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
After you’ve filed your ITR, the Income Tax Department checks your return for correctness. This checking generates a formal notice named Income Tax Notice 143(1) or Intimation under Section 143(1). It is among the most common notices issued to taxpayers and it is vital to understand why it is being issued, what exactly it … Read more
Being tax-compliant is sometimes an annual burden, however with the aging population in India, there are significant relief measures that the government has implemented. Some elderly citizens in 2025 will be allowed by law not to file income tax returns under certain conditions. This will lessen stress and paperwork so that they can concentrate on … Read more
Taxpayers file their ITR every year anticipating a refund in case they are over-deducted tax from their income more than required. Although most refunds are released hassle-free, at times the Income Tax Department surprises the taxpayers by sending an income tax refund adjustment notice in place of the refund. The notice at first sight might … Read more
The Indian cryptocurrency industry has expanded at a very high rate, with investors, traders and institutions all being interested in it. Along with opportunities, though, there are also regulatory and tax-related requirements that all crypto enthusiasts should know about. The most frequent question posed by many first time investors is: How is crypto taxed in … Read more