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Residential status under the Income Tax Act, 1961, determines how an individual’s income will be taxed in India. It affects whether global income or only Indian income becomes taxable, making it one of the most crucial steps before filing returns. As per Section 6 of the Act, residential status depends on the number of days an individual stays in India and their past presence over the preceding years. Accurate classification ensures compliance, helps avoid double taxation, an

Capital gains tax for Non-Resident Indians (NRIs) applies to income earned from selling capital assets located in India, such as property and shares. The latest updates from Union Budget 2025 have refined how these gains are classified, taxed, and reported. With changes in tax rates, indexation rules, and TDS compliance, understanding these provisions is crucial for accurate reporting and timely filing. NRIs must also comply with repatriation and exemption rules under the In

The Income Tax Act, 1961, defines clear provisions for reporting income from multiple house properties. With the latest updates from Budget 2025, taxpayers can now claim up to two self-occupied houses as nil income, simplifying compliance and filing. Understanding the correct ITR form, method of computation, and available deductions ensures accurate reporting and helps avoid notices or penalties. Table of Contents Understanding Income from House Property under the Income Tax

Double taxation occurs when income earned abroad by an Indian resident is taxed both in the foreign country and in India. Section 90 of the Income Tax Act, 1961, allows residents to claim relief through the Double Taxation Avoidance Agreement (DTAA) signed between India and other countries. This ensures that the same income isn’t taxed twice. By using DTAA provisions, taxpayers can either claim exemption or receive credit for taxes already paid overseas, depending on the tr

Freelancers and self-employed professionals in India must pay advance tax if their annual tax liability exceeds ₹10,000 after TDS adjustments. Advance tax under Sections 207–219 of the Income Tax Act, 1961 ensures that taxes are paid in instalments throughout the year instead of lump sum at year-end. The process helps maintain consistent revenue flow for the government and prevents last-minute tax burdens for professionals. With the 2025–26 updates, clarity on due dates, calc

Tax planning for FY 2024-25 revolves around using the revised income tax slabs, maximizing eligible deductions, and aligning investments with the latest Budget reforms. The government’s emphasis on a simplified new regime and increased standard deductions offers individuals more flexibility in optimizing their tax liability. By choosing the right mix of exemptions, salary structuring, and investments, taxpayers can significantly reduce their overall tax outgo while ensuring c

Filing an Income Tax Return (ITR) is a mandatory annual process for every taxpayer in India. The choice between using the Government’s e-filing portal and a private platform like TaxBuddy can significantly affect how smooth or stressful that experience becomes. While the Government portal offers a free and secure filing option, it demands manual effort and technical understanding. TaxBuddy, on the other hand, simplifies the process with automation, expert guidance, and mobi

Taxpayers often stop at Section 80C when planning their savings, overlooking several other powerful deductions under the Income Tax Act, 1961. These lesser-known sections can substantially reduce tax liability while aligning financial goals with long-term benefits such as health coverage, education, and retirement planning. With the right mix of deductions and informed investment decisions, tax planning becomes a strategic advantage rather than a routine annual task. Table

The Indian tax system often leaves even experienced taxpayers with questions—whether about choosing the correct ITR form, claiming deductions, or resolving notices. TaxBuddy’s Schedule-a-Call feature bridges this gap by allowing users to connect directly with qualified tax professionals who offer real-time, personalized advice. This interactive consultation helps clarify doubts, avoid filing errors, and maximise eligible tax benefits. Table of Contents What Is the Schedule-a