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Gifts received by Individual/HUF- Taxation & Exemption under Income Tax Act, 1961
To provide some clarity on this matter, we have provided a detailed overview of how gifts are taxed in India and what all exemptions are available related to gifts. In this article, you can gain knowledge about various provisions relating to the taxability of gift received by an individual or a Hindu Undivided Family (HUF) i.e. sum of money or property received by an individual or a HUF without consideration or a case in which the property is acquired for inadequate consideration.
By CA. Kavit Vijay
Last update on March 20,2023
The Union Minister of Finance and Corporate presented the first Union budget of “Amrit Kaal” 2023-24 in Parliament 01.02.2022. This budget brought funds for various schemes to achieve the vision of “Atmanirbhar Bharat”. It focused on the empowerment of women, enhancing the skills of artisans, green energy, and various other segments to provide a whole growth to the country.
By CA. Shilpi Goyal
Last update on February 7,2023
Union Budget-2023-24| Changes for Salaried Assessee
This budget focused toward capex expenditure wherein priority was given to building roads, railways and highways. This budget also brought relief for the middle class in form of higher exemption slabs, more clarity on the new regime and the old regime. Also, the highest slab of surcharge has been reduced from 37% to 25% thereby reducing the maximum rate of income tax from 42.744% to 39%. Also, some products were made more economical and some were made more expensive.
By CA. Vipin Tyagi
Last update on February 6,2023
Union Budget-2023-24| Income Tax Amendments
Union budget 2023-24 has proposed various amendments in the Income tax act such as Change in slab rates, extended benefits to MSME Enterprises, relaxation in tax audits threshold limits, Relaxations for cooperative societies etc.
By CA. Shilpi Goyal
Last update on February 6,2023
All about Deductions for rent u/s 80GG of Income Tax Act, 1961
A detailed discussion is carried out about the legal provisions of Section 8GG and all practical issues or steps to be taken so that this deduction can’t be denied.
By CA. Kavit Vijay
Last update on December 17,2022
TDS on Sale/Purchase of Immovable Property
The government implemented TDS provisions on the sale/purchase transaction of immovable properties through Section 194-IA to the Income Tax Act, of 1961.
By CA. Kavit Vijay
Last update on November 21,2022
Union budget was presented by Hon’ble Finance Minister on 1st Feb 2022 in Parliament wherein various amendments are proposed under Income Tax Act and few changes are also proposed under Goods and Service Tax Act. In this article, you will get a detailed analysis of amendments proposed by the Finance Act, 2022 in Income Tax and Goods and Service tax.
By CA. Kavit Vijay
Last update on February 8,2022
Guide to a new Annual Information Statement under Income Tax
the Government has rolled out a new annual information statement expanding the scope of current Form 26-AS with the inclusion of various information categories like interest, mutual fund transactions, insurance, dividends, etc.
By CA. Kavit Vijay
Last update on December 11,2021
Implication of cash transaction under Income Tax
The government is making all the efforts to promote electronic transactions by providing various tax incentives and discouraging cash transactions by imposing various penalties or increasing tax compliances for cash transactions.
By CA. Kavit Vijay
Last update on September 17,2021
Income Tax Due Dates Extension for AY 2021-22
CBDT has decided to extend the due date of filing of various income tax returns and audit reports for FY 2020-21 (A.Y. 2021-22) vide Circular No. 17/2021 dated 9th September, 2021.
By CA. Kavit Vijay
Last update on September 10,2021