Form 15CA Filing in India: Complete Guide for Overseas Remittances, Steps, and Compliance
Form 15CA Filing in India: Complete Guide for Overseas Remittances, Steps, and Compliance Form 15CA is a critical compliance requirement when making cross‑border payments from India. Mandated by the Income‑tax Department, it is used to report remittances and ensure proper Tax Deducted at Source (TDS) or withholding tax compliance. Non‑compliance can lead to penalties and even block your remittance process. As a chartered accountant, I have helped numerous clients navigate Form 15CA effectively. This guide explains its purpose, categories, [...]
TCS on Foreign Remittance: A Complete Guide for Individuals and Businesses
TCS on Foreign Remittance: A Complete Guide for Individuals and Businesses Introduction Foreign remittances have become increasingly common among Indian residents, whether it is sending money to children studying abroad, investing internationally, or booking overseas tours. However, with the tightening of tax administration, it is crucial to understand the rules around Tax Collected at Source (TCS) on foreign remittances. If you are wondering how much TCS you must pay when transferring funds outside India, what exemptions apply, or how [...]
Tax on Forex Trading in India: Rules, Rates, and Filing Guide
Tax on Forex Trading in India: Rules, Rates, and Filing Guide Taxation of forex trading in India can feel complex, especially for new traders or those transitioning from equities. This article provides a clear, detailed guide to how forex profits are taxed, what records to maintain, and how to file Income Tax Returns (ITR) accurately. As a chartered accountant writing for individuals entering this market, I aim to make these rules accessible and actionable. 1. Nature of Forex Trading [...]
New TDS Rules for Senior Citizens in India (April 2025): Limits, Exemptions, and Tax-Saving Tips
TDS for Senior Citizens in India (April 2025): Updated Rules, Thresholds & Planning Guide The Income Tax Department has been sending more TDS-related notices, especially to senior citizens who rely on bank interest or pension income. From April 1, 2025, new changes to the Tax Deducted at Source (TDS) regime will directly benefit senior citizens in India by increasing exemption limits and simplifying compliance. This article explains the updated rules, provides examples of how to avoid unnecessary deductions, and [...]
Partnership Firm Audit Limit as per LLP Act, Income Tax Act & GST in India
Partnership Firm Audit Limit: Income Tax, LLP Act & GST Explained Running a partnership firm in India brings numerous legal and regulatory obligations. One crucial area where businesses often face confusion is audit applicability. Depending on your turnover, structure, and tax compliance, an audit may become mandatory under various laws. This article explains the audit limits for partnership firms as per the LLP Act, the Income Tax Act, and GST laws, helping you stay compliant and avoid penalties. 1. [...]
Partnership Firm Tax Rate in India for AY 2025-26
Partnership Firm Tax Rate in India (AY 2025-26): A Comprehensive Guide by Tax Experts Taxation of partnership firms in India follows a distinct structure compared to individual or corporate taxpayers. Whether you operate a traditional partnership under the Indian Partnership Act, 1932 or a Limited Liability Partnership (LLP) under the LLP Act, 2008, knowing the applicable partnership firm tax rate is crucial for accurate financial planning, timely return filing, and legal compliance. In this article, we cover the latest [...]
