Taxation of HUF
Hindu Undivided Family (HUF) is defined as a separate tax entity that consists of individuals lineally descended from a common ancestor and includes their wives and unmarried daughters. HUF is recognized as a distinct assessable entity under the Income Tax Act, and it...Cash Deposits made during Demonetization period cannot be taxed as Unexplained Income u/s 69A if sufficient explanation of Source is produced: ITAT
Demonetization period in the Indian economy is considered as one of the most significant event since government had undertaken an important step in curbing out the black money from the Indian market. The demonetization decision came with certain challenges for many...
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