For many Non-Resident Indians (NRIs), maintaining financial ties with India is common through investments, property ownership, bank accounts, and other income-generating assets. When funds need to be transferred from India to a foreign country, the process is known as fund repatriation. Since such transfers are regulated under Indian laws, NRIs
The recent Reserve Bank of India (RBI) initiative relating to FCNR(B) deposits has generated significant interest among Non-Resident Indians (NRIs). With several Indian banks offering comparatively higher interest rates under the new window, many NRIs are evaluating whether FCNR(B) deposits could be an attractive avenue for parking surplus foreign currency
Tax Deducted at Source (TDS) is deducted on various payments such as interest, rent, professional fees, commission, and certain property transactions. In some situations, the tax deducted at the prescribed rate may be higher than the recipient’s actual tax liability for the year. To avoid excess tax deduction and subsequent
The financial year 2026-27 marks a significant shift in India’s TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) framework with the implementation of the new Income Tax Act, 2025. Businesses, professionals, and tax deductors must understand these changes to ensure timely compliance and avoid penalties. 1. Introduction
1. Determine Your Residential Status First The first and most important step before filing your Income Tax Return is determining your residential status. Your residential status is not a matter of choice. It is determined strictly under the provisions of the Income-tax Act based on the number of days you
Many individuals in India earn income from more than one source. Apart from salary, a taxpayer may receive rental income, interest income, capital gains, business income, foreign income, dividends, or other earnings. While multiple income streams can improve financial stability, they also increase the complexity of income tax compliance. Proper
Owning a home is a significant financial milestone, and a home loan can also offer valuable tax benefits. Under the Indian Income-tax provisions applicable for Tax Year 2026-27, eligible taxpayers may claim deductions on both the principal repayment and the interest paid on a home loan, subject to the applicable
Every GST-registered business is required to file periodic GST returns to comply with the Goods and Services Tax laws. Among the most important GST returns are GSTR-1 and GSTR-3B. Although both forms are filed regularly, they serve different purposes and require different information. Understanding the difference between GSTR-1 and GSTR-3B
Gifting is an integral part of Indian culture. Whether it is money received from parents, jewellery gifted by grandparents, wedding gifts from relatives, or financial assistance from friends, gifts often play an important role in personal and family finances. However, many taxpayers are unaware that certain gifts can attract income
Before submitting your Income Tax Return, one of the most important steps is verifying your income details, tax credits, and financial transactions. The Income Tax Department provides taxpayers with various statements such as Form 26AS, Annual Information Statement (AIS), and Taxpayer Information Summary (TIS) to help in this verification process.
Cross-border investments, overseas employment, and international business operations often create situations where the same income becomes taxable in more than one country. To address this issue, countries enter into Double Taxation Avoidance Agreements (DTAAs) that provide a framework for fair taxation and relief from double taxation. In India, the power
The Income Tax Rules, 2026 introduced Form 145 and Form 146, replacing the earlier Form 15CA and Form 15CB from 1 April 2026. These forms are mandatory for specified foreign remittances and play an important role in ensuring tax compliance before funds are transferred outside India. The new forms continue the existing compliance framework while introducing procedural improvements under the Income-tax
