The income tax return (ITR) filing season is one of the most crucial times for salaried employees. For many, tax filing is not just a compliance task but also an opportunity to claim deductions, refunds, and benefits for the financial year. However, with multiple income sources, deductions, exemptions, and frequent changes in tax rules, filing …
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The Income Tax Act, 1961, includes various provisions for tax deduction at source (TDS) on rental payments. One such provision is Section 194-IB, introduced to ensure tax compliance on high-value rental transactions by individuals and Hindu Undivided Families (HUFs) who are not otherwise liable for tax audit. This section is particularly relevant for salaried employees …
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House Rent Allowance (HRA) is one of the most commonly claimed tax exemptions by salaried employees under Section 10(13A) of the Income Tax Act, 1961. However, the Income Tax Department has become more vigilant about HRA claims, and during scrutiny assessments, assessing officers often demand detailed proofs to verify the genuineness of these claims. Many …
With increasing international tax compliance measures like CRS (Common Reporting Standard) and FATCA (Foreign Account Tax Compliance Act), Indian taxpayers are required to make full and accurate disclosure of their foreign assets and income. The Indian Income Tax Department has made it mandatory for residents to declare foreign income and assets in their Income Tax …
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It was a bright sunny day in Gurgaon when Raj and his wife Neha finally decided to buy their dream home. After years of hard work, savings, and taking a home loan, they found a beautiful property worth Rs.3.40 crores. The seller, Mr. Arjun, was an NRI living in Canada for the past 12 years. …
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For Non-Resident Indians (NRIs) who invest in Indian real estate or other immovable properties, understanding capital gains taxation is crucial. One of the most practical and beneficial provisions available under the Indian Income Tax Act for reducing long-term capital gains tax liability is Section 54EC. This section offers a legal route to claim tax exemption …
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For many Non-Resident Indians (NRIs), owning property in India is both an emotional and financial investment. Over time, you may decide to sell a residential property in India, perhaps to consolidate your assets, liquidate for other goals, or upgrade to a better home. However, when you sell a long-term residential property (held for more than …
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Filing your Income Tax Return (ITR) does not always end the compliance process. In many cases, the Income Tax Department may issue a scrutiny notice under Section 143(2) to examine your return in greater detail. For Assessment Year (AY) 2024–25, the department has begun issuing such notices in large numbers. In this blog, we’ll explain …
Imagine this: after years of living abroad, you decide to sell your inherited or long-held property in India. The paperwork is sorted, a buyer is ready, and the deal is almost done. But just as you begin to celebrate, the reality of capital gains tax hits, suddenly, a sizeable portion of your hard-earned money is …
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Once upon a time, filing taxes in India was simple for most people. But now, for Non-Resident Indians (NRIs), it has become important to understand two different paths, the old and the new tax regime. Think of it like this: the old regime is a traditional road with many stops where you can claim deductions …
