Filing your Income Tax Return is more than just a tax duty. It acts as a vital financial record. It helps in getting loans approved. You can claim tax refunds if you paid extra. Your ITR proves your income, especially for freelancers. It allows carrying forward losses to reduce future taxes. Many countries require it for visa applications.
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Tuesday, June 2, 2026
Monday, June 1, 2026
Worked in the US, UK or Canada? Form 40 can help Indians defer income tax liability on foreign pension accounts
Indian residents with foreign pension accounts like 401(k) from working in the US, UK, or Canada can now defer India tax liability. By filing Form 40 electronically before the income tax return deadline, taxation shifts from accrual to withdrawal basis. This option, once exercised, is generally irrevocable but becomes void if the individual becomes a Non-Resident.
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from Tax-Wealth-Economic Times https://ift.tt/Ao6yNRx
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