Tax Connect
madhuvridhi
Category: Income Tax
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All About Income Tax Returns (ITRs): Your Guide for AY 2025–26
Filing your Income Tax Return (ITR) is not just a legal obligation but a financial responsibility that helps you stay compliant and build financial credibility. Whether you’re a salaried individual, business owner, freelancer, or NRI, understanding ITRs ensures better tax planning and peace of mind.
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Additional Disclosures in ITR AY 2025-26 (Old Regime)
To improve transparency & verification, the Income Tax Dept. has rolled out additional disclosure requirements for key deductions- AY25-26
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Who’s Mandated to File ITR in FY 2024-25?
who needs to file ITR. Basic Limit for ITR Filing
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Income Tax & FEMA NRI Compliance in India
In line with regulatory guidance and to ensure compliance under Indian laws, we bring to your attention certain key compliance requirements under the Foreign Exchange Management (FEMA) Act, 1999 and the Income Tax Act, 1961, that may apply to you as an NRI. Here is what you can do: 1. Update your Tax Residency Status…
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Major Income Tax Amendments applicable from 1st April 2025
Here are the major changes in income tax which will be effective from 1st April, 2025 i.e. from FY 2025-26
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Budget 2025
Budget Highlights
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TDS Increased threshold Limit
There are various provisions of Tax Deduction at Source (TDS), with different thresholds and multiple rates. To improve ease of doing business and better compliance by taxpayers, it is proposed to rationalize certain rates of TDS and to increase threshold limit for applicability of the TDS provisions.
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Taxation of capital gains on transfer of capital assets by non-residents
taxation of capital gains on transfer of capital assets by non-residents
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Extending the time-limit to file the updated return
Extending the time-limit to file the updated return
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Cash Spending
Income tax on cash spending: These expenses will be considered as income and accordingly taxed if incurred in cash