Income Tax

Residential Status for Seafarers (Merchant Navy)

A seafarer salary is tax free in India if he is out of India for 184 days or more (185 days in case of a leap year) during a financial year. Check your residential status from our NRE Days Calculator for Seafarer. Residential status is the most important concept for

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Income Tax Guide 2024 (FY 23-24) for Indian Seafarer (Merchant Navy)

Meaning of Seafarer A sailor, seaman, mariner or a seafarer is a person who navigates water bone vessels or assists as a crew member in their operation and maintenance. Seafarer holds a variety of ranks and professions, each of which carries unique responsibilities which are integral to the successful operation

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Taxability of Salary and Other Income for Seafarers

Taxability of Salary Income Salary income received by a non-resident seafarer working on a Foreign Flag Ship (sailing outside India) is not taxable in India. Section 5(2)(a) provides that only such income of non-resident shall be subjected to tax in India that is either received or deemed to be received

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Type of Bank Accounts for Seafarers

Non-resident seafarers are allowed to have various types of bank account as follows: – Non-resident Ordinary Account (NRO) It is a rupee-denominated saving account for managing income earned in India by the non-resident. Interest earned on this account is not tax-free and TDS is deducted by the bank @ 31.2%.

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Income Tax Slabs & Rates for FY 23-24 and FY 24-25

Resident & Non-Resident Individuals (all age group) for  FY 2023-24 & FY 2024-25 under the New Tax Regime under section 115BAC Net Income Range FY 2023-24(AY 2024-25)   FY 2024-25*(AY 2025-26) Upto Rs. 3,00,000 NIL NIL From Rs. 3,00,001 to Rs. 6,00,000 5% 5% From Rs. 6,00,001 to Rs.9,00,000 10%

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Cost Inflation Index (CII) for FY 2024-25 and Previous Years

Cost Inflation Index (CII) Applicable from Financial Year 2017-18 Financial Year (01 Apr to 31 Mar) Cost Inflation Index (CII) 2024-25 363 2023-24 348 2022-23 331 2021-22 317 2020-21 301 2019-20 289 2018-19 280 2017-18 272 2016-17 264 2015-16 254 2014-15 240 2013-14 220 2012-13 200 2011-12 184 2010-11 167

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Different types of ITR form available for Taxpayers

Each year, individuals earning income higher than the basic exemption limit are required to file their income tax returns (ITRs) online. If you belong to this category, and if you are not otherwise required to be audited under the Income Tax Act, 1961, you will generally need to file your

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Mistakes to Avoid While Filing Your ITR

Anyone whose total taxable income exceeds the basic exemption limit is required to file an Income Tax Return (ITR) during the relevant assessment year. If your total taxable income also exceeds the tax-free limit, you may have to pay income tax. In addition to this, it is also mandatory to

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Save TDS on FD Interest with Form 15G and 15H

TDS, also known as Tax Deducted at Source is a direct taxation mechanism that facilitates direct tax collection from the source at the time of the income payout. The deducted TDS amount will be remitted to the Central Government. TDS is levied on a number of income avenues such as

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Indian Income Tax Reflects on Online Casino Gamblers

As in many Asian countries, online gambling has been on the rise in the last several years in India. At the same time, India has very complex gambling laws and regulations, alongside quite a few gambling restrictions that possibly undermine the industry’s amazing growth potential. When discussing the legality of

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