Section 68 – Statutory Provision When any sum is credited in the books of an assessee: The assessee must explain the nature and source of such sum.If no satisfactory explanation is provided, the sum may be treated as undisclosed income. Classic Conditions under Section 68 To discharge the onus under Section 68, the assessee must

1. Statutory Provisions Section 54B of the Income-tax Act, 1961 provides relief to individual or HUF taxpayers from capital gains arising on the transfer of agricultural land used for agricultural purposes. Key Conditions:Eligible Assessee: Individual or HUF. Asset Sold: Agricultural land (short-term or long-term). Usage: The land must have been used for agricultural purposes by

By CA Pranay Goyal | Reviewed and Summarised for Public Awareness Charitable institutions in India operate in a regulatory environment designed to foster genuine public welfare while ensuring transparency and compliance. Understanding taxation and registration requirements is vital for any organisation seeking income tax exemptions under the Income Tax Act, 1961. What Is a Charitable

Charitable trusts in India play a vital role in social welfare. To ensure transparency and accountability, the Income Tax Act provides specific exemptions and compliance requirements for them. Here’s a concise overview of how charitable trusts are taxed: What is a Charitable Trust?A charitable trust is an arrangement where assets are set aside to benefit

For a charitable trust or NGO to claim tax exemptions and provide tax benefits to donors, registrations under Sections 12A and 80G of the Income Tax Act are essential. Here’s a concise guide: What is a Trust?A trust is a legal arrangement to manage assets for the benefit of others. Trusts can be public (for

When you sell a capital asset and earn a long-term capital gain (LTCG), the Income Tax Act offers several exemption options to save tax, provided you reinvest the proceeds in specified assets. Let’s explore the main sections (54 to 54G) that provide relief. ✅ Section 54 & 54F – For Individuals & HUFs Section 54:

Charitable trusts and institutions enjoy tax exemption under certain conditions. However, recent Finance Acts have introduced significant amendments to ensure better compliance and accountability. Here’s a brief overview of the key changes you need to know: 📌 Corpus Donations – Section 11(1)(d) (Effective 01.04.2022)Voluntary contributions directed towards the corpus are tax-exempt only if: They are

India’s direct tax system has long been marred by a staggering volume of pending disputes — over 4.83 lakh cases with a disputed amount nearing ₹9.32 lakh crore. Recognising the urgent need to unclog the system and provide relief to both taxpayers and the government, the Vivad Se Vishwas Act, 2020 (VsV) was introduced as

For a long time, Indian investors, especially HNIs, have relied on equities and mutual funds to build wealth. And while that approach has served us well, markets today aren’t what they used to be. As someone who’s spent years advising HNIs and UHNIs, I’ve seen a shift: Returns are no longer just about what you

For HNIs and UHNIs, diversification isn’t just about adding more asset classes —it’s about adding the right asset classes. And that’s where Category III Alternative Investment Funds (AIFs) come in. They are often called India’s hedge funds, promising high risk-adjusted returns throughlong-short strategies, arbitrage, and derivatives trading. But the real question is 1. Do they