A taxable income comprises of many other elements, in addition to your salary.
Not filing income tax returns will cost you dearly as ex-parte assessment proceedings can be troublesome
The CBDT is aware that despite indulging in high value transactions, there may not be any taxable income to warrant filing of return.
While the deadline for filing the return remains the same at 31 July, one of the biggest change is the introduction of late filing fees of Rs 5,000 (if the return is filed by 31 December) or Rs 10,000 (if filed after 31 December).
Women and Child Development Minister Maneka Gandhi has asked Finance Minister Piyush Goyal to suitably amend the Income-tax Act so that assets gifted to wives and daughters-in-law were not taxed.
Taking a look at the various criteria/situations that make return filing mandatory for taxpayers.
Bitcoin investments under I-T dept's radar; CBDT sends out notices, says profits from crypto currency trading taxable
Finance Minister Arun Jaitley said in his Budget speech earlier this month that all crypto currencies, which include bitcoins, are illegal
If you have taxable income for FY2016-2017 and you have not paid tax on it, please pay it online
Govt may push for major changes in tax structure in Budget on account of demonetisation, says Care Raings
Care Ratings said the tax framework would be interesting for individuals and corporates where there are expectations of some major changes following demonetisation