Author: Nricaservices

Are you an NRI planning to sell property in India? Or a resident buyer purchasing property from an NRI? This guide outlines the key tax and TDS compliance rules applicable when an NRI sells property to a resident Indian. It serves as a quick reference and answers the most frequently asked questions from both sellers [...]

MSME stands for Micro, Small, and Medium Enterprises, a critical sector in India's economic landscape. These enterprises are classified based on their investment in plant, machinery, or equipment and annual turnover. MSMEs contribute significantly to employment generation, exports, innovation, and overall economic development. Registering under the Udyam Registration Portal provides access to a wide range [...]

Non-Resident Indians (NRIs) often face higher Tax Deducted at Source (TDS) rates on income earned in India, especially during property sales or rental income. Since TDS is deducted on the gross transaction amount, the deducted tax frequently exceeds the actual tax liability. To avoid this, the Income Tax Department issues a Lower or Nil TDS [...]

Are you unable to log in to the Income Tax e-Filing portal despite multiple attempts? You're not alone. Many taxpayers experience login problems due to mismatched mobile numbers, outdated email addresses, or forgotten credentials. This guide outlines three effective solutions to recover access to your income tax account — whether you're an individual, salaried employee, [...]

Maintaining books of accounts is a statutory obligation under the Income Tax Act, 1961 for specified individuals, professionals, and businesses. These records ensure accurate financial reporting, support tax computations, and serve as key documentation during audits, assessments, or legal scrutiny.  📘 What Are Books of Accounts? Books of accounts refer to organized and systematic records [...]

Income Tax Refund An income tax refund arises when a taxpayer has paid taxes exceeding their actual tax liability. Refunds may pertain to various direct taxes such as self-assessment tax, advance tax, TDS (Tax Deducted at Source), or foreign tax credit. The refund is determined post the filing and verification of an Income Tax Return [...]

Form 16 is one of the most important tax documents for salaried individuals in India. Issued annually by employers, it acts as a TDS certificate that outlines the tax deducted at source (TDS) from your salary. Whether you're filing your Income Tax Return (ITR) or applying for a loan, understanding Form 16 is crucial for [...]

As tax compliance becomes more technology-driven, the Income Tax Department has introduced tools such as the Annual Information Statement (AIS) and Taxpayer Information Summary (TIS). These tools aim to make tax return filing more transparent and accurate by auto-populating taxpayer data from multiple sources. However, mismatches or inaccuracies in AIS and TIS are common and, if [...]

Understanding Advance Tax Advance tax refers to the system of paying income tax in installments during the financial year instead of settling the entire tax liability at the end of the year. It is calculated based on the taxpayer’s projected income for the year. Any individual, business, or entity with a tax liability exceeding ₹10,000 in [...]