Category: Income Tax Filing

Understanding the Role of a Seafarer A seafarer, also known as a mariner, sailor, or merchant navy professional, is a person who works aboard ships to navigate, operate, or maintain them. Seafarers hold various ranks, each with specific responsibilities essential to the efficient functioning of a vessel. They earn their income in the form of [...]

Section 195 of the Income Tax Act requires the deduction of Tax Deducted at Source (TDS) on payments made to non-residents (excluding companies) or foreign companies if these payments are taxable under Indian law. Transactions involving such payments must be reported in Form 15CA before any remittance. Depending on the nature of the transaction, a [...]

NRIs often maintain strong connections with India, whether through family ties or assets such as properties generating income from rent or dividends. At times, they may need to transfer funds to India for property maintenance or family support, or conversely, send funds from India to overseas accounts for investments or property purchases. Navigating these financial [...]

Tax Deducted at Source (TDS) is an integral part of India's tax system, designed to collect income tax directly at the source of income generation. This mechanism ensures a steady flow of tax revenue and curbs tax evasion. It is applicable to various payments such as salaries, interest, rent, and professional fees. While timely deduction [...]

In India, small businesses are the backbone of the economy, driving employment and innovation. To foster entrepreneurship, the government offers several benefits to support these businesses, including subsidies, tax incentives, and concessional loans. However, to access these advantages, small businesses must first register under the Micro, Small, and Medium Enterprises (MSME) Act. Why Should You [...]

The concept of interest on income tax refunds often raises questions about its taxability. Let’s explore when such refunds arise, how interest is calculated, and whether it is taxable. Understanding Income Tax Refunds An income tax refund occurs when a taxpayer has paid more taxes than their actual liability. This overpayment may result from sources [...]

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 [...]