Are you filing Income Tax Return? If yes, this article is for you. The due date for filing of Income Tax Return is extended to 31st December 2021 from 30th September 2021 for the Financial Year 2020-21 i.e. A.Y. 2021-22. In this article, we will discuss the incomes that are part of taxable income but […]
Tag: GIFT
Discussion on ITC of Diwali Gifts
Festival season has arrived and Diwali is one of the biggest festivals in India. These are the times when people give gifts, sweets to their friends, relatives, employees, family, and clients. Our question is that Whether the input tax credit would be available for the purchase of Diwali gifts? Here we discuss the 2 scenarios […]
Taxability of Gift Received by Individual or HUF
The common man is confused about what tax will be levied on taking gifts or whether there will be any tax applicability on giving gifts. In this article we will discuss about tax applicability on gifts received by individual and HUF and try to remove confusions. Section 56(2) (x) deals with gifts received by Individual […]