Handling taxes at the end of the financial year can be overwhelming, especially when a large amount becomes payable at once. To make this process smoother, the Income Tax system requires certain taxpayers to pay advance tax in phases during the year itself. This approach not only spreads out the
When Non-Resident Indians (NRIs) sell a residential property in India, they often face a considerable tax deduction because of the high Tax Deducted at Source (TDS) and the absence of indexation benefits. Many NRIs mistakenly believe that the tax deducted by the buyer represents their final tax liability. In reality,
Starting a business in India comes with several legal and tax responsibilities. One of the most important compliances for businesses dealing in goods or services is GST Registration. GST registration allows a business to legally collect tax from customers and claim Input Tax Credit (ITC) on purchases. Once registered, businesses
Every business that is registered under the Goods and Services Tax (GST) system in India must periodically file GST returns. These returns contain details of a business’s sales, purchases, tax collected, input tax credit claimed, and the tax payable to the government. GST return filing is one of the most
In Indian law, a gift may take the form of: For income-tax purposes, a gift generally refers to an asset transferred without consideration or for inadequate consideration. Whether a gift is taxable depends primarily on: The Income-tax Act, 1961 treats certain gifts as taxable income. If an individual receives money,
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.
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.
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
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
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
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
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
