Category: Income Tax Filing

Investing in real estate remains a preferred option for individuals seeking stable returns with minimal risk. However, profits from property sales attract capital gains tax, which can significantly impact earnings. To provide relief, the Income Tax Act offers various exemptions, including Section 54. Section 54 enables individuals selling a residential property to reinvest the proceeds [...]

GST returns are formal documents that detail the income, sales, purchases, and taxes of a taxpayer registered under the Goods and Services Tax (GST) system. These returns are necessary for the authorities to compute the tax liabilities of a business and ensure compliance with the regulations of GST. This article explores the various types of [...]

The Union Budget 2023 introduced several changes to the tax structure, sparking discussions among taxpayers about whether to choose the old or new tax regime. In subsequent Budgets, including the one for 2024, the government made efforts to promote the adoption of the new tax regime. While the new tax regime has become the default [...]

Goods and Services Tax (GST) has significantly reshaped the tax system in India since its introduction in 2017. As an indirect tax, it is applied to the supply of goods and services, with the businesses facilitating the collection and remittance of the tax to the government. The GST portal serves as the key platform for [...]

Key Takeaways GST is an indirect tax imposed on the consumption of goods and services, whereas income tax is a direct tax based on earnings. GST replaces several indirect taxes and is divided into CGST, SGST, and IGST for intra-state and inter-state transactions. Income tax funds public services and infrastructure, with distinct forms (ITRs) for [...]

On February 1, 2025, Finance Minister Nirmala Sitharaman presented India’s Union Budget 2025-26, aiming to transform the nation into a Viksit Bharat by 2047. This year's budget brings a slew of tax reforms, sector-specific initiatives, and policy measures aimed at fostering economic growth, simplifying tax compliance, and creating opportunities across various sectors. Let’s break down [...]

The Liberalised Remittance Scheme (LRS) is a significant initiative introduced by the Reserve Bank of India (RBI) to facilitate the transfer of funds abroad by Resident Individuals (RIs). Under this scheme, individuals are permitted to remit up to USD 250,000 per financial year for a variety of current and capital account transactions. Eligibility for LRS [...]

In the past, obtaining an Income-Tax Clearance Certificate (ITCC) was a requirement for various transactions such as bidding for government contracts, registering property, and renewing licenses related to imports, exports, postage, and shipping. However, with the liberalization of tax regulations, many of these requirements have been phased out. Today, the only number required for such [...]

Section 197 of the Income Tax Act, 1961, provides taxpayers the option to request NIL deduction of tax at source or deduction at a lower rate of tax. Taxpayers anticipating TDS deductions on specific receipts can apply for this benefit by submitting an application to the TDS Assessing Officer with jurisdiction over their case using [...]

Understanding the tax implications of rental income is essential for property owners in India. The Income Tax Act of 1961 provides a structured framework for calculating taxable rental income. This guide explains the different income categories, the calculation process, and the latest updates from the Union Budget 2024-25. Types of Income under the Income Tax [...]