Category: Income Tax Filing

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 [...]

The Public Provident Fund (PPF) is a popular long-term savings scheme backed by the Government of India. It offers tax-free returns, attractive interest rates, and government-backed security. While it remains an excellent investment option for Indian residents, Non-Resident Indians (NRIs) face specific rules and limitations. This guide explains the eligibility, key provisions, and recent updates [...]

Tax Deducted at Source (TDS) is a mechanism under which tax is deducted from income at the time of payment. Governed by the Income Tax Act, 1961, and regulated by the Central Board of Direct Taxes (CBDT), TDS applies to a variety of income streams, such as salaries, rent, commissions, and interest. The responsibility of [...]

On 25th November 2024, the Cabinet Committee on Economic Affairs (CCEA) approved the PAN 2.0 Project with a financial outlay of Rs. 1,435 crores. This significant step aims to overhaul the existing Permanent Account Number (PAN) system and create a fully digital, paperless platform for the entire process. The PAN 2.0 project is designed to [...]

To streamline the tax process for property transactions, the Income Tax Department mandates TDS (Tax Deducted at Source) deductions for specific purchases. According to the Finance Act, 2013, individuals or Hindu Undivided Families (HUFs) purchasing properties valued at ₹50 lakh or more must deduct 1% TDS on the transaction value. The deducted amount must be [...]

A Non-Resident Taxable Person (NRI) under the Goods and Services Tax (GST) regime refers to any individual, business, or organization that occasionally engages in transactions involving the supply of goods or services in India without having a fixed place of business or residence within the country. Foreign entities or individuals supplying goods or services to [...]

Returning to India as a Non-Resident Indian (NRI) brings several financial and tax implications. Strategic planning, understanding tax laws, and ensuring compliance with Indian regulations can make your transition seamless. This guide covers key aspects of tax planning for NRIs returning to India. Determining Your Residential Status Your residential status under the Indian Income Tax [...]