Income Tax Articles

Taxation Of Gifts - Income Tax Act, 1961

FCS Deepak Pratap Singh 09 January 2023 at 12:39

Taxability of gift received by any person, i.e., sum of money or property received without consideration or a case in which the property is acquired for inadequate consideration.

Income Tax Notice

Aisha 06 January 2023 at 15:24

An income tax notice is a formal communication from the Income Tax Department stating that there is an issue with your tax return or tax payments.

All about NRI Fund Transfer

Aisha 03 January 2023 at 15:46

NRI fund transfer refers to the transfer of funds between a bank account held by a Non-Resident Indian (NRI) in a foreign country and an account in India, or vice versa.

Detailed Analysis of Guidelines for Compounding of Offences under IT Act 1961

CA Ankit Gulgulia (Jain) 02 January 2023 at 16:38

In supersession of all earlier Guidelines including the last Guidelines of the issued vide F.No.285/08/2014TT (lnv.V)/147 dated 14th June, 2019, the CBDT Issued revised guidelines vide F.No. 285/08/2014-IT(lnv.V)/196 dated 16th September, 2022 which were made applicable with immediate effect.

Real Growth of an economy is when the DT collections surpass the Budget Targets

Ishwin Kaur 31 December 2022 at 15:13

You must be wondering why I said so. Undoubtedly, Tax collection is an indicator of economic activity in any country. But to have a deeper understanding of this, we first need to have a look on the DT collections of this year, and the estimated Budget Target that was set by the Honourable Finance Minister, Nirmala Sitharaman.

Overview of CMCPCI SMS

Niharika Bose 31 December 2022 at 12:20

CMCPCI is a unit within the Indian tax authorities that is responsible for reviewing and processing online Income Tax Returns (ITRs). If you have filed your ITR online and have received an SMS notification with the CMCPCI source code, it indicates that your return is being processed by the CMCPCI.

Missed filing ITR? File belated ITR for FY 2021-22 by 31st Dec

Mitali 28 December 2022 at 16:00

Income Tax Return is a form that individuals and businesses are required to file with the Income Tax Department. The purpose of ITR is to report the income earned during a financial year and pay taxes on it.

Section 68: Unexplained Cash Credit

Anchal Gupta 24 December 2022 at 08:56

As per section 68, any sum found credited in the books of a taxpayer, for which he offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, may be charged to income-tax as the income of the taxpayer of that year.

Income tax calculator & its uses

Mitali 20 December 2022 at 13:14

An income tax calculator is an online tool that is designed to estimate tax liability for a given tax year. It takes into account factors such as income, deductions, credits, and exemptions to determine how much tax an individual or business owes.

Supreme court puts an end to large tax evasion through partnership firms

FCS Deepak Pratap Singh 03 December 2022 at 16:45

This ruling of SC will have a far-reaching effect, which has changed perception of using Partnership Firm to evade taxes. The SC has considered revaluation of the assets of a Partnership Firm is an event deemed to transfer of assets to the partners and hence taxable in the hand of firm.