Category: Income Tax Filing

In today's dynamic global economy, expanding a business internationally has become a key strategy for growth. While advancements in technology and the internet have simplified global trade, compliance with specific regulations remains critical. Among these is the Import Export Code (IEC), an indispensable requirement for businesses engaging in cross-border transactions. This guide provides a comprehensive [...]

Acquiring a property is a significant financial commitment, requiring careful adherence to tax and legal regulations. Whether the seller is a resident or a Non-Resident Indian (NRI), understanding compliance requirements is essential to ensure a seamless transaction. Below is a detailed checklist to guide buyers through the process. Conduct Thorough Due Diligence A property purchase [...]

The Tax Deducted at Source (TDS) Reconciliation Analysis and Correction Enabling System (TRACES) is an online platform developed by the Income Tax Department. It facilitates various stakeholders, including deductors and taxpayers, in managing TDS-related activities efficiently. This guide provides insights into the login process, troubleshooting common issues, and accessing essential features on the TRACES portal. [...]

The introduction of the Goods and Services Tax (GST) marked a transformative shift in India’s taxation framework. Initially conceptualized in 2000 under the leadership of Prime Minister Atal Bihari Vajpayee, a dedicated committee was formed to evaluate its feasibility. The formal proposal was introduced in Parliament in 2006, with an initial implementation target of April [...]

Selling agricultural land can result in significant capital gains, leading to tax implications under the Income Tax Act. However, provisions exist to reduce or exempt these taxes in specific scenarios. Here's a comprehensive guide to help you navigate the tax implications and exemptions available on such transactions. Recent Budget 2024 Updates Effective FY 2024-25, the [...]

Key Budget Update: In cases where PAN is unavailable, the TDS rate on the taxable portion of EPF withdrawals has been lowered from 30% to 20% as per the 2023 budget. The Employees' Provident Fund (EPF) is a retirement savings initiative tailored for salaried individuals. Employers and employees both contribute 12% of the employee’s basic [...]

Moving abroad for better career opportunities and a higher standard of living is a choice many professionals make. This significant step often brings financial matters into focus, including the status of your Employee Provident Fund (EPF) account as a Non-Resident Indian (NRI). This article outlines the key aspects of NRI PF withdrawal, covering withdrawal processes, [...]

Tax Deduction and Collection Account Number (TAN) is a vital identification number issued by the Income Tax Department (ITD) for individuals and entities responsible for deducting or collecting taxes at source. This ten-digit alphanumeric code plays an essential role in ensuring a smooth and traceable taxation process. Below, we cover the key aspects of TAN, [...]

Budget 2024 Updates: Capital Gains Taxation Amendments Changes in the Finance Bill 2024 The Finance Bill 2024 reintroduced the option for taxpayers to claim indexation benefits on immovable property sales. Taxpayers can now choose between: 12.5% tax rate without indexation 20% tax rate with indexation benefits This flexibility helps taxpayers reduce their liability by selecting [...]

Selling capital assets at a profit can led to substantial tax liabilities due to capital gains tax. However, the Income Tax Act provides various methods to reduce or avoid this tax burden. One such method is by investing in capital gain bonds specified under Section 54EC. This detailed guide explores Section 54EC and its relevance [...]