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 …
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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 …
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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 …
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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 …
The Income Tax Department has introduced a major change that impacts partnership firms and LLPs in India starting from April 1, 2025. Despite being notified earlier via Notification No. 13/2022 dated June 22, 2022 and Circular No. 14/2022 dated June 28, 2022, many taxpayers are either unaware or still not complying with this crucial update. …
Background of the Case The case involved Jayesh Sojpar Karnia HUF, who had filed an appeal against the order passed by the National Faceless Appeal Centre (NFAC) confirming additions made by the Assessing Officer (AO) under Sections 68 and 69C of the Income Tax Act, 1961. The assessee had purchased 10,000 shares of SantoshimaTradelinks Ltd. …
The Income Tax Return Form ITR-1, also known as Sahaj, is specifically designed for resident individuals with straightforward income sources. It is the most commonly used form by salaried employees, pensioners, and those earning from limited other sources. If your total income does not exceed Rs.50 lakh and you earn only from salary or pension, …
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In an important ruling by the Income Tax Appellate Tribunal (ITAT), Mumbai, the case of Surendra Kumar Rajmani Mishra vs. Income Tax Officer (I.T.A. No. 112/Mum/2024, Assessment Year 2012-13), sheds light on the complexities involved in tax assessments, particularly when large sums of money are allegedly linked to individuals with limited business activity. This case …
The Central Board of Direct Taxes (CBDT) has issued Notification No. 36/2025 dated 22nd April 2025, bringing important changes to the scope of Tax Collected at Source (TCS) under the Income-tax Act, 1961. With these changes, TCS will now apply not only to high-value motor vehicles but also to a broader range of luxury goods …
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