The Income Tax Department has the power to search and seize( also called raids) property or money from people suspected of not paying their taxes. This is an important tool to catch tax evaders.
As per Section 122 of the Transfer of Property Act,1882- "Gift is the transfer of certain existing MOVABLE OR IMMOVABLE property made VOLUNTARILY and WITHOUT CONSIDERATION by one person called Donor to another called Donee and accepted by or on behalf of Donee".
Rule of harmonious construction requires that a provision of law must be read as a whole and not in isolation. The law should be given effect to without adding anything as per the intention of the legislature.
What is tax audit?The dictionary meaning of the term "audit" is check, review, inspection, etc. There are various types of audits prescribed unde
Advance tax is a tax that needs to be paid in advance on estimated income, in contrast to the regular tax paid at the end of the financial year. In this article, we will cover the basics of advance tax, including the procedure for calculating and paying it.
Senior citizens and a very senior citizen are granted a higher exemption limit as compared to normal tax payers. Exemption limit is the quantum of income up to which a person is not liable to pay tax.
As the financial year 2022-23 is approaching its end, the last date to file ITR for previous years is also expiring. In this article, let's discuss the two options to file ITR after due date of filing has expired.
Tax Compliance Tracker - March, 2023
National Pension System (NPS) is a pension cum investment scheme launched by the Government of India to provide old age security to Citizens of India. It brings an attractive long-term saving avenue to effectively plan your retirement through safe and regulated market-based returns.
New ITR forms have been notified by CBDT on 10/02/2023 and 14/02/2023, what is your view on that
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
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