Let’s assume you win a lottery prize of INR 1 crore. Here’s how taxation affects your actual take-home amount: For winnings above INR 1 crore, a surcharge of 15% is levied on the tax amount, further ...

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Kuntal Dave is the proprietor of Nanubhai Desai & Co., a leading firm of Chartered Accountants in Mumbai. With deep expertise ...

The income Tax Department imposes a tax on every transaction. You will be surprised to know that the Income Tax Department ...

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The key provisions include: The credit applies in the year the foreign income is taxed in India. If the foreign tax is spread across multiple years, the credit is proportionally adjusted.