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"The winnings from fantasy sports games are taxed under Section 115BB of the Income Tax Act. It clearly states that the winnings from lotteries, crossword puzzles, races will be taxable," said Rachit Chawla, CEO and founder, Finway FSC
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The government has introduced compliance-related reliefs for March and April 2021, due to covid-19 induced challenges faced by the businesses, said Rajat Mohan, Senior Partner, AMRG & Associates.
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Due to the impact of the second wave of the coronavirus pandemic, CBDT said it had received representations from various stakeholders for relaxation on compliance requirements
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It is that time of the year when an employee has to inform the employer about the proposed investments in tax-saving instruments
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Under Section 269ST, a blanket restriction has been placed on the recipient on acceptance of cash for an amount of Rs 2 lakh and above
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The deadline for filing declaration under the scheme ended on March 31
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Of this, personal income tax refunds worth Rs 3,073 crore were issued in 7.23 lakh cases and corporate tax refunds of Rs 2,577 crore were issued to 15,206 taxpayers
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Individuals receiving income from sources other than business or profession can file ITR 2. Also, those individuals who cannot file ITR 1, will be eligible to file ITR 2.
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What if, an individual who has taken a home loan is also paying rent of a residential accommodation?
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NPS is a voluntary, defined contribution pension system from which you cannot withdraw the full amount at once