Category: Income Tax Filing

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 must be filed separately for […]

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 an Indian tax resident. In […]

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 taxed at a reduced rate. […]

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 correct the errors and submit […]

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 simplifying procedures, reducing upfront tax […]

Income from house property is an important part of tax reporting for individuals who own residential or commercial real estate. Whether a property is self-occupied or rented out, the Income Tax Act provides specific deductions that can help lower overall tax liability. Understanding how income is computed and what deductions are available is crucial for […]

Foreign investment in Indian companies is governed primarily by the Foreign Exchange Management Act (FEMA), Reserve Bank of India (RBI) regulations, and the Companies Act, 2013. Foreign shareholders—whether individuals or overseas corporate entities—are required to comply with several reporting, documentation, and regulatory guidelines to ensure their investment remains legally compliant. This article outlines the key […]

The Goods and Services Tax (GST) is a comprehensive indirect tax that replaced a range of previous taxes such as excise duty, VAT, and service tax. The GST Act was passed in Parliament on 29th March 2017 and came into effect on 1st July 2017. In simple terms, GST is levied on the supply of […]

Filing an accurate Income Tax Return (ITR) begins with a clear understanding of the financial data available through the Income Tax Department’s digital systems. Three of the most crucial resources for every taxpayer are Form 26AS, the Annual Information Statement (AIS), and the Taxpayer Information Summary (TIS). Each plays a vital role in verifying income […]

Tax Deducted at Source (TDS) is a system of advance tax collection under which the payer deducts a certain percentage of tax before making specific payments such as salary, interest, rent, professional fees, or commissions. The deducted amount must be deposited with the government against the PAN or TAN of the payee within prescribed timelines. […]