The taxability of gifts is a popular and frequently asked subject among taxpayers. In this article, you'll learn about the numerous rules relating to the ‘TAX ON SALE OF PROPERTY…
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…
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…
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…
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…
In this article we have discussed all about TDS and TCS under GST.The concept of Tax Deduction at Source (TDS) was there in the former VAT Laws. GST Law also…
In this article, we have discussed about mandatory Filings of Limited Liability of Partnership. In India, for all purposes of taxation, An LLP is treated like any other partnership firm.…
In this article, we have discussed about tax on freelancers income in India . India is the second-largest freelancing Market. freelancing has taken off quite a bit in the past…
As per the Income Tax Act of 1961, income tax must be deducted at source as per provision of the Income Tax Act, 1961.TDS stands for Tax Deducted at Source.…
Why Capital Gain Account Scheme? To encourage the reinvestment of capital gains/net consideration the Indian government introduced the capital gain account scheme in 1988. the Indian government provided tax relief…
In this article we have discussed all about HUF in India.The business carried out by the members of a Hindu undivided family as joint Hindu family business. HUF is a…
How to claim exemptions from Long Term Capital Gains Long Term Capital Gains are defined as profits on sale of assets (movable or immovable) which have been held for: 3…