Author: Nricaservices

Handling taxes at the end of the financial year can be overwhelming, especially when a large amount becomes payable at once. To make this process smoother, the Income Tax system requires certain taxpayers to pay advance tax in phases during the year itself. This approach not only spreads out the tax burden but also promotes […]

When Non-Resident Indians (NRIs) sell a residential property in India, they often face a considerable tax deduction because of the high Tax Deducted at Source (TDS) and the absence of indexation benefits. Many NRIs mistakenly believe that the tax deducted by the buyer represents their final tax liability. In reality, this is not correct. Under […]

Starting a business in India comes with several legal and tax responsibilities. One of the most important compliances for businesses dealing in goods or services is GST Registration. GST registration allows a business to legally collect tax from customers and claim Input Tax Credit (ITC) on purchases. Once registered, businesses are required to follow certain […]

Every business that is registered under the Goods and Services Tax (GST) system in India must periodically file GST returns. These returns contain details of a business’s sales, purchases, tax collected, input tax credit claimed, and the tax payable to the government. GST return filing is one of the most important compliance requirements under the […]

Meaning of “Gift” under Indian Law In Indian law, a gift may take the form of: Money, whether in cash or through banking channels Movable property, such as jewellery, shares, securities, artwork, or bullion Immovable property, including land, flats, or residential houses For income-tax purposes, a gift generally refers to an asset transferred without consideration […]

Form 26QB is a mandatory challan-cum-statement prescribed under Section 194-IA of the Income Tax Act, 1961 for reporting and depositing Tax Deducted at Source (TDS) on the purchase of immovable property. The responsibility to deduct and deposit TDS is cast on the buyer of the property, not on the seller. This provision was introduced to […]

Form 15CB is a certificate issued by a Chartered Accountant to determine the tax implications of certain foreign remittances made from India. It is required when a resident makes specified payments to a non-resident or a foreign company, and such payments are subject to tax under Indian income tax laws. This certification ensures that the […]

Understanding Form 15CA Form 15CA is a statutory declaration prescribed under the Income Tax Act for reporting foreign remittances made outside India. It is required to be furnished by the person responsible for making the remittance before the funds are transferred to a non-resident or a foreign entity. The form must be filed separately for […]

What is DTAA? DTAA stands for Double Taxation Avoidance Agreement. It is a tax treaty that India has signed with 90+ countries to ensure that the same income is not taxed twice — once in the country where it is earned and again in India just because the individual is an Indian tax resident. In […]

NRIs often earn income in more than one country, which can lead to double taxation—paying tax on the same income both in India and the foreign country. To prevent this, India has signed Double Taxation Avoidance Agreements (DTAAs) with several countries. DTAA helps ensure income is taxed only once or taxed at a reduced rate. […]