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“What You Need to Know About Tax on Property Gifts and Inadequate Transactions”

The taxation of property received without consideration or for inadequate consideration is governed by Section 56(2) of the Income Tax Act, 1961. This provision ensures that such transfers, which may otherwise escape taxation, are brought into the tax net

A Complete “Understanding Tax Rules for Rural Development Grants”

Introduction Grants received for rural development play a significant role in funding projects aimed at improving infrastructure, education, healthcare, and livelihoods in rural areas. These grants can be received by individuals, companies, or non-profit organizations from government bodies, international

When Is Compensation Received Under a Business Contract Taxable? Complete

Introduction In the course of business, contracts often include clauses for compensation due to breaches, cancellations, or modifications. The Income Tax Act, 1961, provides specific rules for taxing such compensation. Understanding the tax implications of compensation received under a