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
With increasing global mobility, cross-border investments, overseas employment, and international business transactions have become more common than ever. As individuals and businesses earn income across multiple jurisdictions, there is a possibility that the same income may be taxed in more than one country. To address this issue, countries enter into
With the implementation of the Income-tax Act, 2025 and the Income Tax Rules, 2026, the compliance process for foreign remittances has been updated. Effective 1 April 2026, Form 145 and Form 146 have replaced the earlier Form 15CA and Form 15CB, respectively. These revised forms are used for reporting specified
Tax Deducted at Source (TDS) is a key compliance requirement under the Income Tax Act. Deductors are responsible for deducting tax, depositing it with the government, and filing quarterly TDS returns within the prescribed timelines. Errors in TDS returns can result in notices, interest, penalties, and difficulties for deductees in
GSTR-3B is a summary GST return that must be filed by registered taxpayers on a monthly or quarterly basis, depending on their filing scheme. The return includes details of outward supplies, inward supplies liable to reverse charge, Input Tax Credit (ITC) claimed, and tax liability discharged. Since GSTR-3B directly impacts
This year, many taxpayers have raised concerns about delays in receiving income tax refunds. To address this, CBDT Chairman Mr. Ravi Agrawal shared detailed clarifications on the current situation, the reasons for slow processing, and what taxpayers should expect in the coming months. The explanation below captures the latest updates
In recent years, taxpayers in India have observed a noticeable increase in the number of notices issued by the tax authorities. One of the primary reasons behind this trend is the extensive adoption of technology and automated data verification systems by the Income Tax Department of India. The tax administration
