High-net-worth individuals (HNIs) are rich members of society who have significant financial resources.
In the case of a non-searched person, whose books of account or documents were found during the search (referred to as "other person"), an assessment is made under Section 153C of the Act.
In this article, the author is going to discuss the details of the case of Deputy Commissioner of Income-tax v. BTW Atlanta Transformers India (P.) Limited., by examining arguments in above case, and the tribunal's decision, which will help us in understanding the broader implications for the taxpayers as a whole
As taxpayers in India gear up for another tax season, it's good to have the necessary knowledge to navigate the complexities of filing income tax returns for the financial year 2023-2024
Understanding the details of selling immovable property as a non-resident is crucial when it comes to taxes. Immovable property, commonly known as real estate, includes land, buildings, and permanent fixtures attached to the land. For non-residents looking to sell such assets in India, understanding the tax implications is vital.
Accounting covers a wide range of industries, including trade, business, government, financial institutions, private citizens, and all other sectors. The accounting concept governs all activities.
This article delves into the eligibility of ITC on motor vehicles, with a particular focus on exceptions for vehicles exceeding 13 seating capacity and the scenario of renting motor vehicles.
Individuals depositing in savings accounts INR 10 lakh or more in a financial year must notify tax authorities.
We'll be celebrating Hanuman Jayanti, honoring Lord Hanuman, known as Sankatmochan, the one who removes troubles. With his incredible strength and devotion, he has always been a symbol of hope during difficult times. Today, in our lives, especially when we face money problems, who acts as our Sankatmochan?
Trusts serve several functions and are a vital component of the Indian legal system. A legal arrangement known as a trust designates a trustee to hold assets on behalf of beneficiaries. There are various types of trusts with distinct functions in India. The six distinct categories of trusts in India will be covered in this article.
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