Category: Finance and Accounting
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ITR Filing for US Stocks (and Other Foreign Shares): Complete, Step-by-Step Guide โ Schedules FA, FSI, TR & Form 67
This is a practical, India-focused walkthrough for resident individuals who invest in US stocks (or any foreign shares) via brokerage apps. It covers how those earnings are taxed in India, how to disclose foreign assets, and how to claim foreign tax credit (FTC) correctly. 1) First things first: which ITR form? 2) How income from…
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Intimation u/s 143(1) Income Tax Notice Explained | Refund, Demand & Next Steps
๐ Intimation u/s 143(1) โ Explained in Detail When you file your Income Tax Return (ITR), the Income Tax Department doesnโt just accept it blindly. Your return goes through a preliminary check under Section 143(1) of the Income Tax Act, 1961. After this check, the department sends you an Intimation u/s 143(1) on your registered…
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ITR Filing 2025: Do Students or Unemployed Individuals Need to File Income Tax Returns?
With the Income Tax Return (ITR) filing deadline for FY 2024-25 (AY 2025-26) extended to 31st October 2025, many students and unemployed individuals are wondering whether they need to file returns at all. The answer depends on income level, source of income, and other financial activities. ๐น Do Students Need to File ITR in 2025?…
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New TDS & TCS Rules for 2025 โ Salary, Rent, Freelancers & E-Commerce
Indiaโs Budget 2025 has brought significant changes to the TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) framework, effective from April 1, 2025. These revisions aim to simplify compliance, reduce tax deducted upfront, and ease the burden for individuals, freelancers, landlords, and e-commerce participants. 1. TDS on Salaries TDS on salary continues…
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Top 5 Online Certifications for Accounting Professionals in 2025
Accounting has always been the backbone of business. From maintaining books of accounts to preparing financial statements and ensuring compliance, accountants play a crucial role in every organization. But in 2025, the profession is no longer limited to tallying numbers โ itโs about financial analysis, technology integration, and business decision-making. With businesses going digital, accounting…
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Step-by-Step Guide to Multi-Currency in TallyPrime (Export, Import & Forex Gain/Loss)
๐ Multi-Currency Transactions in TallyPrime ๐น Step 1: Enable Multi-Currency Feature ๐น Step 2: Create Currencies Repeat for other currencies (Euro, Pound, etc.). ๐น Step 3: Create Ledger Accounts ๐น Step 4: Record Multi-Currency Sales Voucher (Example 1: Export Sales) Scenario: ๐ You sold goods worth $1,000 to ABC Inc. (USA).๐ Exchange Rate: 1 USD…
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ITR-4 Filing Guide AY 2025-26 โ Presumptive Taxation (44AD, 44ADA, 44AE) with Examples
1. What is ITR-4? ITR-4 is for individuals, HUFs, and partnership firms (other than LLPs) who opt for presumptive taxation under: ๐ This return is commonly called Sugam ITR and is designed for small taxpayers. 2. Who Can File ITR-4? โ Resident Individual / HUF / Partnership firm (not LLP)โ Business turnover up to โน2…
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Indiaโs Banking Sector Opens Up to Foreign Investors: What It Means for Finance & Economy
Indiaโs banking industry has long been a fortress, heavily regulated and largely protected from foreign players. But recent policy signals suggest a gradual opening to foreign investors. This shift could transform Indiaโs financial sector โ if handled wisely. Why Is India Opening Up Its Banking Sector? Recent Developments & Real Examples Potential Impacts 1. On…