Exemption can be claimed in respect of tuition fee of only two children of the individual and the payments must necessarily be made to a university, college, school or any other educational institution situated within India.
The government, vide Budget 2021,introduced new provisions under Section 206AB/206CCA that prescribe a double rate of TDS/TCS for those, who despite having a reasonable amount of TDS accruing, do not file income tax returns.
In a bid to reduce the burden of tax payments, one may consider it lawful to claim interest expense incurred on acquisition of residential property as a part of cost of acquisition while computing capital gains.
As a part of the project, data mining and Big Data analytics will be used to catch tax evaders by accessing the information on their Facebook and Instagram accounts to identify mismatches between spending patterns and income
There is no bar in keeping the cash in the bank lockers but it may attract investigation by the income tax department. Tax officials may require explanation to understand the source of every receipt or property
Tax evasion is not a modern concept since it traces its origins back to when the concept of taxation emerged in Kautilya’s book ‘Arthashastra’ which refers to different types of taxes and punishments as a countermeasure
In order to address the issue of black money, the government banned cash transactions of Rs 2 lakh and above starting April 1, 2017. Any amount over Rs 2 lakh will have to be paid by account payee cheque, bank draft or electr
DEMONETISATION of high-value currency notes was done to clamp down on black money, among other things. As a fallout of this decision, focus also shifted to urging people to move towards cashless transactions.