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The income tax rate for NRIs (Non-Residential Indians)The Income-tax Act, 1961 makes special provisions for non-resident Indians to pay tax on income earned from certain properties. These provisions are optional for such appraisers, i.e., they may pay tax at the rate fixed in this chapter or at the normal rate…

TAXABLE AND TAX-FREE GIFTSAccording to the Income Tax Act, the property received by the taxpayer without compensation or underpayment is counted in his taxable income.Giving and receiving gifts is part of our culture. Gifts are given or received on the occasion of wedding, birthday, Diwali etc. According to the Income…