Section 44AB: Tax Audit under Income Tax

As tax season approaches, individuals and businesses must be familiar with the numerous requirements of the Income Tax Act in order to ensure compliance and avoid penalties. The obligation for…

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Tax on Gift Received by an Individual or a HUF – Frequently Asked Questions

Is the receipt of monetary gifts by an individual or Hindu Undivided Family (HUF) taxable?Yes, under the Income Tax Act of 1961, monetary gifts received by an individual or HUF…

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