Clarifies how freelance income appears in Form 26AS/AIS/TIS and highlights employer conduct rules. Key takeaway: separate tax compliance from employment obligations to avoid penalties.
Indian residents using a US LLC must treat global LLC profits as taxable in India, even if funds remain in a US bank, with careful attention to entity classification and foreign tax credit.
When only one spouse pays for a jointly owned property, TDS liability rests with the paying spouse. Builders’ insistence on both PANs does not change statutory responsibility.
Buyers must deduct TDS under Section 195 on amounts paid to NRI sellers, deposit by the 7th of the following month, and not rely on the seller’s capital gains computation.
TDS must be applied separately for resident and NRI co-owners in joint property sales. Proper co-owner-wise calculation prevents default, interest, and legal notices.
Each spouse must disclose jointly held foreign accounts and securities in Schedule FA, even if only one spouse reports the income. Proper classification as “Beneficiary” for the non-funding spouse avoids penalties and inconsistencies.
Indian ROR taxpayers must disclose all foreign assets and interests in Schedule FA, even if non-taxable abroad. Non-compliance can trigger strict penalties under the Black Money Act, though a ₹20 lakh carve-out now applies.
Explains when IT services qualify for 44AD or 44ADA, highlighting classification risk and compliance requirements under the “cash ≤ 5%” rule.
Explains deadlines for belated returns and the updated ITR-U window, helping taxpayers avoid escalating additional tax under section 140B.
Explains how holding period over or under 24 months affects capital gains classification and company tax liability on industrial plot sales.
