Virtual Digital Assets or Crypto-currency or NFTs are the center of attraction in today’s finance world. One gets very eager to learn and trade in these avenues considering their nature of quick and big profits. As we all know, these assets have grown tremendously in value in the last decade.
The processing of the return takes place only after e-verifying the Income Tax Return.
Vide the powers conferred under sub-section (2) of section 194R of the Income Tax Act, 1961 (‘Act’) the Central Board of Direct Taxes ('CBDT') has issued guidelines for removal of difficulties in implementation of this section. These guidelines are binding on the income tax authorities and on the person providing such benefit/ perquisite.
Section 142 and 142A of the Income-tax Act deal with giving notice to the assessee to submit returns, produce accounts, documents, etc.
Notices are issued by the income tax department under the various provisions of the Income Tax Act to the assesses with the purpose to assure greater tax compliances. The notices are covered under section 142 of the income tax act.
Mismatch of TDS refers to the situation when the details of Form 16 and Form 26AS differ from each other.
The scrutiny aims at providing an opportunity of being heard to the accuracy of the return through documentary evidence.
An income tax raid is an operation of search and seizure which is conducted by the income tax department on the business or residential premises of taxpayers with an objective to reveal all the undisclosed income of the assesses.
The article explains how to make a gift agreement in very simple terms.
Trading in shares and derivatives (F&O trading) is commonplace today. You won't believe that the depositories added approximately 14.3 million new investors during the year that concluded on March 31, 2021. We also cannot ignore the influence of digitalization and the platforms available for stock and derivative market investing.
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