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Tax Planning, Tax Avoidance and Tax Evasion are separated by minuscule margin. Tax Planning is legal but not tax evasion, and as far as tax avoidance is co...
Depreciation under Income Tax Act refers to a deduction permitted for a reduction in the real value of a tangible/intangible asset used by the taxpayer. Th...
One should disclose capital gains or losses while filing Income Tax Return regardless of the amount gained or lost. So what is capital gain, and how can on...
Recently the Taxation Laws (Amendment) Bill 2021 was passed in the parliament, which intends to do away with retrospective tax provision and end retrospect...
Taxpayers must be cognizant of the repercussions of underreporting income or overstating deductions and exemptions when completing an income tax return. Ac...
In a recent case, an assessee was issued show cause notice on 19th April 2021, giving him the opportunity to file a response by 21st April. The assessee re...
Under Section 147 of Income Tax Act, the Income Tax Department has the power to reassess previously filed income tax return of an individual. The Assessing...
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