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Section 6(1A) of the Indian Income Tax Act, 1961 was introduced by the Finance Act, 2020, and is applicable from the Assessment Year 2021-22. It addresses the issue of stateless individuals (those not liable to tax in any country) and ensures that Indian citizens with significant income in India are…
About the Case This case study highlights the journey of Karan, an IT professional and Futures & Options (F&O) trader, who successfully navigated a complex income-tax assessment for FY 2022–23 with the expert support of CA Mitesh and Associates. In the ever-evolving and intricate landscape…
The Income Tax Department, leveraging advanced database systems, now captures various financial transactions of taxpayers, including Non-residents (NRIs, OCIs). Despite assumptions that foreign source funds aren't taxable, the absence of Indian Income tax filings prompts the department to verify potential tax evasion and the sources…