Over the past few days, many taxpayers across India received SMS and email alerts stating that their “Income Tax Refund is on hold” or that their “ITR is under risk management review”. A large number of these messages referred to 80G donation claims and other deduction or exemption related issues. Since almost 60 to 70…
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New Delhi, 25th September 2025 – The Central Board of Direct Taxes (CBDT) has announced an important relief for taxpayers and professionals. The due date for furnishing various audit reports under the Income-tax Act, 1961 for the Previous Year 2024-25 (Assessment Year 2025-26) has been extended from 30th September 2025 to 31st October 2025. Reason…
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The Finance Minister, Smt. Nirmala Sitharaman tabled the Income-tax Bill in the parliament on 13th February 2025. The top 50 changes proposed in the Income-tax Bill 2025 (‘ITB’) in comparison to the Income-tax Act, 2025 (‘ITA’) are given below. Meanings Clause 2 of the ITB consolidates the meaning of specific terms in one place. Previously,…
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Tax Audit Due Date Extended to 07-October-2024 https://incometaxindia.gov.in/news/circular-10-2024.pdf Read the official circular above. Let us know if you have any additional questions. Contact – anshul@karwaandassociates.com
How can NRIs e-Verify IT Return from Abroad? Step-wise procedure Given below are the steps for NRIs to e-Verify IT Return from Abroad through Net Banking: To begin with, log into your e-filing account on the website of the IT Department. Once you’re logged in, you’ll be taken to your dashboard. From there, navigate to…
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F&O Income: Non-Speculative Business Income F&O income is classified as non-speculative business income, i.e., normal business income. Declare your F&O profits or losses under the “Profits and Gains from Business” head. For example, if you earned ₹50,000 from F&O trading, it should be reported as business income. Using the Correct ITR Form Use…
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Summary: When you rent a property from an NRI landlord in India, you are required to deduct TDS on the rent you pay. The TDS rate for rental income of an NRI is 31.2%(As per Section 195 of Income Tax Act, 1961). You can deduct TDS by filing Form 16A with the Income Tax Department.…
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Key Points: Summary: Have any Questions or Received a notice, get in touch with us to resolve it. Contact – anshul@karwaandassociates.com
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