Section 10(10D) of the Income Tax Act, 1961, is a crucial provision that allows for tax exemption on the proceeds received from a life insurance policy. This includes not only the maturity amount but also any bonuses accrued during the policy term. However, the exemption is subject to certain conditions regarding the premium paid, the …
Introduction The Income Tax landscape in India has undergone a significant transformation with the introduction of the New Tax Regime under Section 115BAC. For the Financial Year 2024–25 (Assessment Year 2025–26), taxpayers can choose between the old and new regimes, but this flexibility has also led to confusion. Which regime will help you save more? …
If you are a Non-Resident Indian (NRI) and you plan to sell a property in India, it is important to understand the taxes involved. Selling property in India can bring in a good amount of money, but it also comes with tax responsibilities, especially when it comes to capital gains tax and Tax Deducted at …
The Income Tax Return (ITR) filing season for the Assessment Year (AY) 2025-26, which corresponds to income earned during the Financial Year (FY) 2024-25, is about to begin. Filing your ITR is an important annual task that helps you stay tax-compliant and avoid penalties. Whether you’re a salaried person, a business owner, or a professional, …
Limited Liability Partnerships (LLPs) have emerged as a preferred business structure for entrepreneurs and professionals in India due to their hybrid nature, combining the operational flexibility of a partnership with the limited liability advantage of a company. However, LLPs, like all business entities, are governed by statutory obligations, chief among them being the filing of …
Continue reading “LLP Form 11: The Complete Guide to Annual Return Filing for LLPs”
For many Non-Resident Indians (NRIs), the idea of filing income tax returns (ITR) in India might seem unnecessary, especially if their main source of income is abroad. However, if you are an NRI and have any income or financial activity in India, it’s essential to understand your tax obligations. Filing ITR in India is not …
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As the Income Tax Return (ITR) filing season approaches, it is crucial for individuals, especially those returning from abroad, to correctly determine their residential status. This status plays a significant role in deciding the scope of taxable income in India. One such transitional category that often causes confusion is the RNOR status, Resident but Not …
Continue reading “Understanding RNOR Status in India: Eligibility, Exceptions, and Tax Benefits”
Introduction Non-Resident Indians (NRIs) often face confusion when dealing with financial or legal transactions in India, especially concerning the Permanent Account Number (PAN). While quoting PAN is mandatory for most residents in high-value transactions, NRIs enjoy certain exemptions. Understanding when and where you are not required to quote PAN can help you avoid unnecessary compliance …
Continue reading “When NRIs Are Not Required to Quote PAN in India: Exemptions You Should Know”
In India, the Permanent Account Number (PAN) is a ten-digit alphanumeric identifier issued by the Income Tax Department. While quoting PAN is often advisable in financial dealings, it is mandatory in specific transactions under Rule 114B of the Income Tax Rules, in accordance with Section 139A(5)(c) of the Income Tax Act. This blog aims to …
Continue reading “PAN Quoting: Know Where It Is Mandatory Under Rule 114B of the Income Tax Act”
India’s capital gains tax structure underwent notable revisions in the Union Budget 2024-2025, especially concerning the taxation of shares and mutual funds. For investors—both seasoned and new—understanding how short-term and long-term capital gains are taxed in FY 2024-25 (AY 2025-26) is crucial for maximizing post-tax returns and planning investment strategies wisely. In this article, we …
