India

An individual is an Indian tax resident in a tax year if physically present in India for 182 days or more, or for 60 days or more in that year combined with 365 days or more across the preceding four tax years; otherwise they are a non-resident. A resident is further classified as 'resident but not ordinarily resident,' with a narrower tax base, if they were a non-resident in nine of the preceding ten tax years or present in India for 729 days or less across the preceding seven tax years; other residents are 'resident and ordinarily resident,' taxed on worldwide income.

India's tax year runs from 1 April to 31 March. Individuals must each file a separate income tax return, since joint filing is not permitted. The filing deadline is 31 July of the following year for most individuals, 31 August for those with business or professional income whose accounts are not required to be audited, and 31 October for those whose accounts are required to be audited.

Non-resident individuals are taxed under the same progressive schedule as residents, but only on income that accrues or arises, or is received or deemed received, in India; income earned and received outside India falls outside the scope of Indian tax for non-residents.

Under the default APTR, a standard deduction against salary income is available, but most other deductions and exemptions are disallowed. Taxpayers who elect the old regime may instead claim a range of deductions, including for life insurance premiums, provident fund and National Pension System contributions, children's tuition fees, housing loan principal repayment (together subject to an aggregate limit), and donations to approved charitable funds and institutions.

GST registration is mandatory once annual aggregate turnover exceeds INR 2 million (INR 1 million in specified special-category states), except that a person engaged exclusively in intra-state supply of goods instead faces an INR 4 million threshold in most cases. Businesses with turnover up to INR 15 million may instead opt into the composition scheme, paying tax at a lower rate and filing quarterly returns, without the ability to claim input tax credit.

Exports of goods and services are zero-rated, and exporters can claim a refund of the related input tax credit. A number of products, including petrol, diesel, aviation turbine fuel, natural gas, crude oil, and alcohol for human consumption, fall outside GST's scope entirely and instead remain subject to the legacy value-added tax and excise duty regimes.

Long-term capital gains up to INR 125,000 in a year on STT-paid listed equity are exempt from tax. Separately, tax on long-term capital gains generally can be reduced through Income-tax Act exemptions where the gain is reinvested into a residential house (capped at INR 100 million since 1 April 2023) or into specified investment funds (capped at INR 5 million, subject to a minimum three-year holding period).

Under Section 115BBH, no deduction is allowed for any expenditure other than the cost of acquisition, and no other allowance is permitted, in computing income from transfer of a virtual digital asset. A loss from such a transfer cannot be set off against income computed under any other provision of the Act, nor carried forward to later assessment years.