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TAN Requirement Ends From 1 October 2026, but NRI Property TDS Continues The Income-tax (Fifth Amendment) Rules, 2026 bring a welcome compliance simplification. From 1 October 2026, a resident individual or HUF buying immovable property from a non-resident will no longer need a TAN. The buyer can instead deduct and deposit tax under their own …
Buying Property from an NRI? No TAN Required from 1 October 2026 – Complete Guide to Form 141 Schedule E Buying property from a Non-Resident Indian (NRI) or any other non-resident has always come with heavier TDS paperwork than buying from a resident seller. From 1 October 2026, that changes significantly. The Central Board of …
Undisclosed Foreign Assets? A One-Time Disclosure Opportunity Under the New CBDT Scheme The Central Board of Direct Taxes has notified the Foreign Assets of Small Taxpayers (Disclosure) Scheme Rules, 2026, effective from 16 August 2026. The scheme provides a limited opportunity for eligible taxpayers to voluntarily disclose certain foreign assets and income that were not …
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 …
How Seafarers Can Protect Their NRE Account Salary When War, Crisis, or a Marginal Miss Disrupts NRI Status. Seafarers can protect their NRE salary from taxation during crises or unexpected early repatriation by ensuring compliance with residential status rules and maintaining proper documentation. NRE Account: A Non‑Resident External account is a bank account in India …
US Clarification on Tax Residency May Increase Tax Burden for Returning Indians (RNORs) The India–US Double Taxation Avoidance Agreement provides concessional tax rates on certain income streams, such as dividends, interest, and royalties, to individuals who qualify as tax residents of either India or the United States. Indians returning from the US often qualify as …
Taxation Applies Only on Sale of Inherited Assets Current Position in India on Inherited Assets India does not have inheritance tax (estate duty was abolished in 1985).Hence, there is no tax liability at the time of inheritance. India does not levy inheritance tax. Assets received through inheritance are not taxable under the Income Tax Act, 1961. …
NRI Faces PAN Card Fraud—INR 2.84 Cr GST Notice Shock! A shocking case of identity theft has surfaced after an NRI received a GST notice of INR 2.84 crore based on an alleged INR 13.8 crore business income accrued between 2019 and 2022 — income he claims he never earned. Who: A 48-year-old NRI from …
Summary on the ITR-U & Amendments in the Budget 2025 Introduction: ITR-U allows taxpayers to rectify mistakes or omissions in previously filed returns, including original, belated, or revised returns under Section 139(8A) of the Income Tax Act. It serves as an option for taxpayers to ensure accurate tax filing and compliance. With the Budget 2025 …
Newly added High-Value Transactions threshold limits Income Tax Cash Transaction Rules & Regulations Section 269ST – Restriction on Cash Transactions No person can receive ₹2 lakh or more in cash: In a single day from one person. and For a single transaction, even if received on different days. also For multiple transactions related to a …