It’s that time of the year again when salaried professionals, freelancers, and business owners alike start prepping for income tax return (ITR) filing. The assessment year (AY) 2025-26 corresponds to the financial year (FY) 2024-25, and with every...

Introduction In today’s globally connected economy, Non-Resident Indians (NRIs) often hold financial interests across borders. Whether it's a bank account abroad, foreign property, or investments in overseas entities, these assets are common among...

The Union Budget 2025, unveiled by Finance Minister Nirmala Sitharaman on February 1, sets a fresh direction for India’s economic growth, with a strong focus on inclusivity. It aims to empower vulnerable groups such as the poor, youth, farmers, and...

Any profits or gains arising from transfer or sale of a capital asset are called as capital gain. Capital assets means any kind of property held by a person, whether connected with their business or profession or not. It includes both tangible and...

As the deadline for filing Tax Audit report approaches, it is very important to know who all are required to get their accounts audited under Income Tax Act. In simple words, an audit is a systematic examination or review of financial records....

The Income Tax Department of India overlooks the administration of direct tax laws in the country, primarily focusing on Income Tax Act, 1961. It works under the Department of Revenue in the Ministry of Finance. Central board of Direct Taxes(CBDT)...

PAN i.e. Permanent Account Number is a unique ten-character alphanumeric identifier number issued by the Income Tax Department to every individual who applies for the same upon verification of documents. PAN is used to keep a track of financial...

Selling of an immovable property often requires ample of knowledge related to taxation, stamp duty valuation or capital gains etc. In order to ensure a hassle free property sale or purchase transaction, one has to evaluate correct valuation for...

Income Tax Act, 1961 has specified different types of taxpayers for taxation purposes. This includes individuals, HUFs, Partnership firms or companies etc. Every type of taxpayer is taxed at a different rate based on their status. Similarly,...

Tax planning consists of making certain adjustments in order to reduce tax liability in a legal and ethical way. Sometimes certain transfers of assets might be made to avoid tax liabilities for protection of revenues in certain cases. Specifically,...

Any person who invests in any form expects something in return. Dividend is one such form of return on investment which investors of stocks and mutual funds expects to receive. Dividend refers to the returns a shareholder receives for investing in...

Form 10AB is an application form used in India for re-validation or renewal of existing tax exemptions or registrations under the Income Tax Act, 1961. This form is specifically for charitable or religious trusts, societies, or non-profit...