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.
While main elements behind terror module have been nabbed, more arrests will take place, including some professors & academicians who were part of the ring, it is learnt.
Bihar is blessed with a land more fertile for revolutions than any in India. Why has it fallen so far behind then? Constant obsession with politics is at the root of its destruction.
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.