Read more about the article Taxation and Other Aspects of Private Trusts – Overview | Strategic Considerations | Types

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…

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Read more about the article Section 133(6) of the Income Tax Act, 1961: Powers, Scope & Importance

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),…

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Read more about the article Income Tax Notice u/s 142(1): Inquiry, Reply, and Penalty Provisions

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…

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Read more about the article CBDT Launches Second NUDGE Initiative to Enhance Voluntary Compliance on Foreign Assets

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…

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Read more about the article Schedule FA – Disclosure of Foreign Assets in ITR

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…

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Read more about the article Disclosure of Foreign Assets in Income Tax Return: Penalty & Due Date

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…

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Read more about the article 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

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…

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Read more about the article Property Sales by NRIs: Experts Explain Tax Rules and Life Without Indexation

Property Sales by NRIs: Experts Explain Tax Rules and Life Without Indexation

Property Sales by NRIs: Experts Explain Tax Rules and Life Without Indexation The latest tax changes have resulted in higher tax liabilities and larger TDS deductions for NRIs selling property…

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