less

  • What is the tax obligation of NRIs on a go to?

    For a citizen of India or an individual of Indian origin, who’s visiting India, the 60 days are thought of modified within the following method. If whole revenue, aside from revenue from international sources, exceeds ₹15 lakh, the 60 days are substituted by 120 days; in another case, the 60 days are substituted by 182 days

  • Is quantity withdrawn from NPS taxable?

    I obtained a sum of ₹200,584 on withdrawal of the whole amassed corpus  from my tier-1 account of the National Pension System (NPS). The quantity was withdrawn in lump sum with none annuity being bought on 22 April 2021. 

    Is withdrawal of the amassed corpus of as much as ₹2 lakh completely tax free? Am I eligible for any tax exemption? If not, what’s my tax legal responsibility?

    —Name withheld on request

     

    As per the provisions of part 10(12A) of the Income-tax Act, 1961, any withdrawal from the NPS Trust is exempt as much as 60% of the whole quantity payable on the time of closure of the account or on  opting out of the pension scheme.

    Based on the restricted info of the case, it’s presumed that you’ve got withdrawn the accumulations below NPS tier-I account on the time of superannuation  or after attaining 60 years of age. Thus, 60% of the whole quantity payable below NPS scheme could be thought-about as tax free in your palms. The steadiness 40% of the quantity shall be thought-about as taxable earnings in your palms on the slab charges relevant to you for FY 2021-22.

     

    I obtained ₹7 lakh as becoming a member of bonus with a 3 12 months lock-in interval once I took up employment with a multinational firm (MNC). The firm even deducted tax at supply on this bonus quantity in March 2021. 

    However, I made a decision to stop the MNC in February 2022 and returned the whole bonus quantity to the agency. Can I now declare the cash paid as earnings tax on the bonus? 

                          —Saransh Nagaich

     

    We perceive that you simply had obtained the becoming a member of bonus from the corporate in FY 2020-21 and accordingly applicable taxes have been deducted by the corporate on the identical. Further, on the time of leaving the corporate in FY 2021-22, you had returned the whole becoming a member of bonus quantity on account of non-completion of the lock-in interval.

    As per the provisions of the Income-tax Act, 1961, the becoming a member of bonus obtained by you in respect of your employment is taxable as wage earnings within the 12 months of receipt, and accordingly the identical has accurately been taxed in FY 2020-21.

    However, in case such a bonus is returned, there isn’t a particular provision within the Act which permits for any discount or deduction from the wage earnings. 

    Generally, the place the requirement to return such bonus arises, foundation the contractual phrases agreed between employer and worker for non-fulfilment of situations by the worker, there’s a view that it isn’t an over-riding title on the earnings however within the nature of a penalty for non-fulfilment of said phrases. Hence, no deduction needs to be obtainable from the taxable earnings on this regard and the tax already paid on bonus earnings shouldn’t be eligible for refund.

    The tax implications would nonetheless rely on the phrases of the contract, settlement between employer and worker, firm coverage and detailed analysis of the precise info of the case.

    Parizad Sirwalla is accomplice and head, world mobility providers, tax, KPMG in India.

    Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
    Download The Mint News App to get Daily Market Updates.

    More
    Less

    Subscribe to Mint Newsletters

    * Enter a sound e mail

    * Thank you for subscribing to our e-newsletter.

    First article

  • How is dividend revenue for NRIs taxed?

    How is dividend revenue from shares taxed for non-resident Indians (NRIs)?

    —Name withheld on request

     

    Effective monetary 12 months 2020-21, any dividend revenue from shares of an Indian firm is taxable in India. In case of a shareholder qualifying as ‘non-resident’ in India underneath the Indian Income-tax regulation, dividend revenue is taxable at 20% plus relevant surcharge and 4% well being and schooling cess on gross foundation. Thus, the relevant tax price on dividend revenue for a non-resident ranges between 20.8% and 28.5%, relying upon the extent of complete revenue and relevant surcharge.

    In case of a shareholder qualifying as a “resident” in India, dividend revenue is taxable on the relevant slab charges.

    Benefit underneath the Double Taxation Avoidance Agreement (DTAA) between India and the opposite nation could also be explored to keep away from double taxation or get a decrease price of tax. The Indian firm will withhold tax on dividend both (a) at 20% plus relevant surcharge and 4% well being and schooling cess or (b) at a price underneath DTAA, whichever is decrease. For software of decrease DTAA price, the non-resident shareholder has to furnish tax residency certificates of the opposite nation to ascertain entitlement to say DTAA profit.

     

    My son is staying overseas. His Public Provident Fund account matured in April 2022 and the proceeds have been credited to his Non-Resident Ordinary (NRO) account. How a lot cash will be transferred to him this monetary 12 months?

    —Name withheld on request

     

    Under the trade management regulation, the funds will be transferred exterior India from the NRO account topic to an general restrict of $1 million per monetary 12 months (April-March) topic to documentation as requested by the financial institution. 

     

    Sonu Iyer is tax accomplice and other people advisory companies chief, EY India.

    Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
    Download The Mint News App to get Daily Market Updates.

    More
    Less

    Subscribe to Mint Newsletters

    * Enter a sound electronic mail

    * Thank you for subscribing to our publication.

    First article

  • Disclosure of overseas belongings in I-T returns

    Just computing your taxable revenue and revenue tax payable, and paying the correct quantity of your revenue tax legal responsibility is just not the tip of your revenue tax obligations. You additionally want to make sure that your return of revenue is correctly crammed up and filed on time. One of the essential facets of the revenue tax return that you have to take note of is Schedule FA, the disclosures referring to overseas belongings. 

    This schedule is to be crammed in by all individuals who’re resident and ordinarily resident in India through the 12 months. It is just not required to be crammed in by non-residents or by individuals who’re resident and never ordinarily resident in India through the 12 months. 

    Typically, the individuals who would want to make disclosures below this schedule can be individuals who’ve invested overseas or acquired belongings utilizing the Liberalised Remittance Facility, workers who’ve been granted and have exercised inventory choices and been allotted shares of overseas firms, NRIs who’ve returned to India and have retained belongings overseas, in addition to expatriates who’ve been in India for greater than two years and have subsequently develop into resident and ordinarily resident in India.

    The goal of this schedule is to check the knowledge obtained from the US and different jurisdictions below FATCA and Common Reporting Standard (CRS), which offer particulars to the Indian tax authorities about individuals with an Indian connection having monetary and different belongings in these jurisdictions.

    It is feasible that you’ll have acquired the overseas belongings by means of an Indian middleman. For occasion, you’ll have acquired shares of overseas firms by means of a transaction facilitated by your native financial institution, or you’ll have acquired crypto-currencies on-line. 

    The shares of a overseas firm, or models of a overseas mutual fund are thought to be overseas belongings, regardless of from whom they’re bought. Crypto-currencies saved in a overseas crypto-wallet would even be thought to be overseas belongings. However, if you happen to maintain shares of an Indian mutual fund, which has invested in shares of overseas firms or abroad trade traded funds, the models that you simply maintain, being in an Indian fund, can be thought to be home belongings, and never overseas belongings.

    One level to notice is that you’re additionally required to state the nation by which the asset is held. That might not essentially be the identical nation by which the asset was acquired. For occasion, if you happen to maintain shares of a US firm acquired on the Singapore Stock Exchange, the nation by which the asset is held must be disclosed as USA, and never Singapore. This is as a result of it’s the US firm which might report the very fact of getting an Indian shareholder below FATCA.

    An attention-grabbing side is that the disclosure of the overseas belongings needs to be vis-à-vis the previous calendar 12 months. Therefore, in case you have acquired a overseas asset after 31 December 2021, that isn’t required to be disclosed within the return of revenue that you simply file for the monetary 12 months 2021-22, however within the following 12 months’s tax return. Again, this requirement stems from the truth that the reporting below each FATCA and CRS is made on the idea of the calendar 12 months, and never the Indian 12 months of taxation from April to March. Therefore, this may facilitate comparability by the Indian tax authorities of the knowledge obtained below FATCA/CRS with the knowledge supplied within the revenue tax return.

    The language used within the schedule is a bit complicated. There is a reference to depository accounts and custodial accounts. Depository Account doesn’t imply demat accounts in a depository, however deposits with a monetary establishment. These phrases are the identical as these used below FATCA/CRS, principally referring to deposits held by monetary establishments and monetary belongings held by a depository/portfolio supervisor for shoppers, respectively.

    Another side to be saved in thoughts is that in case of overseas retirement accounts, the place the revenue is taxable within the overseas nation on retirement, whereas one might choose to pay tax in India additionally on withdrawal, but the overseas retirement account balances in addition to revenue earned through the calendar 12 months have to be disclosed within the Schedule FA.

    Great care must be exercised in filling up Schedule FA, as summons are being despatched by the tax authorities to confirm whether or not overseas belongings, particulars of that are obtained by them below FATCA/CRS, have been disclosed by the taxpayer or not. Failure to reveal a overseas asset can appeal to a penalty of as a lot as ₹10 lakh, below the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, although the overseas asset might have been acquired out of disclosed revenue. 

    Gautam Nayak is associate, CNK & Associates LLP.

    Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
    Download The Mint News App to get Daily Market Updates.

    More
    Less

    Subscribe to Mint Newsletters

    * Enter a legitimate electronic mail

    * Thank you for subscribing to our publication.

    Topics

    First article

  • How ‘income from other sources’ is taxed

    The Income Tax Act has 5 heads of earnings, with ‘Income from Other Sources’ (IFOS) being one. It might be thought-about as a residual head of earnings because it covers earnings which is outdoors the scope of different earnings heads. IFOS consists of dividend from firms, curiosity incomes, earnings from royalty, and so forth. So, it’s pertinent to take a look at the taxability on a few of these incomes.

    Any reward acquired by an worker from an employer is taxable beneath ‘Income from Salary’, whereas any profit/reward/perquisite arising from enterprise or occupation is taxable beneath ‘Profit & Gain’ beneath enterprise or occupation. Apart from these, any reward/asset acquired by a taxpayer is taxable beneath IFOS. If a taxpayer has acquired any financial reward with out consideration and the mixture Fair Market Value (FMV) is greater than ₹50,000, then the entire quantity is taxable as different sources. If the taxpayer has acquired a financial reward with insufficient consideration and if the mixture FMV is greater than ₹50,000, then distinction between the FMV and the precise consideration is to be declared.

    In case of immovable property, whether it is acquired with out consideration and the stamp obligation worth exceeds ₹50,000, the stamp obligation worth of such property shall be chargeable to tax as different sources, whereas if such property is acquired for a consideration which is lower than the stamp obligation worth of the property by an quantity exceeding ₹50,000, the stamp obligation worth of such a property as exceeds the precise consideration shall be taxable.

    There shall be no tax if such financial items or property is acquired on marriage, from any relative (partner, brother, sister or partner’s brother, and sister of the dad and mom of the recipient, and so forth.), or beneath any will or inheritance, in contemplation of dying.

    Another standard stream of earnings beneath IFOS is dividends. The which means of ‘dividend’ has a broader protection and consists of even distribution of property to the shareholders on the time of liquidation in addition to any distribution on account of discount of share capital of the corporate. Since the legal responsibility of paying tax on dividends acquired is on the taxpayer, the taxpayer has to declare this earnings beneath ‘Income from other sources’ and pay tax on it as per slab fee. In the case of Keyman insurance coverage coverage undertaken by an organization for its key workers, if the quantity is acquired by the insured, which is the important thing worker and never the corporate, such a sum acquired on the maturity of Keyman Insurance Policy shall be taxable beneath ‘Income from other sources’. Taxability of curiosity earnings varies relying on the character of earnings. For occasion, financial savings checking account curiosity is barely taxable in extra of ₹10,000, whereas curiosity on Public Provident Fund (PPF) is exempt and curiosity earned on the worker’s contribution to the PF account shall be taxed if it exceeds ₹2.5 lakh in a monetary 12 months and the curiosity earned on Post Office Saving Bank Account is exempt to the extent of ₹3,500 in case of particular person account and ₹7,000 in case of joint account.

    Any one-time earnings similar to winnings from lotteries, crossword puzzles, horse races, card video games or betting of any sort is taken into account IFOS and taxable. Taxpayers may also declare sure different deductions beneath IFOS. For occasion, within the case of household pension, deduction of 1/third of such earnings or ₹15,000, whichever is much less, is allowed. The time period ‘family pension’ means an everyday month-to-month quantity payable by the employer to an individual belonging to the household of an worker within the occasion of the worker’s dying.

    The taxpayer is required to fill within the particulars of IFOs beneath schedule OS similar to gross curiosity earnings, dividends, sum of cash acquired as a present if exceeding ₹50,000, and so forth.

    The IT Act permits adjusting losses from capital property and enterprise in opposition to different incomes in a selected 12 months. Incomes that go beneath IFOS head can’t be used to set-off losses beneath the ‘capital gains’ head. Income from winnings from lottery, crossword puzzles, races (together with horse race) and every other video games or playing of any sort or nature, can’t be set off as nicely.

    Amit Maheshwari is tax associate, AKM Global, a tax and consulting agency. Yeeshu Sehgal, head of tax markets, AKM Global, contributed to this text.

    Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
    Download The Mint News App to get Daily Market Updates.

    More
    Less

    Subscribe to Mint Newsletters

    * Enter a sound electronic mail

    * Thank you for subscribing to our publication.

    Topics

    First article