It is mandatory to file your Return of Income (ROI) and communicate your details of incomes earned to the Income Tax Department. The provisions relating to filing of ROI depends upon the status of taxpayer. The position in regard to this is described
Introduction :-As per Section 56 of Income Tax Act 1961, Gift exceeding Rs. 50,000/- is taxable in the hands of Donee and is to be indicated under the head Income from Other Sources in ITRs. But if gifts recei
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