Reading Time: 3 minutesMumbai ITAT rules gifts from step-siblings are not taxable under Section 56(2)(vii)(b). Learn the case facts, tax impact, FAQs, and practical insights for Indian taxpayers. 🧾 Q1: What’s the core dispute in this case?A: The heart of the matter was whether a gift of property worth â‚ą7.88 crore from a step-sister to her step-brother should […]
Reading Time: 3 minutes🧩 Q1. What was the real issue before the Bombay High Court? The burning question is: Should GST apply when someone transfers their leasehold rights of land/buildings to someone else? 👉 Tokheim India (P.) Ltd. argued that they were just assigning rights in immovable property—which is not taxable under GST.📌 The tax department, however, said
GST on Leasehold Rights 2025 | Bombay High Court Stay Explained Read More »
Reading Time: 4 minutesđź’Ľ Whether you’re a salaried individual, business owner, or investor — the taxman’s radar is sharper than ever. But what’s changed, and how do you stay on the right side of the law? Let’s dive in. 1. Why have income tax authorities become more vigilant? Short answer? Data + AI = Laser focus.The Income Tax
Income Tax Scrutiny FY 2025-26 – Notices, Penalties & Compliance Guide Read More »
Reading Time: 4 minutesQ1: What determines whether your global income is taxable in India? A: The residential status under the Income Tax Act, 1961 is the primary determinant. There are two key classifications:Resident and Ordinarily Resident (ROR):Stayed in India for 2 out of 10 previous years, ANDSpent 730+ days in India during the past 7 years.From FY 2020-21:
Tax Planning for Returning NRIs in India | RNOR Benefits, FEMA, DTAA & Compliance Read More »
Reading Time: 4 minutesIf you are planning to sell your property in India, the Capital Gains Tax can eat into a big part of your profits. However, the Income Tax Act, 1961 provides several exemptions that can help you reduce or even eliminate tax liability—if used smartly. In this article, we will explain how one couple legally saved
How to Save Capital Gains Tax on Property Sale in India (With Real Case Study) Read More »
Reading Time: 3 minutesđź“Ś Q1: Who is normally taxed for rental income under Indian tax laws?A: Under the Income Tax Act, rental income is generally taxed under the head “Income from House Property”, and it is taxed in the hands of the legal or registered owner of the property. Ownership here refers to the person who holds title
Reading Time: 4 minutesUnderstand India’s tax residential status rules – 182 days vs 120 days, NRI taxation, and the landmark M. Gulati case. Learn how job-hunting days abroad impact your NRI status. 👤 Q1: What actually determines your tax residential status in India?✅ Answer:Your number of days in India during a financial year (April to March). The basic
Are You a Tax Resident of India? Guide with Day Count, NRI Rules & M. Gulati Ruling Read More »
Reading Time: 2 minutesIs PF maturity tax-free in India? Learn PF taxation rules, Section 10(11), interest on excess contributions, employer limits, and retirement scenarios with examples. Provident Fund (PF) Taxation Explained Many employees believe Provident Fund maturity = tax-free jackpot, but that’s not always the case. The Income Tax Act has clear rules depending on years of service,
PF Maturity Tax Rules 2025 – Tax-Free or Taxable? Complete Guide Read More »
Reading Time: 3 minutesQuick Summary: Choosing between a Partnership and an LLP depends on your business goals. Partnerships are simpler & cheaper, while LLPs offer credibility, liability protection, and scalability. Q1: What are the fundamental differences between a Partnership and an LLP in India? A1: The key distinction lies in legal identity and liability. Traditional Partnership (Under Indian
Partnership vs LLP in India: Key Differences, Taxation & Compliance Explained Read More »
Reading Time: 3 minutesLearn everything about voluntary strike-off of a private limited company in India, Form STK-2 process, eligibility, penalties, required documents & FAQs. Q1. What is a “Voluntary Strike-Off” process for a Private Limited Company?A: It’s like giving your dormant company a formal goodbye! If your Private Limited Company never started operations or stopped doing business, you
Voluntary Strike-Off of a Private Limited Company: Everything You Must Know! Read More »
