Death is uncertain but sure. After demise if taxpayer, legal heir is the person who takes control over all the assets and liabilities. Income tax is also one of liability and taxpayer cannot refrain himself from paying tax even after his death. The legal heir of taxpayer will be responsible for payment of tax dues. […]...

Sections of Income Tax Act, 1961 Covered in article 220-When tax payable and when assessee deemed in default 245-Set off of refunds against tax remaining payable 222-Certificate to tax recovery officer 223-Tax recovery officer by whom recovery is to be effected Articles of Constitution of India Article 14-Equality before law Article 19-Pr...

Taxpayers who missed the deadlines to file their ITR for FY 2019-20 and FY 2020-21 can do so now. Do you want to know how?? Then read the entire article. In the Union Budget 2022, the government introduced the ITR U form for updating income tax returns. The ITR-U form is a rescue for those […]...

Deduction in respect of Contribution to Political Parties under Section 80GGB & 80GGC of the Income Tax Act, 1961 Section 80GGB: Deduction in respect of Contributions given by Indian Companies. Quantum of deduction: Entire amount of contribution to any political party or electoral trust is eligible for deduction under this section. No...

As a business owner in India, it is essential to have an effective tax planning strategy to minimize your tax liability and optimize your financial resources. By following the ten tax planning strategies discussed in this article, you can save taxes, increase profits, and improve cash flow. 1. Choose the Right Business Entity Choosing the...

Income Tax Department is sending mails and messages to taxpayers regarding linking of PAN with Aadhar. It is mandatory to link PAN with Aadhar upto 31/03/2023 otherwise PAN shall become invalid. The screenshot of messages/emails received by taxpayers is- “WHAT IS MANDATORY IS NECESSARY IT IS NOTICED THAT YOUR PAN IS REGISTERED AT E-FI...

Draft submissions before the First Appellate Authority Wherein Notice u/s 148 sent at wrong address of the assesse, not received by the assessee by speed post & in person with some judgements regarding the issue Introduction of the assessee The assessee is not an educated person and not at all conversant with computer work and [&helli...

The taxation of cross-border digital and e-commerce transactions has always been a huge trouble for the entire world, including India, since it has created endless ways for doing the business virtually from anywhere in the world without having any physical presence....

Presently RSU (Restricted stock unit also known as Sweat Equity) allotted by a foreign grand parent company, free of cost to employee of Indian subsidiary, is being taxed as ‘perquisite’; and for the purpose, the FMV of the ‘vested units’, as on the date of vesting, is considered as the taxable perquisite value....

Exemption from Capital Gains on transfer of House Property – Section 54 (As per Finance Act 2023) 1. Who can avail benefit – Individual and HUF 2. Asset Transferred/Sold – Asset MUST be Residential House Property. 3. Period of Holding– Residential House Property which is transferred MUST be a long term Asset, in other word...