If you’re an Indian resident who owns foreign bank accounts, property, stocks, or business interests, you are required to disclose these foreign assets in your income..
Category: Tax
How to Register a Business Under FEMA Guidelines
Planning to start a business abroad as a resident Indian or invest in a foreign company from India? Or setting up a business in India with..
How to Claim Refund for TDS Deducted by Banks
Banks in India deduct Tax Deducted at Source (TDS) on interest income earned from fixed deposits, recurring deposits, or savings interest (in some cases). If your..
Who is Required to Deduct TDS Under Indian Law?
Tax Deducted at Source (TDS) is a crucial compliance obligation under Indian income tax law. It ensures advance collection of tax at the time of payment,..
Who is Considered a Resident for Indian Tax Purposes?
In India, your residential status determines whether your global income or only Indian income is taxable. It is based not on citizenship or visa, but on..
Who is Eligible for the Presumptive Taxation Scheme?
The Presumptive Taxation Scheme (PTS) under the Income Tax Act, 1961 is a major relief for small businesses, professionals, and freelancers who want to avoid complex..
₹10 Lakh TCS Threshold on Foreign Remittances: Planning Tips for NRIs
Since July 1, 2023, a higher rate of Tax Collected at Source (TCS) applies on foreign remittances exceeding ₹7 lakh under the Liberalized Remittance Scheme (LRS)…
E-Invoicing Threshold Cut to ₹1 Cr: Is Your ERP Ready?
As part of India’s GST reform drive, the government has lowered the e-invoicing threshold to ₹1 crore turnover, effective April 1, 2025. Businesses crossing this limit..
Advance Tax Payment: Who Should Pay and How?
Advance tax is also known as the “pay-as-you-earn” scheme. Instead of paying all your taxes at the end of the year, you are required to estimate..
How to Pay Self-Assessment Tax Online in India
Self-assessment tax is an important step in the income tax filing process. If after calculating your total income and TDS, you find that you still owe..