Gifts under Indian Law: Tax Rules, Exemptions & NRI Transfers Explained
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: Complete Guide to TDS on Purchase of Immovable Property
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 Explained: When It Is Mandatory and How It Works
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 […]
Form 15CA: Complete Compliance Guide for Foreign Remittances from India
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 […]
DTAA Explained Simply: How India Avoids Double Tax on Foreign Income
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 […]
DTAA Benefits for NRIs: How to Avoid Double Taxation Explained
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. […]
Defective Return under Section 139(9) of the Income Tax Act, 1961
A defective return under Section 139(9) of the Income Tax Act, 1961 refers to an Income Tax Return (ITR) that contains incomplete details, incorrect information, or inconsistencies when compared with the records available with the Income Tax Department. When such defects are identified, the taxpayer is provided an opportunity to correct the errors and submit […]
Budget 2026: Key TCS and Indirect Tax Changes Affecting NRIs
The Union Budget 2026 introduces several tax and compliance changes that indirectly impact Non-Resident Indians (NRIs). While many of these provisions primarily apply to residents making payments from India, they influence cross-border financial transactions involving NRIs—particularly remittances abroad, overseas spending, and property transactions in India. These measures are aimed at simplifying procedures, reducing upfront tax […]
Computation of Income from House Property: Deductions, Examples & Tax Rules Explained
Income from house property is an important part of tax reporting for individuals who own residential or commercial real estate. Whether a property is self-occupied or rented out, the Income Tax Act provides specific deductions that can help lower overall tax liability. Understanding how income is computed and what deductions are available is crucial for […]
Compliance Requirements for Foreign Shareholders in Indian Companies
Foreign investment in Indian companies is governed primarily by the Foreign Exchange Management Act (FEMA), Reserve Bank of India (RBI) regulations, and the Companies Act, 2013. Foreign shareholders—whether individuals or overseas corporate entities—are required to comply with several reporting, documentation, and regulatory guidelines to ensure their investment remains legally compliant. This article outlines the key […]