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Provisional data shows that Mumbai region is leading from the front in tax collection. This region contributes almost 32% to the country’s personal tax collections
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Experts say there is ambiguity as these payments are taxable as perquisites or profit in lieu of salary in the hands of surviving employees or their families
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The e-filing portal is used by the taxpayers to file their income tax returns (ITRs) and also to raise complaints seeking refunds
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If a savings account holder deposits more than Rs 10 lakh in a financial year, the Income Tax department may issue a tax notice
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The refunds issued in the 2020-21 fiscal was 43.2 % higher than Rs 1.83 lakh crore issued in 2019-20 fiscal, which ended March 31, 2020.
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"The IT Department wants to signal to the taxpayer that there is nothing that evades its vigil. So, they want the taxpayer to disclose everything upfront," said said Himadri Mukhopadhyay, former Secretary, Income Tax Bar Association
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If an individual misses the deadline of self-assessment tax, then under Section 234 A, a penalty will be levied
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The App will provide an easy, hassle-free platform for payers of property tax during the pandemic.
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To provide relief to the taxpayers, The Central Board of Direct Taxes has provided relaxation in respect of various compliances
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The existing e-filing portal will not be available to taxpayers and department officers for a period of six days from June 1 to June 6