Reported income decreases with increasing wealth, Ram Singh's study shows, suggesting wealthiest families under-report incomes by indulging in tax evasion or avoidance tactics.
The LocalCircles survey found that most of the respondents cited 'extreme weather conditions' as the main reason for being unable to file their income tax returns.
Revenue Secretary Tarun Bajaj said Wednesday that govt will charge 30% tax plus cess and surcharges from 1 April on cryptocurrency transactions as it treats winnings from horse races.
The last date for filing ITRs for 2020-21 by individual taxpayers is 31 December, extended from the original date of 31 July. A total of 15.49 lakh ITRs were filed on 27 December.
The Central Board of Direct Taxes, citing pandemic as the reason for the extension, also deferred the ITR filing deadline for companies till 30 November.
The existing portal will not be available for a brief period of six days from 1 to 6 June to both the taxpayers as well as Income Tax department officials.
An NYT report Sunday revealed that US President Donald Trump paid only $750 as income tax in 2016 and 2017, and nothing in 10 out of the last 15 years.
As Park Street now anticipates the Christmas lights, Bangla cinema eyes a harmony. Colliding heritage, devotion and some detective grit, the year-ender comes with a rediscovery.
Clean energy is “no longer the sideshow, it is the show”, BVR Subrahmanyam told the Odisha summit, warning India to lead the global shift or risk others’ tech dominance.
Dubai airshow crash & pilot death have rekindled concerns over pilot safety, and need for smarter automated systems that can step in when G-forces, temporary loss of consciousness hit the pilot.
None of Pakistan’s PMs has lasted 5 years. That the current PM has given Asim Munir 5 years shows that of all military dictatorships history has seen, Pakistan’s is most creative.
Just for knowledge sake asking if the statistics considered the outliers before deriving the insight that the Indian politician is more truthful? Like for instance there could be one wealthy businessman politician who reports IT properly and N less wealthier under-reporting politician. So considering the wealthier person, might skew the consolidated income and reporting stats.
Just for knowledge sake asking if the statistics considered the outliers before deriving the insight that the Indian politician is more truthful? Like for instance there could be one wealthy businessman politician who reports IT properly and N less wealthier under-reporting politician. So considering the wealthier person, might skew the consolidated income and reporting stats.