This guide explains when gifts received by individuals and HUFs become taxable under the Income-tax Act, including monetary, movable, and immovable gifts. It highlights the significance of the ₹50,000 threshold and the key exemptions available for gifts from relatives, marriage, inheritance, and specified institutions.
The Central Government has amended Notification No. 62/2022-Customs to prescribe a 0% Basic Customs Duty on all goods falling under tariff item 26020010. The move aims to lower import costs and provide relief to industries relying on these imports.
CBIC has designated a common adjudicating authority to decide several customs show cause notices issued by different commissionerates against the same importer. The move seeks to ensure consistency and avoid conflicting rulings.
The Income-tax Act contains strict provisions under Sections 40A(3), 269SS, 269ST, 269SU, and 269T to regulate cash transactions, restrict cash-based loans and receipts, and promote digital payments.
Learn about the most common Income Tax Return filing errors that can attract scrutiny from the tax department. From AIS mismatches to incorrect deductions, discover how to avoid expensive mistakes.
Discover why LLPs convert into Private Limited Companies to attract investors, introduce ESOPs, and access Startup India benefits. The article explains the legal process, compliance requirements, and key tax considerations.
Income from Other Sources encompasses various taxable receipts such as dividends, gifts, family pension, lottery winnings, interest income, and compensation payments that do not fall under the other four heads of income.
This guide explains how the abolition of DDT shifted the tax burden on dividends from companies to shareholders from 1 April 2020 onwards. It highlights the tax rates, TDS provisions, deductions, and special rules applicable to resident and non-resident recipients of dividend income.
The Income-tax Act mandates specified entities to report prescribed high-value transactions through SFT to help authorities monitor financial activities. Failure to furnish, rectify inaccuracies, or comply with due diligence requirements can result in substantial daily penalties and other compliance consequences.
ICAIs Board of Studies has announced free Live Virtual Classes for CA Final students appearing in May and November 2027 examinations. The initiative offers expert faculty guidance, recorded lectures, and exam-focused preparation support.
