The applicability of the ITR form depends on the sources of income, amount of income earned and the category of the taxpayer like individual, HUF, Company etc.
Section 56(2)(viib) was introduced to deter the use of unaccounted money done through subscription of shares of a closely held company, at a value that is higher than the FMV of the shares of such a company.
The issue with respect to the tax treatment of interest earned out of the share application money deposited with a bank due to a statutory requirement has been a matter of debate before the Courts.
The current dilemma faced by the government authorities is to come up with an efficient way of taxing cryptocurrencies, which in turn puts the crypto investor community in a jeopardy.
Since its launch, the new e-filing portal has been prone to numerous glitches. Such glitches have restricted taxpayers from carrying out any tax-related work and any business transaction which is subject to tax.
Parents don't think of tax benefits while spending money on their children, however, much of their spending on the children are also eligible for tax deductions.
Money laundering, in the simplest of senses, is defined as a means or process by which proceeds from criminal activities are disguised in order to hide their illegal origin.
Filing of Income Tax Return is a way of declaring the amount of income earned and taxes paid thereupon to the Government. In this article, we will uncover two ways to file an ITR i.e. Online and Offline.
The notice under section 148 could be issued within a period of 16 years from the end of relevant AY in case the income that has escaped assessment relates to assets located outside India.
The Income Tax Act provides that a certain category of persons should compulsorily file their Income Tax returns every year within the due date specified. Let us discuss the same through this article.
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