Income Tax Articles
Form 3CD - A Detailed Analysis
FORM NO. 3CD[See rule 6 G(2)]Statement of particulars required to be furnished under section 44AB of the Income Tax Act, 1961PART - A Name of the assesse(Here the name of the assesse is to be mentioned, and in case such audit is carried in respect of
Receipt without consideration (Gift) from Non-Relatives - A tool for tax planning
Any receipt without consideration or receipt with inadequate consideration from relatives (as defined under Income Tax Act) is not taxable. However, certain receipt without consideration or receipt with inadequate consideration even from non-relative
Basic about income tax department
Introduction � Income Tax Return, Audit is normally filled online at income tax department website. Herein I would like to discuss some basic knowledge about the working of income tax department. Generally, after become CA, it is very hard to g
Understanding of 44AB -Tax Audit
Understanding of 44AB Tax AuditIntroductionThe main objects of any audit are : To certify to the correctness of the financial position as to shown in the Balance sheet, and the accompanying revenue statements, The detection of errors, The detection o
Gift (Receipt without Consideration) to Persons other than Individuals & Hindu Undivided Family
*What is Gift?In Layman�s language, gift is transfer of goods or property (movable or immovable) from one person to another without consideration. As per Income Tax Act, Receipt without consideration or Receipt with inadequate consideration, by
How to tackle with income tax notices
Many of my family members & friends are receiving notices from Income tax department; usually any communication from the Income Tax department, especially receiving a notice from them, can send shivers down anyone's spine. A majority of the n
Understanding of various IT Assessments
What is meant by Assessment? Assessment defined as �Assessment Includes Re- Assessment and checking return of income for confirming its correctness�.
Mistakes to be avoided while filing an ITR
1. Forget Sending ITR V to Income Tax DepartmentEvery Tax Payer is required to send a duly signed copy of ITR V form to Income Tax department within 120 days of e filing an Income Tax Return at
Black Money (Undisclosed Foreign Income and Assets ) and Imposition of Tax Act 2015
1. What is this new Act all about ?Flight of money representing undisclosed incomes and asset creation abroad has been a perennial source of concern. As a one time measure to combat, control and bring to tax such black moneys, the Indian governmen
A complete guide to NRI tax implications
RETURNING INDIANSA returning NRI should know and understand various aspects of Foreign Exchange Regulations (FEMA), Indian Taxation and Banking Regulations in order to rearrange his financial affairs in India and outside India.FOREIGN EXCHANE MANAGEM
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