Blogs & Updates

As globalization brings us closer together, an increasing number of Indians are earning income from abroad. Whether you are an expatriate, a non-resident Indian (NRI), or an Indian resident with foreign investments, it’s essential to understand how to report foreign income in your Indian Income Tax Return (ITR). This comprehensive guide will demystify the process, …

Reporting Foreign Income in Income Tax Return Read More »

What are Virtual Digital Assets? Any information, code, number or token (not being Indian currency or foreign currency) generated through cryptographic means or otherwise, by whatever name called, providing a digital representation of value exchanged with or without consideration, with the promise or representation of having inherent value, or functions as a store of value …

Taxation of Virtual Digital Assets (Cryptocurrency) Read More »

Many individuals from India relocate to foreign countries for reasons such as education, employment, and settling down. When someone moves abroad, their residential status may transition from Resident to Non-Resident according to FEMA guidelines, which consider factors like the duration spent outside India and the intention to remain abroad indefinitely. Alongside the provisions of the …

Insights for NRIs: Commonly Asked Questions Answered Read More »

As we approach the end of the financial year, investors review their investment positions in equity shares, mutual funds and strategically sell assets to optimize the tax situation before the year concludes by using Tax Loss Harvesting. What is Tax Loss Harvesting? Tax-loss harvesting is a strategy used to minimise tax liability by selling investments …

Tax Season Tactics: Leveraging Tax Loss Harvesting for Savings Read More »

Classification of Agricultural Land: Under the Income Tax Act, agricultural land is classified as a capital asset. However, there’s a specific exemption available for agricultural land situated in rural areas in India. Any gains/loss arising from the transfer of agricultural land in rural areas are not subject to capital gains tax. Rural Agricultural Land: Located …

Tax Implications of Selling Agricultural Land: Capital Gains Analysis Read More »

1. Time allowed as per section 15 of MSMED Act, 2006? As per Section 15 of the MSMED Act, payments to micro and small enterprises must be made within the time specified in the written agreement, which cannot exceed 45 days. If there is no written agreement, the payments must be made within 15 days. …

Payment Based Deductions for Amount Payable To Micro And Small Enterprises Read More »

To enhance the ease of Goods & Services Tax (GST) payments for taxpayers, the online GST e-payment system has incorporated two additional payment channels, complementing the existing net-banking option. The latest inclusions comprise the convenience of Credit or Debit Cards and Unified Payments Interface (UPI). The Credit or Debit Cards category encompasses a range of …

GST Advisory on Payment via Credit Card/Debit Card and UPI effective from 19/01/2024 Read More »

In the wake of the new tax regime introduced by Finance Minister Nirmala Sitharaman, individuals face a crucial question: Should they continue investing in tax-saving instruments? While the new regime offers lower tax rates, it necessitates foregoing several deductions and rebates available under the old regime.   Opting for either the old or new tax …

Adapting to Change: Rethinking Tax-Saving Investments in the Era of New Tax Regime Read More »

Section 80TTB of the Income Tax Act, 1961, provides a deduction for senior citizens on the interest income earned from specified sources. This section was introduced by the Finance Act, 2018, and it became effective from the financial year 2018-19 onwards. Here are the key features of Section 80TTB: Section 80TTB is applicable to resident …

Tax Relief for Senior citizens: Simplifying Income Tax Benefits on Interest Income Read More »

Every person who has been allotted a PAN as of 1st July 2017 and is eligible to obtain an Aadhaar number shall link his PAN with Aadhaar. If such a person fails to do so, the PAN allotted to the person shall be made inoperative after the notified due date. The due date for such …

Consequences of PAN becoming inoperative to be effective from 01-04-2023 Read More »

Tax-saving investments to lower the income tax liability needs to be completed on or before end of each financial year. Some popular tax saving options are listed below: Life Insurance Policies Unit Linked Insurance Plan (ULIP) ELSS Mutual Funds Public Provident Fund (PPF) Sukanya Samridhi Yojana (SSY) National Savings Certificate Tax-Saving Fixed Deposits School Tuition …

Tax Savings Investment Options Read More »

Turnover limit for e-invoicing reduced from Rs. 50 crores to Rs. 20 crores E-invoicing stands for electronic invoicing system and put simply, it is the exchange of the invoice documents between the supplier and the buyer through an online mechanism (a common website portal). The Government introduced this concept to increase business efficiency (by facilitating …

E-Invoicing Turnover Limit Read More »