Disclosure of Foreign Assets in Income Tax Return: Penalty & Due Date
Disclosure of Foreign Assets in Income Tax Return: Penalty & Due Date The movement of black money through foreign tax havens has long been a major concern for the Income…
Income Tax department identifies cases of non-disclosure of foreign assets in ITRs
Income Tax department identifies cases of non-disclosure of foreign assets in ITRs The Income Tax Department has detected several cases involving the non-reporting of foreign assets in Income Tax Returns…
How to Handle Income Mismatch in ITR Filing
How to Handle Income Mismatch in ITR FilingAn income mismatch in ITR filing arises when the income reported by a taxpayer does not correspond with the information available with the…
Simple Guide to TDS on Property Sale by an NRI (Updated Overview)
Simple Guide to TDS on Property Sale by an NRI (Updated Overview) When an NRI sells residential property situated in India, tax must be paid on the resulting capital gains.…
TDS Return Filing Guide: Forms 24Q, 26Q, 27Q, 27EQ
TDS Return Filing Guide: Forms 24Q, 26Q, 27Q, 27EQ Tax Deducted at Source (TDS) is a system in which tax is collected at the point where income is generated. The…
Section 139(9) of the Income Tax Act, 1961: Understanding Defective Returns
Section 139(9) of the Income Tax Act, 1961: Understanding Defective Returns Section 139(9) of the Income Tax Act, 1961 deals with income tax returns that contain errors. When a taxpayer…
TDS on Property Transactions: Step-by-Step Guide with Form 26QB & 16B
TDS on Property Transactions: Step-by-Step Guide with Form 26QB | 16B Property purchases and sales in India involve compliance beyond the sale agreement and payment. When the transaction amount reaches…
TDS on Sale of Property by NRIs in India: A Detailed Guide
TDS on Sale of Property by NRIs in India: A Detailed Guide When a non-resident Indian (NRI) sells property in India, one of the key tax-compliance aspects is the deduction…
Section 54 of the Income Tax Act: Capital Gains Exemption Explained
Section 54 of the Income Tax Act: Capital Gains Exemption Explained Investing in real estate remains one of the most preferred options for individuals seeking stable and high returns with…
Simple Guide on TDS for Property Sale by NRI
Simple Guide on TDS for Property Sale by NRI When an NRI sells a residential property situated in India, tax is applicable on the capital gains earned. The type of…
Sale of Property in India by an NRI – TDS Provisions for Buyers and Sellers
Sale of Property in India by an NRI – TDS Provisions for Buyers and Sellers When a person purchases immovable property in India from a Non-Resident Indian (NRI), the buyer…
Understanding TDS on Sale of Property in India by NRIs
Understanding TDS on Sale of Property in India by NRIs Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs) frequently invest in real estate across…
Section 133(6) of the Income Tax Act
Section 133(6) of the Income Tax Act The Income Tax Act of India serves as a comprehensive legal framework for ensuring tax compliance and enforcement. Among its key provisions, Section…
Faceless Assessment Scheme Under Section 144B of the Income Tax Act
Faceless Assessment Scheme Under Section 144B of the Income Tax Act Section 144B of the Income Tax Act governs the Faceless Assessment Scheme, where the assessee and the assessing officer…