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TAXABLE AND TAX-FREE GIFTSAccording to the Income Tax Act, the property received by the taxpayer without compensation or underpayment is counted in his taxable income.Giving and receiving gifts is part of our culture. Gifts are given or received on the occasion of wedding, birthday, Diwali etc. According to the Income…

TURNOVER CALCULATION AND TAXABILITY OF FUTURES AND OPTIONS - SIMPLIFIED1. The formula for calculating turnover in F&O.         2. When is a tax audit required?         3. What will be your loss if the same is declared while filing the return along with the tax audit report?         4. If the assessee is…