Lots of taxpayers had confusion with the terms such as Financial Year and Assessment Year. In India, the financial year is the period when we earn our income and that is April 1 to March 31. Then came the Assessment Year. The assessment year was the next year when that income was assessed and tax … Read more
Joint foreign investments with spouses or partners- in overseas stock trading, foreign depository accounts or combined foreign-brokerage holdings are done by many of the Indian residents in the world today. When entering into such investments it Tis important to know about ITR Disclosure Rules for Joint Foreign Investments and the impact it has on your … Read more
The notion of the Updated return has introduced a significant change of attitude towards corrections, missed disclosures, and late reporting among taxpayers. The government has made it easy and permits voluntary compliance, which has made people and businesses remain on the right side of the law without any fear of the punishment that might occur … Read more
A significant and highly welcomed change that will affect business and investors in India during the financial year FY 2025-26 is the abolition of the Tax on Excess Share Premium. Entrepreneurs, start-ups and private limited companies are particularly interested in this development since it has a direct effect on ITR filing and compliance. We can … Read more
Once you make income in a foreign country, you may be forced to pay tax in the country (the source country) and in India (the residence country) as well. This is the case of a double taxation and it is against such circumstances that the idea of the Foreign Tax Credit (FTC) is of specific … Read more
CBDT Extends Audit Report & ITR Filing Dates In welcome news for the taxpayers and professionals alike, the Central Board of Direct Taxes has now officially extended the due date for filing audit reports for F.Y. 2024-25 (A.Y. 2025-26). This extension has come after continuous representations by taxpayers, Chartered Accountants, and trade bodies moved the … Read more
The Madras High Court has made a historic ruling and declared cryptocurrency a property of Indian law. This decision provides virtual assets with a legal identity and has a direct implication on how they should be reported in the ITR filing. It will be a relief and responsibility to those millions of Indians trading or … Read more
The festival of lights or Diwali brings warmth and generosity across the nation. Diwali gifts such as gold, jewellery or expensive gadgets symbolize affection and prosperity. However, one must realize that the Diwali Gift tax rule under the Income Tax Act can make certain high-value presents taxable. Thus, it is important to stay compliant and … Read more
It’s common that after you have done ITR Filing, you might have made some mistakes such as: Missed claiming a tax refund, Forgotten to include deductions or exemptions, or Reported incorrect income details. So, no need to panic. The law under Section 139(5) gives you the right to file revised income tax return and correct … Read more
The Indian Income Tax Department(ITD) has not issued any detailed guidance for cryptocurrency taxation. However, the income tax act contains key provisions such as Section 115BBH and Section 194S. These sections govern taxation on cryptocurrency and other virtual digital assets(VDAs). Profits from VDAs are generally subject to a flat 30% tax, 1% TDS on certain … Read more