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The legal heir is the deemed assessee, so if he/she chooses not to file the return, the I-T department will carry out proceedings the same way they would have done in case of the deceased if alive
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Investment planners point out to five avenues to get tax breaks that might leave you with the option of putting your money in non-guaranteed-return instrument which can get you higher returns
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COVID – 19 vaccines certainly do meet the criteria for an exemption. However, the same cannot be granted for various reasons.
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There has been a 9% growth in online ITR filing for FY21 with 7.38 crore users compared to 6.77 crore users in FY20. However, in the Assessment Year 2020-21, only 1,93,11,111 people filed ITR 1 online as compared to 1,97,78,729 people in Assessment Year 2019-20. This means that individuals having income below Rs 50 lakh […]
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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
