#Income Tax

Section 44AD is one of the most underutilised provisions of the Income Tax Act. If you are a small business owner or freelancer with turnover below the threshold, this could simplify your life significantly. WHAT IS PRESUMPTIVE TAXATION? Instead of maintaining books of accounts and getting them aud... Show more

As CFO of a company with multinational operations, transfer pricing is the single largest tax risk we manage. Here are five traps that I have seen companies fall into — some resulting in assessments of Rs 50 crore and above. TRAP 1: OUTDATED BENCHMARKING STUDIES Transfer pricing documentation requi... Show more

Budget 2024 significantly changed the capital gains taxation on mutual funds. If you are an investor and haven't recalculated your strategy, this article is for you. THE KEY CHANGES (effective 23 July 2024) 1. LTCG ON EQUITY MUTUAL FUNDS Earlier: 10% on gains above Rs 1 lakh (with grandfathering a... Show more

I manage tax compliance for a Rs 500 crore manufacturing company. Last year we saved Rs 1.2 crore in TDS outflows — without any aggressive tax planning, purely through better certificate management. Here is what we did. THE PROBLEM WE WERE FACING We were deducting TDS at full rates on all vendor pa... Show more

After advising hundreds of clients this tax season, I want to settle the new vs old regime debate with actual numbers — not vague generalisations. THE CORE DIFFERENCE Old regime: More deductions available (80C, 80D, HRA, LTA, home loan interest etc.) but higher slab rates. New regime: Lower slab ra... Show more

Everyone knows about PPF and ELSS for Section 80C deduction. But the Rs 1.5 lakh limit under 80C can be filled with several other options that may suit your specific situation better. THE USUAL SUSPECTS PPF: 7.1% interest, 15-year lock-in, fully exempt (EEE). Safe but illiquid. ELSS: Market-linked... Show more

With the new tax regime, many HNIs think tax planning is dead. It is not. The strategies have just shifted. Here are 7 approaches I use for my high net worth clients. 1. MAXIMISE NPS CONTRIBUTION Section 80CCD(1B) allows Rs 50,000 additional deduction over and above Section 80C. This is available e... Show more

The appeal before CIT(Appeals) is the first and most important appellate remedy for taxpayers. In my 17 years of practice, I have drafted over 500 appeals. The quality of your appeal drafting directly affects the outcome. Here is how to do it right. TIMELINE Appeal must be filed within 30 days of t... Show more

In my 25 years of practice, I have filed over 200 writ petitions in tax matters before various High Courts. A writ petition under Article 226 is a powerful constitutional remedy — but it must be used judiciously. WHEN IS A WRIT PETITION APPROPRIATE? A writ is not a substitute for the regular appell... Show more

One of the most complex areas of Indian tax law is the determination of Permanent Establishment (PE) for foreign companies. Getting this wrong can result in the foreign company being liable to pay corporate tax in India on its Indian-attributable profits. With 22 years of international tax experienc... Show more

Budget 2024 abolished Section 56(2)(viib) — commonly known as the Angel Tax. This is the single biggest relief for Indian startups in the last decade. Let me explain what changed and what founders should know. WHAT WAS ANGEL TAX? When a startup issued shares at a premium to an investor, and the pre... Show more

I have been handling property transactions for 16 years and the number of people who get capital gains wrong on property sales is staggering. Let me give you the complete picture for 2025. SHORT TERM vs LONG TERM If you held the property for more than 24 months — it is long-term capital gain. Less... Show more

I file ITRs for over 200 salaried employees every year. After 15 years of doing this, I can tell you the same 10 mistakes repeat across clients. Let me list them so you can avoid them. MISTAKE 1: NOT RECONCILING FORM 26AS WITH ACTUAL TDS Your employer deducts TDS but sometimes the amount in Form 26... Show more

Having served the NRI community for 20 years, I can tell you that NRI taxation is the most misunderstood area of Indian tax law. Most NRIs either over-comply (paying tax they do not owe) or under-comply (not knowing they have obligations). Here is a comprehensive overview. RESIDENTIAL STATUS — THE... Show more

Section 44AD is one of the most underutilised provisions of the Income Tax Act. If you are a small business owner or freelancer with turnover below the threshold, this could simplify your life significantly. WHAT IS PRESUMPTIVE TAXATION? Instead of maintaining books of accounts and getting them aud... Show more