Category: Income Tax Filing

Filing Income Tax Returns (ITRs) for FY 2024-25 has become stricter and more detailed compared to earlier years. The Income Tax Department has introduced new reporting requirements, tightened claim verifications, and deployed AI-based tools to track hidden incomes and false deductions. Here are the most important updates every taxpayer—especially NRIs—should keep in mind while filing […]

An Income Tax Return (ITR) is a form that taxpayers submit to the Income Tax Department of India to report their income, deductions, and taxes paid during a financial year. Each ITR is filed for a specific financial year that runs from 1st April to 31st March of the following year. ITR Filing Status Till […]

An income tax refund is issued when the total tax paid to the government exceeds your actual tax liability for a given financial year. This excess payment can occur due to higher TDS deductions, advance tax payments, or errors in tax calculation. Taxpayers can claim a refund while filing their Income Tax Return (ITR), and [...]

Tax Deducted at Source (TDS) is collected by the Income Tax Department on different types of income, including salary, interest, rent, commission, and professional fees. However, there are situations where the TDS deducted is higher than your actual tax liability. In such cases, you can claim a TDS refund online while filing your Income Tax [...]

For startups and growing companies, raising fresh funds is an important milestone. It brings new opportunities for expansion and growth. However, with every increase or change in share capital, there comes an equally important responsibility — complying with ROC (Registrar of Companies) requirements. Failure to report such changes on time can lead to penalties, affect […]

What is Double Taxation? Double taxation occurs when the same income is taxed twice. This generally happens in the following cases: When a company’s profits are taxed at both corporate and personal levels. In international trade or investments, when income earned in one country is also taxed by another country. For Non-Resident Indians (NRIs), this [...]

What is TDS? Tax Deducted at Source (TDS) is a system where the payer (business or individual) is required to deduct a certain percentage of tax before making specific payments such as salary, rent, professional fees, interest, etc. The deducted amount is then deposited with the government on behalf of the payee. 📌 What is [...]

Are you an NRI planning to sell property in India? Or a resident buyer purchasing property from an NRI? This guide outlines the key tax and TDS compliance rules applicable when an NRI sells property to a resident Indian. It serves as a quick reference and answers the most frequently asked questions from both sellers [...]

MSME stands for Micro, Small, and Medium Enterprises, a critical sector in India's economic landscape. These enterprises are classified based on their investment in plant, machinery, or equipment and annual turnover. MSMEs contribute significantly to employment generation, exports, innovation, and overall economic development. Registering under the Udyam Registration Portal provides access to a wide range [...]

Non-Resident Indians (NRIs) often face higher Tax Deducted at Source (TDS) rates on income earned in India, especially during property sales or rental income. Since TDS is deducted on the gross transaction amount, the deducted tax frequently exceeds the actual tax liability. To avoid this, the Income Tax Department issues a Lower or Nil TDS [...]