NRI Blogs

Non-Resident Indians (NRIs) often face higher tax deductions in India, particularly when selling property or receiving income subject to TDS. Since TDS is deducted on the gross transaction value rather than the actual taxable gains, it can result in excess tax payments. To avoid this, the Income Tax Department provides an option to obtain a [...]

Maintaining books of accounts is a legal obligation for certain individuals, businesses, and professionals under the Income Tax Act, 1961. These records ensure transparency in financial reporting, help determine accurate tax liability, and are often essential for audit, assessment, or litigation purposes.  What Are Books of Accounts? Books of accounts refer to a systematic record [...]

Income Tax Refund: Meaning and Process An income tax refund is issued when a taxpayer pays more tax than their actual liability. This excess payment can arise under various heads like self-assessment tax, advance tax, TDS (Tax Deducted at Source), or foreign tax credit. Refunds are processed after the taxpayer files and verifies their Income [...]

Every business that is responsible for deducting or collecting tax at source (TDS/TCS) is legally required to obtain a TAN (Tax Deduction and Collection Account Number). This unique 10-digit alphanumeric number is issued by the Income Tax Department of India and is essential for TDS compliance. Whether you’re a startup, a company, a partnership firm, [...]