Income Tax Articles

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.

Tax Savvy: Maximizing Your Refund with Smart Strategies

Usama Ansari 09 November 2023 at 14:38

This article will guide you through essential tax-saving techniques that will help you keep more of your hard-earned money in your pocket.

Income Tax bitter pill for the business of prescription of medicines

Vivek Jalan 07 November 2023 at 10:26

Not every doctor is corrupt and not every pharmaceutical firm resorts to unethical means to sell their products. However, there is no denying that a large number of doctors and medical companies adopt unfair means. Even the Supreme Court frowned at the expenses incurred on sales promotion of certain medicines

Fataka Stall of Taxation Department!

CA Umesh Sharma 07 November 2023 at 10:26

The article enlightens us on how the sparkling provisions of the Companies Act, GST and Income Tax reflect the diverse array of Diwali firecrackers, with each having its distinct influence on taxpayers lives.