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
For businesses registered under the Goods and Services Tax (GST) system, GST return filing is a crucial compliance requirement. It is not just a routine tax procedure but an essential part of maintaining transparency with tax authorities and ensuring smooth business operations. Regular GST filing helps businesses remain legally compliant,
What is GST Registration? GST registration is the process through which a business obtains a GSTIN (Goods and Services Tax Identification Number) under India’s Goods and Services Tax system. Once registered, a business is legally permitted to collect GST from customers and claim Input Tax Credit (ITC) on eligible purchases.
Let us move straight to the subject. Understanding Updated Return (ITR-U) An Updated Return, filed in Form ITR-U, enables a taxpayer to: This mechanism was introduced to allow taxpayers a voluntary opportunity to correct past non-compliance by paying the applicable tax along with statutory additional charges, thereby regularising their tax
Double taxation is a frequent concern in cross-border situations. When income is taxed both in the country where it is earned (source country) and again in the country where the person or company is resident, it results in unnecessary tax burden. To avoid this, countries enter into DTAA – Double
The Income Tax Department has introduced a revised compliance framework for foreign remittances, replacing Form 15CA and Form 15CB with Form 145 and Form 146. This development represents a structural upgrade aimed at enhancing digital compliance, transparency, and traceability in outward remittances made by Non-Resident Indians (NRIs). This framework is
Tax payments in India are not always made at the end of the year. The system ensures taxes are collected throughout the financial year mainly through two mechanisms—TDS (Tax Deducted at Source) and Advance Tax. Although both serve the same purpose, they differ in responsibility, timing, and applicability. Understanding this
