Manisha Mohol and Associates

While filing the income tax return, some amount was found deposited in Dinesh’s bank account. After questioning him, he said that he had received a gift from his mother’s uncle. The mother asked her uncle to directly transfer her gifted money into her son’s bank account, who deposited the money in Dinesh’s bank account. However,…

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This year, all the income taxpayers are facing the same question while filing their returns, is it the new tax regime or the old tax regime? Since last year, Finance Minister Nirmala Sitharaman mentioned this in her budget speech and implemented a new tax system. It has been a year since the new tax system…

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The central government seems to be keeping a close eye on cash transactions after demonetization. As part of this, the income tax Department keeps an eye on all large cash transactions. Recently, a similar incident happened to Wasim, who runs a hotel business. As he is in the hotel business, he was accumulating cash every…

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In our Indian Culture, we always respect the one bigger than us i.e. our Elders. Therefore, we take the Blessing of God and then of our Elders before starting anything new. The same culture is preserved by the Income Tax Department . Remembering their increased age, the Income Tax Department in the law has given…

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Ajay’s total salary was not subject to income tax, so he was comfortable with the fact that he did need not to file an income tax return. However, one day the Income Tax Department sent a notice to Ajay for not filing an income tax return. It said, ‘Why you shouldn’t be penalized for not…

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