High Value Transactions
Introduction:High-value transactions in income tax typically refer to financial transactions or activities that involve significant amounts of money. These transactions are usually subject to closer scrutiny by tax authorities due to their...
Taxation of HUF
Hindu Undivided Family (HUF) is defined as a separate tax entity that consists of individuals lineally descended from a common ancestor and includes their wives and unmarried daughters. HUF is recognized as a distinct assessable entity under the...
Cash Deposits made during Demonetization period cannot be taxed as Unexplained Income u/s 69A if sufficient explanation of Source is produced: ITAT
Demonetization period in the Indian economy is considered as one of the most significant event since government had undertaken an important step in curbing out the black money from the Indian market. The demonetization decision came with certain...
Income of a minor child
https://www.youtube.com/watch?v=Bs1Sng9nRko
Agricultural Income
Introduction:The agricultural sector plays a crucial role in the economic perspective of any nation, both in developed and developing economies. As per Section 10(1) of the Income Tax Act, agricultural income is exempt from income tax and is not...
Reporting of FNO trading- All you need to know
Introduction:Futures and options are derivative financial instruments that derive their value from an underlying asset such as stocks, indices, currencies, or commodities. These instruments are popular among investors and traders for hedging,...
Form 67 for Relief under section 90/90A/91
Introduction:In today’s globalized world, where businesses transcend borders and individuals relocate for work and investment opportunities, the issue of double taxation has become increasingly relevant. To address this challenge, countries often...
Taxation on online Gaming
Introduction:India is witnessing sharp rise in online gaming sector as well as in betting sector. Many platforms offer winnings on completion of a particular game or upon winning a bet. This is one of the significant factor government has looked...
Why to File 15G and 15H Form
https://www.youtube.com/watch?v=ho6JGo0m_wk&list=UULFTIpmzGmtAXayrwUZhFu50A&index=8
Changes and important amendments in Form 3CD
Introduction:Form 3CD is a statement of particulars required to be furnished under section 44AB of the Income Tax Act, 1961. It is essentially an audit report that is required to be filed by certain persons carrying on business or profession. The...
Aadhaar-PAN Linkage: Ensuring PAN Operability in a Fast-Changing Landscape
In recent times, the Indian government has embarked on a profound transformational path, focusing on the digitization and modernization of diverse facets of governance and citizen services. An instrumental cornerstone of this initiative was the...
Maximizing Your Deductions: How Income Tax Software Can Help You Save Money on Taxes in India.
Maximizing deductions is a key strategy for saving money on taxes in India. By reducing the amount of taxable income, taxpayers can lower their tax liability and keep more of their hard-earned money. Income tax software can be a powerful tool for...