Income tax

ITR AY 2022-23 Breaking news: tax return would become invalid if you didn’t do it soon

ITR Verification for AY 2022-23 Latest News (August 4): More than 1.8 crore tax returns have not been verified by taxpayers till July 31, 2022. In order to complete the tax return process, it is important to verify the ITR. Once the returns are verified, the Income Tax Department processes the ITRs, sends the Income […]

Income tax

Income Tax Department detects black income of over Rs 1000 Crore after raids on Gujarat Business Group

New Delhi: The Income Tax Department discovered “unaccounted for” income of more than Rs 1,000 crore after raiding a Gujarat-based business conglomerate last month, the CBDT said on Tuesday. “Unaccounted cash of Rs 24 crore and unexplained jewellery, bullion etc worth Rs 20 crore have been seized so far,” it said in a statement.ALSO READ […]

Corporate profits

To reduce inflation, control corporate profits

picture by regularguy.eth on Unsplash “Inflation” is the new buzzword of the year. This is why the Federal Reserve interest rate hikes aimed at increasing the cost of certain loans. This is the excuse given against the renewal of enlargement child tax credit program that briefly lifted millions of American families out of poverty. It’s […]

Income tax

How is cash received as a gift taxed for income tax purposes?

Classroom oi-Sunil Fernandes | Updated: Monday, August 1, 2022, 10:09 AM [IST] Often individuals ask a question, and if I receive a gift and cash or check, how will it be taxed. If you are an individual or a HUF, if the following conditions are met, any monies received (i.e., a monetary gift may be […]