Latest changes: TDS/TCS significant transformation Income Tax Act, 2025 India’s tax withholding regime has undergone its most significant transformation in decades with the introduction of the Income Tax Act, 2025, and the accompanying Income Tax Rules, 2026. The new framework is not merely a renumbering exercise—it represents a shift toward digital compliance, automation, simplified reporting, …
Transition of TDS/TCS Provisions from the Income Tax Act, 1961 to the Income Tax Act, 2025: The New Era of Withholding Tax Compliance Income-tax Act, 2025: A New Era for TDS/TCS Compliance and Withholding Tax Administration. The Income-tax Act, 2025 marks one of the most significant reforms in India’s withholding tax framework. While the tax rates …
Income Tax Return AY 2026-27: Reporting of Non-Taxable Receipts Made Easier For AY 2026-27 (FY 2025-26), the income tax Dept has introduced a significant disclosure change in the ITR utility. A new disclosure field “Receipts not in the nature of income” has been introduced under Schedule EI (Exempt Income) to Other Incomes. The earlier residual …
“NRI Receiving a Gift from India? – Know when it is tax-free, taxable, and what FEMA allows.” For NRIs, gifts from specified relatives are generally tax-free regardless of value, while gifts from non-relatives become taxable once the aggregate value exceeds INR 50,000. Apart from income-tax implications, FEMA regulations governing remittances, property transfers, and share transfers …
Analysis of the Tax Regime Comparison Chart compares the old tax regime vs. the new tax regime for salaried taxpayers and highlights how choosing the wrong regime can significantly increase tax liability. Following are Tax Comparison Table Gross Salary Old Regime Tax New Regime Tax Tax Saving Under New Regime INR 10 Lakh INR 59,800 …
Key Structural Changes in Tax Deducted at Source Provisions – Effective from 1 April 2026 The Income Tax Act, 2025, has significantly reorganized the Tax Deducted at Source framework to simplify compliance and reporting. While most tax deductions at rates and thresholds remain largely unchanged, the relevant sections have been consolidated into a more streamlined …
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 …