Income Tax Articles

Section 10AA of the Income Tax Act, 1961

Aarika 21 November 2023 at 17:12

Section 10AA of the Income Tax Act, 1961, provides deductions for enterprises operating in Special Economic Zones (SEZs) in India. This section aims to promote exports and attract foreign investment by offering tax concessions to businesses located in SEZs.

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

CA Aman Rajput 21 November 2023 at 14:27

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

CA Umesh Sharma 20 November 2023 at 14:44

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.

How to file Belated Income Tax Return after due date?

Sparsh Wadhwa 18 November 2023 at 07:40

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).

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

Vivek Jalan 17 November 2023 at 15:02

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

CA Ruby Bansal 17 November 2023 at 11:58

"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?

Sparsh Wadhwa 16 November 2023 at 14:36

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

CA PRASANTH.K 15 November 2023 at 09:32

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 ..

Charitable Organisations Facing Controversies Regarding Anonymous Donations

CA Aman Rajput 10 November 2023 at 08:46

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