Income Tax Act : A Merry-Go-Round

From Gift Tax to Income-tax on Gifts
Upto 1998, “gifts” were subject to a direct tax levy, in the hands of the giver, being an Individual or HUF, under the Gift Tax Act. In 1998, Gift Tax Act was repealed. Subsequently in 200...
Unabsorbed Depreciation
Depreciation is a typical routine business expense, with multiple touch-points in tax laws. Its scope has been amended from time to time. In particular, one significant aspect is the treatment of set-...
Estate Duty
Estate duty is often used interchangeably with the term ‘Inheritance tax’ or ‘Death tax'. It is a tax on the assets which a person receives after the demise of the transferor. Estate...