Your Foreign Bank Account Just Started Talking to the Income Tax Department. Are You Ready?
A Real Situation, More Common Than You Think A software professional worked in Germany for six years. In 2023, she returned to India, got married, and settled in Bengaluru. She still holds a savings account in Frankfurt with a modest balance, a small brokerage account with a few ETF units, and a pension contribution with […]
Section 80-IAC of the Income-tax Act, 1961
[Corresponding Provision under Section 140 of the Income-tax Act, 2025 (effective from 1 April 2026)] Tax Holiday for Eligible Start-ups in India Introduction India has rapidly emerged as one of the largest start-up ecosystems globally. To strengthen this momentum, the Government, through the Department for Promotion of Industry and Internal Trade (DPIIT), introduced the Startup […]
Penalty for Non-Disclosure of Foreign Assets/Income in Income Tax Return
Penalty for Non-Disclosure of Foreign Assets in Income Tax Return (ITR) 2024 The disclosure of foreign assets in Income Tax Returns (ITR) is a critical requirement under the Indian tax laws. This measure ensures transparency, deters tax evasion, and aligns with global initiatives like the Automatic Exchange of Information (AEOI). Non-disclosure of such assets can […]
TDS Rates and Limits for FY 2022-23 / AY 2023-24
Please find below a pdf file containing the TDS rates and limits applicable for FY 2022-23/ AY 2023-24.
How to deal with the assessment order passed levying huge tax liabilities, interest and penalty?
Huge add-backs in assessment order? An exemption claim not given? Taxes and interest computed erroneously? Should we file an appeal or not? Penalty order received – wondering what to reply? The order passed in not just and fair?
EXTENSION OF TIME LIMITS OF CERTAIN COMPLIANCES UNDER INCOME TAX ACT- REF CIRCULAR NO.9/2021 DATED 20TH MAY 2021.
The Central Board of Direct Taxes, in the exercise of its power under section 119 of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) provides relaxation in respect of the following compliances: The Statement of Financial Transactions (SFT) for the Financial Year 202021, required to be furnished on or before 31st May 2021 […]
TDS RATES FY 2021-22
Please find below a pdf file containing the TDS rates and limits applicable for FY 2021-22 /AY 2022-23.
HUF – Tax Planning Tool
What is Hindu Undivided family? Hindu undivided family (HUF) is a Joint Hindu family with common ancestors. The Hindu Succession Act, defines a HUF, as a family of persons lineally descended from a common ancestor and related to each other by birth or marriage. In other words, three conditions need to be satisfied: Must be […]
Extension of Income Tax filing due date for FY 2019-20
1. The due date for furnishing of Income Tax Returns for taxpayers (including their partners) who are required to get their accounts audited [for whom the due date (i.e. before the extension by new notification) as per Income Tax Act is 31 Oct 2020] is extended to 31 Jan 2021. 2. The due date for […]
Selling a House – Possible tax implications.
A well-planned sale of property could save you from hefty taxes. The first and foremost critical aspect while selling a house to be kept in mind is the time for which the property has been held. The period of holding determines the benefits that are available and the exemptions that can be utilized to eventually […]