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Deep Jasani

@deepjasani17

I write on the income-tax beat here — ITR form selection and filing mechanics, the old-versus-new regime comparison, capital gains, the Section 87A rebate, TDS credit mismatches, and the interest that runs under Sections 234A, 234B and 234C. I work from the bare Act text and CBDT circulars rather than secondary commentary, and I put worked examples in using the numbers you actually see on the Income-tax Department portal. I'm writing for people filing their own return as much as for practitioners with a desk full of them.

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Joined May 2026

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Income Tax, ITR Filing, Capital Gains, TDS, Section 234 Interest, Old vs New Regime

Draft FEMA Foreign Investment Rules 2026: What Would Change for AIFs and Their Downstream Investments

Deep Jasani · 3d

FEMA

RBI's draft Foreign Investment Rules, 2026 would replace the NDI Rules, 2019. For AIFs, the draft drops the sponsor-and-manager test for downstream investment and leaves foreign control to sectoral regulators. Still a draft: comments closed 31 August, not yet notified.

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EDF for Services Exporters From 1 October 2026: Who Files, by When, and the Nine-Month Clock

Deep Jasani · 6d

FEMA

From 1 October 2026 every exporter of services files an Export Declaration Form with its bank, within 30 days of the end of the invoice month (non-software: or by the payment date), and must realise payment within nine months. Who it covers, what the form asks, what replaced SOFTEX.

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No TAN to Buy Property From an NRI: What Actually Changes on 1 October, and What Does Not

Deep Jasani · Sep 23

Income Tax

From 1 October 2026 a resident individual or HUF buying immovable property from a non-resident does not need a TAN. The reporting moves to Form 141 and a new Schedule E, the deposit clock goes from 7 days to 30, and the accountant's certificate under rule 220 does not go anywhere.

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The 120-Day Rule Is Not a 120-Day Rule: Nine Ways an NRI Gets Residential Status Wrong After Reading Section 6

Deep Jasani · Sep 23

Income Tax

Section 6 of the Income-tax Act, 2025 is short and looks simple. The errors that survive reading it are the expensive ones: a 120-day rule that is really a two-limb test, an undefined "day" the tribunals disagree about, and a Rs 15 lakh threshold that does not measure Indian income.

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133

Severance Pay Tax in India (2026): Is Your Layoff Package Taxable? Notice Pay, Ex Gratia, Retrenchment Compensation, Gratuity and Leave Encashment Under the Income-tax Act, 2025

Deep Jasani · Sep 17

Income Tax

Laid off in 2026? Your settlement is taxed line by line under the Income-tax Act, 2025: notice pay in full; severance as profits in lieu of salary unless it is retrenchment compensation to a worker (up to Rs 5 lakh deductible); gratuity up to Rs 20 lakh; leave encashment up to Rs 25 lakh.

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Capital Gains From Shares or Property This Year? Advance Tax Applies to That Too (and Section 425(4) Is Your Friend)

Deep Jasani · Sep 10

Income Tax

Salary TDS does not cover the tax on shares, mutual funds or a flat you sold this year. Under the Income-tax Act, 2025 that tax is advance tax (Section 403). Section 425(4) waives instalment interest on it if you pay it in full in any remaining instalment or by 31 March. Miss the 90% mark at year end and Section 424 runs at 1% a month.

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Missed the 15 June Advance Tax Instalment? What Sections 424 and 425 (the New 234B and 234C) Actually Cost You

Deep Jasani · Sep 10

Income Tax

Missed 15 June? Under the Income-tax Act, 2025 the June shortfall costs a flat 3% once (Section 425), Rs 450 on a Rs 15,000 miss. Pay 45% by 15 September and it stops there. Paying on 16 September costs the same as paying on 14 December. The expensive clock, Section 424 at 1% a month, starts only after 31 March.

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Advance Tax Due 15 September 2026: The 45% Second Instalment Under the Income-tax Act, 2025

Deep Jasani · Sep 6

Income Tax

The 15 September 2026 advance tax instalment is the first September instalment under the Income-tax Act, 2025. Sections 404 to 408 set the 45% cumulative target; Section 425 charges a flat 3% on any shortfall unless 36% is already paid; capital-gains and dividend carve-outs survive. Worked examples.

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224

FAST-DS 2026 Is Open: Form 1 by 31 December, Valuation Frozen at 31 March 2026, and the Bank-Account Rule That Changes the Arithmetic

Deep Jasani · Sep 3

Income Tax

The Foreign Assets of Small Taxpayers Disclosure Scheme went live on 16 August 2026 and Form 1 closes on 31 December. What the Rules and the CBDT FAQs actually say about valuation, the four-form payment clock, and why a foreign bank account is valued on deposits, not on balance.

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The Real Cost of Filing Your ITR Late for AY 2026-27 — and It Is Not the Rs 5,000

Deep Jasani · Sep 1

Income Tax

The Section 234F fee is Rs 1,000 or Rs 5,000, and it is the cheapest part of filing late. The expensive part is the losses you can no longer carry forward, the deductions Section 80AC shuts off, the old regime you can no longer choose, and refund interest that starts months later.

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