Category: Income Tax Filing

Tax deducted at source (TDS) can sometimes result in excessive tax deductions for taxpayers. In certain cases, the TDS amount deducted may exceed the actual tax liability. This often leads to the inconvenience of claiming refunds later. To address this, Form 13 under Section 197 of the Income Tax Act allows taxpayers to request a [...]

Non-Resident Indians (NRIs) seeking to transfer their personal funds from India to an overseas account should understand the relevance of Forms 15CA and 15CB. While these forms are often linked to tax compliance, their necessity for personal fund transfers can vary. This guide outlines what these forms are, when they are required, and how to [...]

For Non-Resident Indians (NRIs) working abroad, the Double Taxation Avoidance Agreement (DTAA) prevents them from being taxed on the same income in both their country of residence and India. The main purpose of DTAA is to eliminate the issue of double taxation, ensuring taxpayers pay taxes only once on the same income. India has 85 [...]

A Digital Signature Certificate (DSC) is a vital component for conducting various online processes with the Government of India. It allows individuals and organizations to sign electronic documents, emails, and other digitally transmitted files securely. DSCs use encryption technology to enhance the security of these documents, making them integral to businesses that need to digitally [...]

Determining an individual's residential status is crucial for understanding their tax liability in India. The Income Tax Act classifies individuals as either "resident" or "non-resident" based on their duration of stay in India and other criteria. This status significantly impacts the taxation of income earned both in India and abroad. Understanding Residential Status in India [...]

Acquiring property from ancestors is a common occurrence, but understanding its tax implications is crucial. Properties passed down from fathers, grandfathers, and great-grandfathers are considered inherited assets, with some exceptions. The Income Tax Act lays out various provisions regarding the taxation of such property sales. This article provides a comprehensive guide to the taxation of [...]

Rent, a regular financial commitment, includes payments for leasing, tenancy, sub-leasing, or arrangements involving properties such as land, buildings, machinery, plants, furniture, or fittings. To ensure tax compliance, rental income falls under the Tax Deducted at Source (TDS) mechanism through Sections 194I, 194IB, and 194IC of the Income Tax Act. Overview of Relevant Sections: Section [...]

Additional Surcharge on High-Income Taxpayers If your income falls within the highest tax bracket of 30%, you may be required to pay an additional surcharge on your tax liability if your income surpasses a specific threshold. Simply put, a surcharge is an extra tax levied on individuals earning beyond a certain limit. The government imposes [...]

A tax rebate is a form of financial relief granted to individual taxpayers, particularly those in lower income groups, to minimize their tax burden if their earnings remain below a specified threshold. Budget 2025 Update For the financial year 2025-26, the rebate available under the new tax regime has been increased to Rs. 60,000. This [...]

Many NRIs earn income in India through various channels, including rental income, interest on deposits, fixed deposits, the sale of securities, or property. They may also receive financial gifts from relatives. When transferring these funds abroad, it is crucial to understand the legal routes available. The two primary methods for repatriating money from India to [...]