A unicorn is a startup private company that has a valuation of over $1 Billion. In Indian rupees (at Rs.74/USD), a valuation of over Rs.7400 Crores. There are more than 700 unicorns across the globe and as of date, India has 52 unicorns. I was curious to know the meaning …

This is a rudimentary question, but most frequently tossed to us by the taxpayers. Here is the answer to all such queries. What is Income Tax Return (ITR)? Income Tax Return (ITR) is a document wherein any person informs the Government about his total income during the previous year (1st …

Mr. Shah wins Rs.1 Crore in KBC TV Show; Anchor cuts the cheque or says the amount is instantly transferred to his bank account (to promote digital pay)! Mr. Rahim wins a Car through a lucky draw from a leading Appliances distributor; you see his pic with the car in …

Certain taxpayers have lost their life due to Covid-19. Employers and well-wishers of such taxpayers extended financial assistance to their family members so that they could cope with the difficulties faced due to the sudden loss of the earning member of their family. Here is a case – One of …

As a kid, I was under the impression that all foreigners are rich. The myth was busted when I came to know that over 36% of the world population live in extreme poverty! So, a poor foreigner, say, an African or a British (not so financially sound) may find it …

Interesting question, isn’t it? Why are we not finding a Chinese, a British, or an African as a waiter or a cashier or a laborer in India? To enter India, a foreigner has to possess two important documents, Passport and Visa. Passport is issued by their home country and Visa …

A quick recap. Earlier this week (14th June) Economic Times reported that trading accounts of three Mauritius-based funds that have invested in Adani Group Shares are frozen by National Share Depository Limited (NSDL) due to non-compliance. As a fallout of this news, the Adani Group company share prices tumbled in …

Disclaimer:  Doctors, scientists, drug companies, and the Government are doing their best to help society overcome the pandemic. I understand that Covid is a new thing to all, they are also experimenting to get the best results. No complaints and no grievances against anyone. Having said that, as a layman …

I tried many things to keep myself fit. Went to the gym for couple of months (bought new shoes, gym kit, one year subscription, personal trainer, etc.), but lost interest half way, then tried treadmill at home. Treadmill is better used to hang clothes at home than as a fitness …

The Gifts were taxed under The Gift Tax Act, 1958 and the same was repealed in 1998. As on date – there is no Gift Tax Act in India. However, Taxing Gifts have come in different avatar under the Income Tax Act. Basic terms to know – The person who …