The Reverse Charge Mechanism (RCM) under GST is an important provision where the recipient of goods or services becomes responsible for paying GST instead of the supplier. Under the normal GST system, the supplier collects GST from the buyer and deposits it with the government. However, in certain situations defined under GST law, the tax […]
Non-Resident Indians must ensure proper compliance with Indian tax and regulatory requirements. The following key checks help maintain transparency, avoid penalties, and safeguard financial interests in India. 1) Confirm Residential Status Every Financial Year Residential status forms the basis of taxability in India. It is determined by the number of days stayed in India during […]
Selling a residential house property often results in substantial capital gains, and without proper planning, the tax outgo can be significant. Many resident taxpayers assume that once tax is deducted at source (TDS), their tax obligation is over. In reality, this is only the beginning of the tax computation process. The Income-tax Act, 1961 provides […]
Non-Resident Indians (NRIs) selling residential house property in India often face a significant tax burden due to high Tax Deducted at Source (TDS) and the absence of indexation benefits. Many sellers assume that the tax deducted by the buyer is the final tax liability. However, this assumption is incorrect. Indian income tax law provides specific […]