Guide to 80G Registration
Guide to 80G Registration An NGO can claim income tax exemptions by completing the required registrations and meeting compliance norms. However, this exemption alone does not offer any tax benefit…
Merchant Navy Workers Taxation in India
Merchant Navy Workers Taxation in India Similar to other Indian citizens, seafarers or merchant navy professionals are governed by Indian income tax laws. However, their tax liability primarily depends on…
Easy Guide to e-Notices and Their 6 Types Under Income Tax
Easy Guide to e-Notices and Their 6 Types Under Income Tax With the advancement of technology, most communications from the Income Tax (IT) Department are now sent to the taxpayer’s…
Sovereign Gold Bonds (SGB) Taxation
Understanding the taxation of Sovereign Gold Bonds (SGBs) is important for investors who want to optimise returns from gold investments. Issued by the Reserve Bank of India, SGBs are a…
Taxation and Other Aspects of Private Trusts – Overview | Strategic Considerations | Types
A Private Trust is a legal structure in which an individual or entity, called the settlor or trustor, transfers assets to a trustee. The trustee holds and manages these assets…
Section 133(6) of the Income Tax Act, 1961: Powers, Scope & Importance
India’s taxation framework is governed by the Income Tax Act, 1961, which empowers tax authorities to ensure proper compliance and prevent tax evasion. One such important provision is Section 133(6),…
Income Tax Notice u/s 142(1): Inquiry, Reply, and Penalty Provisions
An income tax notice is issued by the Income Tax Department for several reasons, such as failure to file returns, mismatches in return details, incomplete disclosures, underreported income, suspected tax…
Understanding Schedule FA in ITR Forms and Its Implications under Black Money Laws
Understanding Schedule FA in ITR Forms and Its Implications under Black Money Laws 1. Introduction Schedule FA, which deals with the disclosure of foreign assets, has been an essential part…
CBDT Launches Second NUDGE Initiative to Enhance Voluntary Compliance on Foreign Assets
CBDT Launches Second NUDGE Initiative to Enhance Voluntary Compliance on Foreign Assets The Central Board of Direct Taxes (CBDT) has launched the second phase of its NUDGE initiative to promote…
Schedule FA – Disclosure of Foreign Assets in ITR
Schedule FA – Disclosure of Foreign Assets in ITR In a recent communication, the Income Tax Department has advised taxpayers to declare details of foreign assets and income earned abroad…
Have You Received an SMS or Email from the Income Tax Department Regarding Foreign Assets
Have You Received an SMS or Email from the Income Tax Department Regarding Foreign Assets The Income Tax Department has started issuing SMS and email communications to taxpayers about potential…
Disclosure of Foreign Assets in Income Tax Return: Penalty & Due Date
Disclosure of Foreign Assets in Income Tax Return: Penalty & Due Date The movement of black money through foreign tax havens has long been a major concern for the Income…
Income Tax department identifies cases of non-disclosure of foreign assets in ITRs
Income Tax department identifies cases of non-disclosure of foreign assets in ITRs The Income Tax Department has detected several cases involving the non-reporting of foreign assets in Income Tax Returns…
How to Handle Income Mismatch in ITR Filing
How to Handle Income Mismatch in ITR FilingAn income mismatch in ITR filing arises when the income reported by a taxpayer does not correspond with the information available with the…
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