Definitive Tax on Sale of Gifted Property in India: Latest Capital Gains Rules, Exemptions and ExamplesThe tax on sale of gifted property is one of the most misunderstood areas in…
Income Tax Implications for NRI Selling Property in India (Updated Easy Guide)Non-Resident Indians selling property in India face mandatory tax deduction, complex capital gains computation, surcharge exposure, and foreign remittance…
Introduction: Over the past decades, the growing concern over climate change, energy independence, and securities of energy supply have accelerated the path to the decarbonization of the transport sector. this…
Taxation of individuals in India is primarily based on their residential status in the relevant tax year. The taxability of an individual in India depends upon his residential status in…
Dissolution of a Partnership Firm: Dissolution of the partnership firm refers to the situation where all the relation between a firm and its partners comes to an end. It is…
In simple terms, A resolution is a decision of a firm for doing an Act. The company’s decisions are made by passing a resolution. A resolution is just an agreement…
Section 154 of the Income Tax Act, 1961, Section 154 provides a possibility for the assessing officer to rectify any mistakes or errors in the income tax records that were…
Defective ITR U/S 139(9) A defective return u/s 139(9) reveals that a taxpayer has made any mistakes or found any incomplete or inconsistent information in ITR (Income Tax Return). If…
Introduction Due to unawareness, many taxpayers commit mistakes in GSTR 3B and GSTR 1 while filing the GST Return. In this article, we will discuss “how to correct mistakes in…
Filing of GST returns is compulsory for every taxpayer. Despite the passing of almost 3 years since the enactment of GST laws, many mistakes are still being committed by GST…
Introduction India has the second-largest internet user base in the world. India’s e-commerce market after “India Goes Digital" has the fastest-growing country in the world. The rapid popularity and acceptance…
Foreign Tax Credit (‘FTC’) According to a Ministry of External Affairs report, there are 32 million NRIs and OCIs residing outside India. Many Indian residents migrated abroad to countries like…
Agriculture is the primary source of livelihood and source of income for about 58% of India’s population. As we all know that income which is received from agricultural activities know…
In this article, we have listed as such items, which are not eligible for the input tax credit under GST. But first, we need to understand the term ‘ITC’. ITC…