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If you have shown lower income in your return, then, you might receive a notice from IT Department
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If you have shown lower income in your return, then, you might receive a notice from IT Department
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The new tax regime does away with many popular deductions like premium paid for health insurance, contributions to PPF, house rent allowance and more
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Previously, the IT Act exempted the amount received by way of bonuses under a life insurance policy. Now, following these regulations, no life insurance policy whose annual premium payable exceeds Rs 5 lakhs and which has been issued after 1st April, 2023, will not be allowed to benefit from this exemption.
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People often give gifts to their wives. Will gift of shares or property to wife is taxed in India? On what occasion one has to pay no tax on any gifts? Know answer to all such questions here...
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Most states are expected to take the Ordinance way to modify local GST laws, that will allow them to begin taxing casinos, horse racing and online gaming cos
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For most of us, retirement might seem like a far cry. But if you start saving for your twilight years right away, not only will you benefit then, but you will also save a great deal on your taxes right now.
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Moonlighting is not illegal in India where many do it to supplement their income. However, the income from such secondary job/business are subject to the Income Tax Act and should be reported to the department.
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Some people take income tax planning very lightly. Such people also show haste in filling ITR. Due to this, they have to suffer big loss many times.
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The Income Tax Department is sending notices to taxpayers. You might also get such notices? Under which sections IT Dept sends notices ? What should you do when you get a notice? How should you reply to such notices?
