Income Tax Articles

Active Role of an Income-tax Officer: Balancing Adjudication with Investigation

Posted by CA Aman Rajput 21 November 2023 2457 Views

The Income-tax Officer is not only an adjudicator but also an investigator. He cannot remain passive in the face of a return which is apparently in order but calls for further inquiry.

Diwali Gifts, Perquisites and Tax Issues

Posted by CA Umesh Sharma 20 November 2023 4186 Views

There are many taxpayers who gain financially by receiving Gifts on various occasions and Diwali is one of them. There is no Tax Exemption for Gift received from third person if value of Gift exceeds Rs. 50,000.

Income Tax in India : Guide to Filing Income Tax Return And Its Forms

Posted by Shivani 20 November 2023 6658 Views

An income tax return is a form that individuals, businesses, or other entities file with the government to report their income, deductions, and tax liabilities. It summarizes the financial information for a specific period, typically a year, and calculates the amount of tax owed or the refund due to the taxpayer.

How to file Belated Income Tax Return after due date?

Posted by Sparsh Wadhwa 20 November 2023 4089 Views

This article delves into the intricacies of belated returns, outlining their limitations, consequences, and the step-by-step process of filing online under Section 139(4).

Charitable Organisations Facing Controversies Regarding Anonymous Donations

Posted by CA Aman Rajput 17 November 2023 4000 Views

In this article, let me unravel the complexities surrounding anonymous donations, exploring their definitions, exemptions, and controversies that have arisen over the years.

Can a Charitable Institution Register Without Prior Registration Under Another Law?

Posted by Vivek Jalan 17 November 2023 1139 Views

Does the Income Tax Law debar a charitable institution from getting registered until it is registered under another Law?

India's Online Gambling Tax Rate: What You Need to Know

Posted by CA Ruby Bansal 17 November 2023 1730 Views

"There are two sides to every coin" is an analogy that can be applied to almost every area of life. One scenario where this is certainly true is the taxes applied to money earned through gambling.

How to file Revised Income Tax Return?

Posted by Sparsh Wadhwa 16 November 2023 952 Views

Section 139(5) of the Income-tax Act, 1961, allows taxpayers to file revised income tax returns if they have made a mistake while filing their ITR.

Landmark Ruling by Madras High Court: Online Rummy and Poker Recognized as Games of Skill

Posted by CA PRASANTH.K 15 November 2023 3525 Views

In a landmark judgment on November 9, 2023, the High Court of Madras delivered a significant ruling in the case of All India Gaming Federation versus the State ...