Income-tax Act Archives - CA ALOK KUMAR

Tax Lessons from Rana Ayyub's Covid-19 Donation Case: What You Need to Know

The Rana Ayyub Crowdfunding Case: A Wake-Up Call on Donations, Tax, and Legal Compliance in India

By CA ALOK KUMAR May 8, 2025Income Tax Act 1961No Comments

Tax Lessons from Rana Ayyub's Covid-19 Donation Case: What You Need to Know

Beware of Income Tax Refund Scams: IT Department Issues Warning

By CA ALOK KUMAR December 20, 2024Income Tax, Income Tax Department, Income Tax RefundNo Comments

The Income Tax (IT) Department has issued an important warning to taxpayers about an increase in scams related to income tax refunds. Fraudsters are using emails, messages, and fake calls…

Tax Planning Within Law Is Not Tax Evasion – Offsetting STCL Against LTCG Is Legal – ITAT Mumbai

By CA ALOK KUMAR December 13, 2024Capital Gain, Income Tax, Income Tax Act 1961, Income Tax Department, Income Tax Order, Income Tax Refund, ITAT Decision, ITAT Ruling, Long-term Capital gain, Sec.148 of Income Tax Act, Short-term Capital gain, Tax on capital Gain, Virtual Digital AssetNo Comments

ITAT Allows Taxpayer to Offset STCL Against LTCG, Rejecting Tax Evasion Claims The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has upheld the right of taxpayers to offset…

The Unclaimed wealth of India: Over 2 Lakh Crore in Investor Protection Funds and Unclaimed Assets.

By CA ALOK KUMAR December 12, 2024EPF Accounts, EPFO, Unclaimed Assets, Unclaimed Bank Deposits, Unclaimed FD, Unclaimed Wealth, UnclaimedDepositsNo Comments

India holds a staggering amount of unclaimed assets across various financial instruments. These include investor protection funds, shares, dividends, bank deposits, provident funds, and mutual funds. This wealth, estimated to…

The Taxman Knows: Why and How to Disclose Your Foreign Assets in India

By CA ALOK KUMAR December 12, 2024BLACK MONEY ACT, Disclosing Foreign Assets, Foreign Account tax compliance, Foreign Assets, Foreign Direct Investment, Foreign Remittance, Foreign Travel, How to check TCS on Forex Transactions and Foreign Travel, Income Tax, Income Tax Act 1961, Income Tax Department, RBI Foreign Remittance Policy, Sec.148 of Income Tax Act, source of incomeNo Comments

The Indian Income Tax Department has intensified its focus on foreign assets held by resident taxpayers. With advanced data-sharing mechanisms and stringent laws like the Black Money (Undisclosed Foreign Income and…

Admit Bogus Transactions, Face Reassessment – Gauhati HC Ruling

By CA ALOK KUMAR December 11, 2024Bogus Transactions, Finance Acts, Income Tax Act 1961, Income Tax Department, Income Tax Order, Income Tax Refund, reassessment notice, Sec.148 of Income Tax Act, source of income, The Finance Act 2023No Comments

Notice Under Section 148A(b): Gauhati High Court Upholds Validity in Case of Bogus Transactions The Gauhati High Court recently addressed the validity of notices issued under Section 148A(b) of the…

Time to negotiate your Tax Bills with Income Tax department – Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV 2024)

By CA ALOK KUMAR December 9, 2024Advance Tax, BLACK MONEY ACT, Direct Tax, HUF Taxation, Income Tax, Income Tax Act 1961, Income Tax Department, Income Tax Order, Income Tax Refund, New Tax Regime, New Tax System, NGO Tax, Presumptive Taxation, Tax Assessment, Tax in India, TaxPayers Voice, Vivad se Vishwas, Vivad se Vishwas 2.0, Vivad se Vishwas 2024No Comments

The Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV 2024): Simplifying Tax Dispute Resolution The Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV 2024) is a transformative government initiative designed to address…

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