All India tax collection in April-July 2021 crossed Rs 3 lakh crore which marks almost 98% year-on-year growth
The new portal was launched on June 7 with an aim to make it taxpayer-friendly. But since its launch users have been complaining of technical issues
The refunds of over Rs 47,318 crores would be issued to more than 22.61 lakh taxpayers between April 1, 2021, and August 9, 2021
The detailed monetary activities described by the various organisations/ institutions are reflected in the taxpayer’s form 26AS
Income received as fees from professional or technical services is categorised as income from business or profession
Some taxpayers complained that interest and late fee was charged while filing income tax return (ITR) after July 31, 2021
Surcharge is a tax on tax that is not collected for any particular cause
Employees may also avail such loans to fund kid’s education or marriage apart from a medical emergency
Income earned by displaying manual or intellectual skills comes within the purview of income from a profession as per prevalent laws
Section 80C of the Income Tax Act 1961 allows for a deduction of up to Rs 1,50,000 on specific investments