Category: Income Tax Filing

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. […]

Determining residential status is one of the most essential steps before calculating income tax in India. Under the Income Tax Act, 1961, a person’s tax liability depends on their residential status, not their nationality or citizenship. This status helps decide whether an individual’s global income or only income earned in India will be taxable in […]

What is Self-Assessment Tax? Self-Assessment Tax refers to the balance amount of income tax that a taxpayer needs to pay after accounting for the Tax Deducted at Source (TDS) and any advance tax paid during the financial year. In simple terms, if your total tax liability exceeds the taxes already paid, the difference must be […]

The Income Tax Department allows taxpayers in India to file, correct, or revise their Income Tax Returns (ITR) online through the official e-filing portal. If an individual misses the original due date or realizes an error after submission, the Income Tax Act provides two important options — Belated Return and Revised Return. These provisions help […]

Repatriation of funds refers to the formal and regulated process through which Non-Resident Indians (NRIs) transfer money from their Indian bank accounts to their overseas bank accounts in their country of residence. It involves converting Indian Rupees (INR) into a foreign currency such as USD, GBP, or EUR, while adhering to the rules laid down […]

When Non-Resident Indians (NRIs) earn income in India—such as rent, interest, dividends, or proceeds from the sale of property—tax is usually deducted at source (TDS) by the payer before the amount is credited to the NRI’s account. However, in certain cases, the TDS deducted may be higher than the actual tax liability. To prevent this, […]

Determining residential status is an essential step before calculating income tax in India. Under the Income Tax Act, 1961, a person’s tax liability depends on their residential status, not on nationality or place of birth. This classification determines whether an individual’s global income or only Indian income is taxable in India. Why Residential Status Is […]

Foreign companies that supply taxable goods or services to customers in India are required to register under the Goods and Services Tax (GST), regardless of their turnover. The registration type and process depend on whether the entity has a permanent establishment in India or operates as a Non-Resident Taxable Person (NRTP). Types of GST Registration […]