Transactions Are Checked During Income Tax Scrutiny Transactions Are Checked During Income Tax Scrutiny When it comes to income tax compliance, taxpayers often wonder which transactions might catch the attention of tax authorities. The Income Tax Department continuously monitors various financial transactions to ensure taxpayers declare their income accurately and pay the appropriate taxes. Here’s … Read more
Income Tax Department to Take Action Against Fraudulent Refund Claims Income Tax Department to Take Action Against Fraudulent Refund Claims Filing Income Tax Returns (ITRs) accurately and transparently is a cornerstone of financial compliance. However, many taxpayers unknowingly jeopardize their financial well-being by engaging in fraudulent refund practices, often facilitated by non-professional agents. The Income … Read more
Income tax on cash spending Income tax on cash spending The Indian Income Tax Department has implemented stringent rules to regulate cash transactions and promote a digital economy. These measures aim to curb tax evasion, increase transparency, and ensure compliance with income tax laws. Income tax on cash spending Excessive use of cash can lead … Read more
Types of Income Tax Return (ITR) Notices Types of Income Tax Return (ITR) Notices Filing your Income Tax Return (ITR) is a critical responsibility for every taxpayer. However, even after filing, you may receive a notice from the Income Tax Department for various reasons, such as incomplete information, discrepancies, or further inquiries. Types of Income … Read more
Can Husband and Wife Club Income Tax Liability and File a Single ITR in India? Can Husband and Wife Club Income Tax Liability and File a Single ITR in India? In India, the concept of joint taxation, as seen in countries like the United States, is not recognized under the Income Tax Act, 1961. Can … Read more
