Earning as an Indian resident trader from foreign prop firms can be a lucrative opportunity, but it requires careful attention to tax and compliance to avoid scrutiny. Based on the expert advice provided, here’s a detailed breakdown of how to stay tax-compliant and avoid red flags. 1. Understanding Your Income 2. Receiving and Managing Funds … Read more
Tax Calendar: Key Deadlines for August 2025 As August begins, individuals, businesses, and government entities should take note of the following crucial tax deadlines to ensure compliance. The following is a comprehensive list of important due dates for TDS filings, certificates, and declarations under the Income Tax Act. August 7, 2025 August 14, 2025 August … Read more
“Thinking of gifting money to your spouse to save on taxes? Think again! 🤯 Many believe this is a smart tax move, but the Indian Income Tax Act has specific “clubbing provisions” (Sections 60-64) that prevent it. Here’s why gifting to your spouse (or other family members) won’t typically reduce your tax burden: The bottom … Read more
The Income Tax Return (ITR) filing deadlines for FY2024-25 (Assessment Year 2025-26) aren’t the same for everyone. Due to significant changes in ITR forms and system readiness, the Income Tax Department has extended some dates. Key ITR Filing Deadlines for FY2024-25 What Happens if You Miss the Deadline? Even if you miss your initial deadline, … Read more
Income Tax employees across India are boycotting official Income Tax Day celebrations today, July 24, 2025, to protest the Central Board of Direct Taxes’ (CBDT) “persistent apathy” towards their long-standing demands. The Joint Council of Action (JCA), representing the Income Tax Employees Federation (ITEF) and Income Tax Gazetted Officers Association (ITGOA), has announced escalating demonstrations … Read more
Did you miss India’s July 23rd tax rule change? You might be overpaying capital gains on your ITR 2025! If you’ve sold a house, shares, gold, or other capital assets recently, especially during the Financial Year 2024–25, pay close attention. A major shift in India’s capital gains tax structure, introduced by the Finance (No. 2) … Read more
Tax season is here, and the Income Tax Department isn’t playing around. They’re using data analytics and AI to sniff out fake deduction claims, and if you’re caught, the consequences are severe: up to 7 years in jail and a 200% penalty! The taxman has already flagged over Rs 1,045 crore in wrongful deductions, with … Read more
Enhancing Tax Transparency on foreign assets & Income: Understanding CRS &FATCA A. Purpose of CRS and FATCAIn this globalized economy, tax transparency and compliance has become paramount to ensurethat taxpayers disclose their global income and assets accurately. The Common ReportingStandard (CRS) and the Foreign Account Tax Compliance Act (FATCA) are internationalframeworks designed to combat tax … Read more
India’s salaried middle class is feeling the squeeze, carrying a disproportionate share of the nation’s direct tax burden. Startling figures reveal that just 3% of these taxpayers now contribute more in taxes than all of corporate India combined. This significant disparity, highlighted by Chartered Accountant Kapil Gupta, is sparking widespread discontent and urgent calls for … Read more
Tax season for the Financial Year 2024-25 is in full swing, and many taxpayers — from salaried employees to gig workers and small business owners — are falling for common tax myths that could cost them dearly. Understanding the Income Tax Act, 1961, is crucial to avoid penalties, delayed refunds, and unwanted scrutiny. Don’t Fall … Read more