Income Tax

Check These 6 Transactions to Avoid Income Tax Notice for Cash Deposits

Discover 6 Transactions That Can Attract an Income Tax Notice for Cash Deposits.

MSME/Udyam Registration Declaration by Vendor/Supplier

Sample declaration format from vendors/suppliers regarding whether they are registered under MSME Act or not.

Letter for Declaration of Registration under MSME Act from Suppliers

Sample request letter format for getting declaration from vendors/suppliers regarding whether they are registered under MSME Act or not.

Cost Inflation Index (CII) – For LTCG Calculation

Cost Inflation Index (CII) is an indication of the increase in prices of assets due to the rise of inflation year by year. Central Board of Direct Taxes i.e. Income Tax Department notified Cost Inflation Index (CII) each year in…

Updated TDS/TCS Rates for FY 2020-21 and AY 2021-20

New TDS and TCS rates applicable for FY 2020-21/AY 2021-22 as announced by Union Finance Minister due to coronavirus pandemic.

Revised income tax return forms will be notified till the end of this month

CBDT in a press release said that to enable taxpayers to avail benefits of various timeline extensions due to coronavirus outbreak, they are revising the income tax return forms for FY 2019-20 (AY 2020-21) and the same will be notified by end of this month.

Meaning of relative under the income tax act

The term relative has been used many times in various sections of the Income Tax Act and meaning to term relative has been given differently according to the need of each section. In this article, we will discuss the meaning of relative as provided under different sections of the Income Tax Act, 1961.