On February 1, 2025, Finance Minister Nirmala Sitharaman unveiled the Union Budget for 2025-26, setting the course for India’s economic transformation towards a developed nation by 2047. This budget introduces tax reforms, sectoral initiatives, and policy measures aimed at stimulating economic growth, easing tax compliance, and fostering opportunities across industries. Below are the key highlights [...]
Read More
The Liberalised Remittance Scheme (LRS), introduced by the Reserve Bank of India (RBI), is designed to facilitate Indian residents to remit funds abroad for various purposes. This scheme, launched as part of India's financial liberalization measures, allows resident individuals to remit up to USD 250,000 per financial year (April to March) for a range of [...]
Read More
Tax Deducted at Source (TDS) is a taxation method wherein a specified percentage of tax is deducted from the income at the time of payment. Governed by the Income Tax Act, 1961, and monitored by the Central Board of Direct Taxes (CBDT), TDS applies to various income types, such as salaries, interest, rent, and commissions. [...]
Read More
Section 197 of the Income Tax Act, 1961, offers taxpayers the facility to request NIL deduction of tax at source or deduction at a lower rate of tax. To avail of this benefit, an assessee expecting TDS deductions on certain receipts must submit an application to the TDS Assessing Officer with jurisdiction over their case. [...]
Read More