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 …
Ravi, an Indian software engineer working in Dubai, was planning a short trip to India to visit his family. As the financial year was ending, he casually mentioned to a friend that he needed to file his Income Tax Return (ITR) in India. His friend asked, “Ravi, do you know your residential status for tax …
Every tax season, people flood Google with questions like “How do I file ITR‑1?” and “What’s the last date to file ITR?” But very few ask the more important question, when is Form ITR‑1 applicable and when is it not?It’s important to first check whether you’re eligible to file ITR‑1 before rushing to file your …
Every year, while assisting individuals in filing their Income Tax Returns (ITRs), we have observed a recurring oversight: many taxpayers report the interest income from multiple savings accounts, yet mention only one or two bank accounts in the return form. This may seem like a small mistake, but it can lead to misreporting as per …
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Relief under Section 89(1) of the Income Tax Act, 1961, is designed to protect taxpayers from paying higher taxes due to the timing of salary payments. This provision is particularly helpful when salary, pension, gratuity, or other income is received in arrears or advance, resulting in a spike in taxable income in one year, potentially …
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For Indian residents earning foreign income, avoiding double taxation is crucial. The Indian Income Tax Act, 1961, provides mechanisms under Sections 90, 90A, and 91 to claim a Foreign Tax Credit (FTC) and reduce the burden of being taxed in both the foreign country and India. Here is a detailed step-by-step guide to help you …
Continue reading “How to Claim Foreign Tax Credit in ITR: Complete Guide for AY 2025–26”
