Income Tax Authorities Sends Notices For Cash Transactions Exceeding Rs. 5 Lakhs
The Income Tax Department has commenced taking actions against unidentified /nameless property and black money.
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The Income Tax Department has commenced taking actions against unidentified /nameless property and black money.
Some taxpayers who get the stay granted by the Appellate Tribunal for Forfeited Property (ATFP) may encounter shocking news in the coming weeks. Acting as a semi-judicial authority, The income tax department is trying to abort the stay permitted to the taxpayers by Appellate Tribunal.
The income tax e-returns filed for the April-February period has marked up almost 30% more when the comparative study was done with the analogous span of time in FY18 which attested 6.7 crore income tax e-return filing.
Under section 80D of Income Tax Act, Tax deduction on Health Insurance Premium confirms the exemption on the premium paid for the health policy taken for himself or the children.
Tax officials propagated that the Income Tax Department has introduced a modification in the process of issuing refunds to the taxpayer. The department used to issue refunds to taxpayers either in their bank accounts or through account payee cheques, depending on the category of taxpayers. But from this assessment year, tax refunds will be issued […]
In the wake of counter-terrorism steps against all the doubtful organizations, the income tax department too made some affirmative actions towards a financial supporter of terrorism namely Naeem Khan in the Kashmir region.
The Income Tax department has highlighted the fact that people are showing bogus documents to claim ITR falsely and also there is an increment in cases where people are displaying less income then what they actually earned to evade tax.
Finance Minister Piyush Goyal on Tuesday said that Concession on tax has been offered to the poor and the middle-class people considering their tight budget.
The Supreme Court on 4 February 2019 has recently issued the notice under which now the taxpayers would be asked to file the income tax returns with linking PAN with Aadhaar mandatorily.