Income Tax

Introduction Faceless assessment has changed the way income tax assessments work in India. Under this system, the taxpayer does not meet the income tax officer physically. Instead, the taxpayer receives notices online and submits replies through the income tax e-filing portal. In simple words, faceless assessment means online income tax assessment without face-to-face interaction with […]

Introduction For many years, Indian taxpayers used two different terms: Previous Year and Assessment Year. However, many people found this confusing. For example, income earned during Financial Year 2024-25 was filed and assessed as Assessment Year 2025-26. This created confusion for salaried persons, business owners, freelancers, and new taxpayers. Now, the Income-tax Act, 2025 has […]

Introduction For Non-Resident Indians, managing finances across two countries can feel confusing. Many NRIs earn income abroad and also receive income from India through rent, bank interest, dividends, capital gains, pension, or property sale. Without proper tax planning, the same income may face tax in two countries. India may tax income earned or received in […]

 Introduction When an Indian person moves abroad for work, business, study, or long-term stay, their banking status also changes. After becoming a Non-Resident Indian, a person should not normally continue using a regular resident savings account in India. Instead, they should inform the bank and use suitable NRI bank accounts. The two most common bank […]

Introduction Many Indians live outside India for employment, business, study, or family reasons. However, they may still earn income from India through rent, interest, property sale, dividends, shares, mutual funds, or business activities. From 1 April 2026, the Income-tax Act, 2025 has come into force and replaced the old Income-tax Act, 1961 for tax years […]