Who Needs a Tax Residency Certificate?
Filing Form 10F and obtaining a Tax Residency Certificate (TRC) ensures that Non-Resident Indians (NRIs) and foreign nationals benefit from Double Taxation Avoidance Agreement (DTAA) provisions, avoiding double taxation. It enables access to lower Tax Deducted at Source (TDS) rates, smooth tax processing, and compliance with both Indian and foreign tax regulations. A Tax Residency […]
Highlights of Direct Tax proposals in FINANCE BILL, 2025
Finance Minister Nirmala Sitharaman presented her record 8th consecutive Union Budget 2025-26 today (on February 1, 2025) of Modi 3.0 Government. Key highlights of direct tax proposals are as under: Total Income Rate of Tax Upto Rs. 4 Lakh Nil More than Rs. 4 Lakh to Rs.8 Lakh 5% More than Rs. 8 Lakh to […]
Why Income Tax Return Filing is Important
Filing an Income Tax Return (ITR) is not just a legal obligation but also a reflection of your financial discipline. It plays a significant role in maintaining transparency between individuals, businesses, and the government. Yet, many people tend to avoid filing their ITR, unaware of its importance. Whether you are a salaried employee, a business […]
Say no to cash transactions” says Government
In its endeavour to convert the country into a cashless economy the government has been introducing very stringent provisions in the Income Tax Act, 1961 to curb cash transactions. Undoubtedly, a number of western economies have become cashless to the extent that stores on High Street do not accept cash payments at all, even the […]
Amounts payable to Micro and Small Enterprises to be allowed only on payment
In the budget presented on 1st of February 2023, the Hon’ble Finance Minister of the country has proposed that any sum which is payable to micro and small enterprises will be allowed as a deduction for computing the taxable income of the assessee in the year of payment, in case the same is not paid […]
Buy Back of Shares by Company
The Finance Bill, 2024 introduced by the Hon’ble Finance Minister in Parliament on 23rd July, 2024 has proposed total revamping of provisions with respect to taxability of buyback of shares by a company. In accordance with the provisions contained in Section 115QA of the Income Tax Act, 1961 the scheme of taxation of transactions with […]