A very common and frequent question running in the mind of taxpayers is the tax ability of gifts. In this part, an effort has been made to discuss the various provisions relating to taxability of gift received by an individual or a Hindu Undivided Family (HUF) under Income Tax Act. 1. Monetary Gifts: If the […]
The love towards money can lead to problems like demonetarization of currency etc which can further lead to more tax evaders in our society.
Article discusses Union Budget 2017 provisions related to ELECTORAL BOND. It discusses if the same is a legal weapon to curb and mitigate illegitimate funding for political parties.
Government of India is thinking of change of Financial Year (April to March) to Calendar Year (January to December). Prime Minister, Mr. Narendra Modi has given a proposal in this respect in a NITI Aayog’s meeting. If this is done, it will close the chapter of Financial Year of April to March introduced by Britishers, 150-year ago.
In this Article we update you about the Income tax slab rates applicable to different types of taxpayers such as Individual, HUF, Partnership Firms, AOP/BOI, Co-operative Society, Local authorities, Domestic as well as Foreign Companies, etc for assessment year 2020-21 i.e. financial year 2019-20. Articles compiles Income Tax Rate Chart for Financial Year 2019-20 after […]
What is Trust As per the Indian Trust Act 1882, a Trust is an arrangement where the author/ owner (trustor) transfers the property to someone else (trustee) for the benefit of a third person (beneficiary). Such a property is transferred by the author/ trustor to the trustee along with a proclamation that the trustee should […]
There are discrepancies, in many cases, in respect of spellings, date of birth, phone number, address, etc. in the data of PAN and Aadhaar, it becomes practically not possible to link Aadhaar with Income tax e-return filing site in such cases.
Income Tax Act, 1961 allows only 1 house property to be declared as Self occupied while all others are compulsorily required to be declared as rented out. In case of Property which is let out there exists a concept of Deemed Annual Value
The transportation of goods from one part of India to another through a foreign territory was hitherto covered by the Transportation of Goods (Through Foreign Territory) Regulations, 1965. Such movements were however uncommon and the regulations were not effectively used due to absence of bilateral arrangements with neighbouring countries.
Eligibility – Individuals who are residents of India are eligible to open an account under the Public Provident Fund scheme. A PPF account may be opened under the name of a minor by his/her legal guardian. However, each person is eligible for only one account under his/her name.
