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ITR filers rising, but 37% drop in taxpayers
For the financial year 2019-20, a total of 6.47 crore income tax returns were filed out of which 2.90 crore had zero tax liability
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Face Rs 10 lakh fine for hiding this!
The department says that hiding some information while filing income tax return may result in a fine of up to Rs 10 lakh
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Hiding this income may entail 200% fine
If you have not yet filed ITR, then understand some things very well. Some changes have been made in the return of assessment year 2023-24. One of the
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ITR must be filed for deceased too
The legal heirs of a deceased person, who has received any income, must file income tax returns on his behalf
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How is your foreign income taxed?
Residential status is important in the matter of income tax. Before imposing tax on a person, his residential status is seen. The number of days a per
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PAN-Aadhaar linking not mandatory for these categories
Some categories of people have been given exemptions to link PAN-Aadhaar. It is not mandatory for these people to link PAN with Aadhaar.
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I-T brings e-appeal scheme to resolve small disputes
Taxpayers can now file their appeals electronically before the Joint Commissioner against decisions made by the income tax officer.
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Your spending cannot escape I-T eys
The Income Tax Department now works on the logic that a person can hide his earnings but cannot hide his expenses or investments
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How much PF is deducted from salary?
PF is deducted from the salary of the employed by the employer (private, public or government). This amount is deposited every month in the name of th
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Big spenders beware: I-T is watching you
While the method might become a part of the sustained approach of the CBDT, the immediate target is to push up the number of those filing IT returns t
