Tag Archives: income tax

Pakistan is in a mood to take strict action against those who do not file ITR. The Pakistan government has introduced a bill in Parliament. It proposes to ban people who do not file tax returns from opening bank accounts and buying cars above 800cc. Pakistan’s Finance Minister Muhammad Aurangzeb introduced …

The Income Tax Department on Sunday cautioned taxpayers that non-disclosure of assets located abroad or income earned abroad in ITR could attract a penalty of Rs 10 lakh under the anti-black money law. The department on Saturday issued a public consultation as part of its recently launched compliance-cum-awareness drive to …

Tax officials have achieved major success. Officials have detected about 18,000 fake companies registered under the Goods and Services Tax (GST). Officials say that these companies are involved in tax evasion of about Rs 25,000 crore. In the recently concluded second nationwide campaign against fake companies, tax officials had identified …

Capital Gains Tax:  We all sell our old jewellery and buy new design jewellery. But very few people know that capital gains tax has to be paid on selling old jewellery and buying new jewellery. Selling old gold to buy new jewellery is seen as the sale of old property. …

Good news came for the central government today. In the current financial year 2024-25, till October 10, there has been a strong increase of 18.3 percent in net direct tax collection, after which it has reached Rs 11.25 lakh crore. According to the government data released on Friday, from April …

Tax evasion not only has a bad effect on governments but also the common people. India is also not untouched in this matter. Tax evasion in the country remains a big headache for the government here. Revenue Secretary Sanjay Malhotra on Tuesday emphasized the need to maintain a better balance …

Income Tax: This time the government may give relief in income tax for some special categories. It is being claimed in the news that this time there may be a change in the income tax slab.  Income Tax Exemption Limit: If you are also a tax payer or file ITR …

Form 16: Form 16 is required to file income tax return. Without this, taxpayers, especially employed employees, cannot deposit their taxes. Do you know what Form 16 is? Where do you get this from? Why do you need it to file an income tax return? Here we are giving you …

House Rent Allowance (HRA): Can You Claim HRA on Multiple Properties? Here’s What You Need to Know When it comes to taxation and claiming House Rent Allowance (HRA), there can be a lot of confusion, especially if you have multiple rental properties. In this article, we’ll discuss whether you can …

Simplifying Income Tax Return: Pay Later Option Explained When filing your Income Tax Return (ITR), the Income Tax Department now offers a new convenience on the e-filing website—an option to pay later. This means an individual can submit their ITR without immediately making the payment of pending taxes. After submitting …