Varun Kumar & Associates "Tax and Legal Consultants"

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09/10/2018

Gifts from relatives are always tax-free

Section 56 of the Income-Tax Act states that gifts received from relatives are exempt from income tax and there is no cap on these gifts.

09/10/2018

Gifts from relatives are always tax-free

Section 56 of the Income-Tax Act states that gifts received from relatives are exempt from income tax and there is no cap on these gifts.

Legal service

09/10/2018

Tax Audit due date extended till 31st October 2018



On due consideration of representations from various stake holders, CBDT extended the due date for filling of income tax returns as well as all reports of audit from 15th October 2018 to 31st october 2018. However assessess filling their return of income with in extended due date shall be liable for levy of interest as per provision of section 234A of the Act.

02/10/2018

Medical insurance premium paid for a family member enjoys Rs 25,000 deduction. Tax benefit of up to Rs 50,000 for medical insurance paid for parents is allowed.

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Office No. 06 Ground Floor, Bhardwaj Complex, Near Dayal Market, Alipur
Delhi
110036

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