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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
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These changes in the past 10 years have evoked varied reactions from taxpayers
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Both, the buyer and the seller have to bear the burden of taxes on an individual level
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For the past few months, Central Board of Direct Taxes officials have claimed that they have tried to complete refund payments as fast as possible to mitigate the hardships caused by the pandemic