Income Tax Communications for Non-Disclosure of Foreign Assets AY 2025-26 (FY 2024-25) In December 2025, the Income Tax Department issued emails, SMS alerts, and portal intimations to taxpayers regarding possible non-disclosure of foreign assets and foreign income in their income tax returns for AY 2025-26. These communications are compliance nudges, not penalty notices, giving taxpayers …
TDS on Joint Development Agreements – Section 194-IC JDA is an agreement where a landowner allows development of property in exchange for constructed area and/or cash. Meaning of “Specified Agreement” : As defined under Section 45(5A), a specified agreement is a registered joint development agreement where: The landowner is an Individual or HUF The property …
Types of GST Notices GST notices are official communications from GST authorities in India, issued for reasons like discrepancies in returns, non-filing, or ITC mismatches. They come in various forms under the CGST Act, requiring timely responses to avoid penalties. Common types are categorized by purpose, such as scrutiny, demand, or registration-related. If GST notices …
NRI Tax on Remittances from India (2025 Guide): Rules, TDS, Forms & Smart Tax Planning Millions of Non-Resident Indians remit money to India every year to support their parents, family members, make investments, or meet personal obligations. These remittances play a vital role in supporting Indian households and contribute significantly to the Indian economy. Thousands …
Capital Gain on Sale of Agricultural Land : Section 54B Section 54B offers exemption from capital gains tax when an individual or HUF sells agricultural land and reinvests the proceeds in another agricultural land. This encourages reinvestment in agriculture rather than monetization of farmland. Eligibility Criteria of Sec 54B Who can claim: Only individuals or …
NRI Taxation on Property Sale TDS compliance when property transactions involve NRIs, highlighting correct section applicability, buyer responsibility, Form 13 planning, & DTAA benefits. Which TDS Section Applies? Seller is NRI : Section 195 applies: Highest compliance requirement & the buyer is responsible for TDS (not the NRI) TDS Applicability: TDS is required on the amount payable …
FAQs related with Liberalised Remittance Scheme (USD 2,50,000 per FY) Q1. What is the Liberalised Remittance Scheme of USD 2,50,000? Ans .: Under the Liberalised Remittance Scheme, resident individuals, including minors, are permitted to remit up to USD 2,50,000 per financial year (April–March) for permissible current and capital account transactions, or a combination thereof. The …
Legal Framework Related to Acquisition & Transfer of Immovable Property in India Acquisition & Transfer of Immovable Property in India is Governed by Section 6(3), (4), (5) of FEMA, 1999. Moreover, the Acquisition & Transfer of Immovable Property in India is Implemented through Notification FEMA 21/2000-RB (as amended) and RBI issues master circulars for operational …
Tax Implications on NRIs Receiving Gifts in India This article is for informational purposes only and does not constitute professional advice. Readers are advised to consult a tax expert before taking any decision. Gifts received by NRIs can be taxable in India in the hands of the recipient, mainly under section 56(2)(x), depending on (a) …
The benefits of tracking SGX Nifty for international traders If you’ve ever woken up, checked your portfolio, and asked yourself, “Why is everything red when the market isn’t even open yet,” it’s very likely the answer is SGX Nifty. Consider it the alarm clock for the Indian markets: it rings hours before the actual alarms …