Failure to disclose assets held abroad or income earned on foreign shores in the ITR can attract a penalty of Rs 10 lakh under the anti-black money law, the Income-Tax (I-T) Department cautioned taxpayers on Sunday.
Finance Minister Nirmala Sithraman said in the Parliament on Wednesday that the primary aim of the Union Budget for 2024-25 is to simplify the tax regime and ensure equitable treatment of all asset classes, as she confirmed the relaxation of the real estate indexation rules.
The American Dream is believed to be the national ethos of the United States. Of course, not all Americans agree. Ta-Nehisi Coates, author of Between the World and Me, says, historians conjured the American dream, Hollywood fortified that dream.
As per the provisions of Section 114 of the DMC Act, 2003 (Amended), all buildings and vacant land falling under the jurisdiction of the MCD are liable to pay property tax, it said.
Days after several income tax payers had received notices for wrongly claiming tax deductions under Section 80 P, the Income…
The Central Board of Direct Taxes has extended the deadline in view of some taxpayers facing difficulties in filing their ITR due to various reasons including the extension of due date for issue of Form 16
Speaking of the country's progress in the startup scenario he said that India is currently ranked third globally in terms of startup ecosystem.
The CBDT also said the average income of salaried, non-salaried and corporate taxpayers has risen over the last three years.
The brilliant minds that had crafted the GST architecture and drafted the related statutes should have given a little thought to the fact that to roll out such a hugely complicated tax system driven entirely by technology was likely to create problems with dealers and traders who may not have touched a mouse or keyboard in their lives, and provided for an easier and more user-friendly alternative.
He further accused the central government of allegedly taking Rs 3 crores of funds originally assigned for Delhi.
