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The purpose of this article is to make aware about all the possible benefits available to the searched person(s) in respect of jewellery found during the course of search. In this article we will discuss the various issues in detail on the following topics: 1. Source of Investment in Gold or Gold Related Items. While buying…
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There are many ways to save tax, but one such method which is very interesting and many people do not understand it completely is to transfer money to the wife’s account. This can be a wise move, but it is important to understand its rules. If you transfer money in your wife’s name and she…
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Individuals from diverse backgrounds, including those with fixed salaries, are generally encouraged to maintain at least one savings account to fulfill their banking requirements. Many individuals also opt to hold multiple accounts for various purposes. Those with a consistent income typically establish a savings bank account as it provides a secure location for their funds…
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Under the Income-tax Act, 1961, taxpayers must adhere to several critical deadlines and responsibilities to ensure compliance and avoid interest or penalties. This article outlines the due dates for various submissions, categorized as follows: ► Yearly Compliances – Filing of Returns for Securities Transaction Tax (STT), Statements of Financial Transactions (SFT), Income Tax Returns, Tax…
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CBDT has issued a Press Release on #PAN2.0 containing some clarification FAQs. Among others, I find FAQs No. 3 & 7, important. In FAQ 3, my understanding that taxpayers having existing PAN numbers will not be required to reapply for new PAN in PAN 2.0 & their existing PAN Nos. will continue to be valid,…
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