Selling a property in India can have significant tax implications for Non-Resident Indians (NRIs). While the process may appear straightforward, various provisions relating to capital gains tax, tax deduction at source (TDS), exemptions, and repatriation of funds require careful consideration. This article provides an overview of the key tax aspects
The recent initiative introduced by the Reserve Bank of India (RBI) regarding FCNR(B) deposits has attracted considerable attention among Non-Resident Indians (NRIs). With Indian banks offering competitive interest rates under this special window, many NRIs are exploring whether FCNR(B) deposits can be an effective option for deploying surplus foreign currency
As the income tax return (ITR) filing season begins, many Non-Resident Indians (NRIs) have questions about their tax obligations in India. Although the filing window officially starts on 1 April, the practical filing period is much shorter because essential tax records such as the Annual Information Statement (AIS), Taxpayer Information
Non-Resident Indians (NRIs) often maintain financial assets and investments in India while residing abroad. Whether the funds arise from property sales, rental income, investments, inheritances, or other sources, transferring money from India to an overseas account requires compliance with various regulatory and tax requirements. Understanding the rules governing fund repatriation
Tax Deducted at Source (TDS) ensures that tax is collected at the time of making specified payments. However, in some cases, the recipient’s actual tax liability may be significantly lower than the TDS deducted at the prescribed rates. To avoid excess deduction and subsequent refund claims, the Income Tax Act
The Financial Year 2026-27 brings important changes to the Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) provisions under India’s new Income Tax framework. Businesses must stay updated with these amendments to maintain compliance, avoid penalties, and ensure accurate tax reporting. Introduction TDS and TCS play a
1. What Income Is Taxable for Residents? Everything starts with determining your residential status. You cannot choose whether you want to file your return as an NRI or as a resident. Your residential status is determined strictly based on the number of days you stay in India, as prescribed under
In today’s dynamic financial landscape, many individuals earn income from more than one source. Besides salary, a taxpayer may receive rental income, interest earnings, dividends, capital gains, business income, professional receipts, or foreign income. While multiple income streams can enhance financial growth, they also make income tax compliance more detailed
Purchasing a home is one of the most significant financial decisions an individual makes. Besides helping you own a property, a home loan may also provide valuable tax benefits under the Income-tax provisions, subject to the applicable conditions. However, the tax benefits available depend on factors such as the type
Filing GST returns is one of the most important compliance requirements for every registered taxpayer. Among the various GST returns prescribed under the GST law, GSTR-1 and GSTR-3B are the two returns that businesses file most frequently. Although both returns relate to the same tax period, they serve different purposes
Giving and receiving gifts is a common practice in India, whether during festivals, weddings, family occasions, or personal milestones. Gifts may be received in the form of money, jewellery, shares, property, or other valuable assets. While many people assume that gifts are always tax-free, the Income Tax Act contains specific
Before filing your Income Tax Return, it is important to verify your income details, tax deductions, and financial information available with the Income Tax Department. Three important statements that taxpayers should review are Form 26AS, Annual Information Statement (AIS), and Taxpayer Information Summary (TIS). Although all three provide information related
