With the new income tax return (ITR) forms being recently notified for assessment year 2015-16, filers can do an easy check of their annual tax liability on a new computer-based calculator launched by the Central Board of Direct Taxes (CBDT).
If you get a notice or a query from the Income-tax (I-T) department, reply to it, even if it seems meaningless. Under the new black money law or Undisclosed Foreign Income and Assets Act, not replying to a query can attract a penalty of Rs 2 lakh.
The Finance Act, 2015, has introduced a new concept for determining scope of taxation for foreign companies in India. Until the change, a foreign company was considered as a tax resident if its entire control and management resided in India.