Blogs

On 25th November 2024, the Cabinet Committee on Economic Affairs (CCEA) approved the PAN 2.0 Project with a financial outlay of Rs. 1,435 crores. This significant step aims to overhaul the existing Permanent Account Number (PAN) system and create a fully digital, paperless platform for the entire process. The PAN 2.0 project is designed to [...]

To streamline the tax process for property transactions, the Income Tax Department mandates TDS (Tax Deducted at Source) deductions for specific purchases. According to the Finance Act, 2013, individuals or Hindu Undivided Families (HUFs) purchasing properties valued at ₹50 lakh or more must deduct 1% TDS on the transaction value. The deducted amount must be [...]

A Non-Resident Taxable Person (NRI) under the Goods and Services Tax (GST) regime refers to any individual, business, or organization that occasionally engages in transactions involving the supply of goods or services in India without having a fixed place of business or residence within the country. Foreign entities or individuals supplying goods or services to [...]

Returning to India as a Non-Resident Indian (NRI) brings several financial and tax implications. Strategic planning, understanding tax laws, and ensuring compliance with Indian regulations can make your transition seamless. This guide covers key aspects of tax planning for NRIs returning to India. Determining Your Residential Status Your residential status under the Indian Income Tax [...]

For individuals and businesses that need to deduct Tax Deducted at Source (TDS), obtaining a TAN (Tax Deduction and Collection Account Number) is a mandatory requirement. This unique 10-digit alphanumeric number ensures that TDS payments are accurately tracked and reported to the Income Tax Department. Below is a detailed guide to applying for TAN, including [...]

As an NRI (Non-Resident Indian), navigating the complexities of taxation both in India and abroad can be overwhelming. Whether you’ve been living overseas for a while or are just starting your journey as an NRI, understanding how Indian tax laws apply to you is essential for managing your finances effectively. This guide will explain how [...]

Gifts can be a wonderful gesture of affection, but when it comes to tax implications in India, there are specific rules to keep in mind. Whether you're an individual resident or a non-resident, understanding the taxability of gifts is crucial to ensure compliance with the Income Tax Act. In this article, we'll take a detailed [...]

The Union Budget 2024 has brought significant updates to the tax structure affecting both resident Indians and Non-Resident Indians (NRIs), especially concerning capital gains and Tax Deducted at Source (TDS) on securities like equity shares and mutual funds. These changes, effective from July 23, 2024, will impact how investors manage their investments, whether they are [...]

Acquiring property from a Non-Resident Indian (NRI) seller requires understanding a unique set of legal and tax obligations. This guide outlines the critical aspects to ensure a smooth and compliant transaction. TDS and Tax Requirements When buying property from an NRI, Tax Deducted at Source (TDS) operates differently compared to transactions with resident sellers. For [...]

Verifying your Income Tax Return (ITR) is a crucial step in ensuring the smooth processing of your tax return. If the verification isn't completed within the specified time frame, your return will be considered invalid, which could lead to losing your refund and other penalties. When you file your ITR, it must be verified either [...]