TDS on Payments to Non-Residents—Sec. 393(2) (Earlier Section 195) Section 393(2) (Earlier Section 195) of the Income Tax Act, 2025 Section 393(2) of the Income Tax Act, 2025, has replaced the provisions of the erstwhile Section 195 of the Income Tax Act, 1961, with effect from 1 April 2026. It governs the deduction of tax …
Declare RSU Shares in Schedule FA While Filing ITR Enhancing Tax Transparency on Foreign Assets & Income – CRS & FATCA The Common Reporting Standard and Foreign Account Tax Compliance Act are international frameworks designed to combat tax evasion by enabling the exchange of financial account information between countries. Through these mechanisms, India receives information …
Form 16, Form 26AS & AIS – Which One Should You Rely On? One of the most common mistakes taxpayers make while filing ITR is assuming that the figures appearing in Form 16, Form 26AS, or AIS (Annual Information Statement) are always correct and identical. In reality, these documents serve different purposes and often contain …
All About Provident Fund Withdrawal – New Rules Simplified The revised Employees Provident Fund withdrawal framework provides greater flexibility to members by allowing withdrawal of up to 100% of the eligible Provident Fund balance after completion of 12 months of total service, subject to the purpose and prescribed limits. Category I – Essential Social Security Needs Purpose …
Top Airport Lounge Access Credit Cards in India for Domestic and International Travel Airport lounge access has become an important consideration for many Indian travellers. Whether travelling for business or leisure, people increasingly value comfort, convenience, and a better airport experience. The right Credit Card can help make time at the airport more productive and …
FCRA Registration (FC-3A) : Guide for NGOs/Trusts/Societies Before applying for FCRA Registration (FC-3A), ensure that your NGO/Trust/Society has completed 3 years of genuine charitable activities, incurred at least ₹15 lakh of eligible expenditure, obtained a Darpan ID, opened the mandatory SBI FCRA Account, and prepared complete audited records and activity reports. Proper documentation significantly improves …
MCA Invites Suggestions on Integrated Platform for Insolvency Ecosystem (iPIE) The Ministry of Corporate Affairs is developing the Integrated Platform for Insolvency Ecosystem (iPIE), a unified digital platform to integrate all stakeholders, processes, and technology systems operating under the Insolvency and Bankruptcy Code, 2016 (IBC). The objective is to create a seamless, secure, transparent, and …
Latest updates on crypto tax in India Any NRI or resident holding cryptocurrency in India should Maintain complete transaction records, Report all Virtual Digital Asset transactions in Income Tax Return, Ensure Tax Deducted at Source compliance where applicable, Disclose foreign and domestic crypto holdings. Ensure compliance with Tax Deducted at Source requirements. Properly disclose domestic …
GST TDS vs GST TCS: Complete Guide for Businesses Many taxpayers, accountants, and business owners often confuse GST TDS (Tax Deducted at Source) with GST TCS (Tax Collected at Source) because both involve deduction or collection of tax at the source and subsequent deposit with the government. However, these provisions operate in entirely different scenarios …
Overview on FEMA Compounding & Late Submission Fee (LSF) Here is a comprehensive understanding of the compounding of contraventions under the Foreign Exchange Management Act (FEMA), 1999, along with the Late Submission Fee (LSF) mechanism introduced by RBI. It is particularly relevant for chartered accountants, company secretaries, CFOs, compliance professionals, FDI/ODI consultants, and businesses dealing …