#IncomeTax

Ahmedabad, Jun 10 (PTI) A Class-3 employee of the Income Tax department and a peon were caught while allegedly taking a bribe of Rs 400 from a person for fetching his Permanent Account ...

Ahmedabad, Jun 10 (PTI) A Class-3 employee of the Income Tax department and a peon were caught while allegedly taking a bribe of Rs 400 from a person for fetching his Permanent Account ...

.New Delhi, Delhi, India
Here's a list of income sources that you need not consider when filing ITR. (Representative Image/Unsplash)

  • Paying income tax is a civil duty of all citizens with an annual income of more than Rs 2.5 lakh 
  • Earnings from the profit share in a partnership firm are exempted from any sort of tax
  • Educational scholarships received either in India or abroad are 100% tax exempted

.Washington D.C., DC, USA
Elon Musk is one of the richest person in the world. (Photo Credit: AFP)

  • Jeff Bezos reportedly paid no income tax in 2007 and 2011
  • Elon Musk avoided the tax till 2018, according to the report
  • The report is based on IRS tax returns of extremely wealthy people over more than 15 years.

New PF rules came into effect on June 1. (Photo Credit: Representational Image/Pixabay)

  • Taxpayers will get a new interface of the income tax department website to record their returns
  • Gold jewellery must be compulsorily hallmarked starting from June 15
  • Airfares are increased for the domestic flights

.New Delhi, Delhi, India
In 2009, Bitcoin became the world's first digital currency. Bitcoin emerged as an attractive option for investors with an appetite for the exotic. (Photo Credit: Unsplash)

  • A cryptocurrency is a digital asset that is decentralised and used as a means of trade
  • In India, there have been substantial regulatory problems in the digital currency field
  • To comprehend the taxability of cryptocurrencies, determine their classification first 

.New Delhi, Delhi, India
I-T Department will launch a new e-filing portal on Monday (June 7). (Photo Credit: Representational Image/Pixabay)

  • After the portal's launch, a mobile app, with all the features available on the website, will be launched
  • I-T Department's new e-filing portal has a new dashboard
  • An ITR preparation software will have interactive questions that will help taxpayers file online and offline ITRs

.New Delhi, Delhi, India
The IT Department will launch a new e-filing portal on Monday (June 7). (Photo Credit: Twitter/@ANI)

  • IT Department's new e-filing portal - incometax.gov.in - will be launched on Monday
  • It is "aimed at providing taxpayer convenience and a modern, seamless experience to taxpayers," a statement read
  • A new "full-time access" mobile app will be launched, which will include all key functions from the desktop version

.Fort Lauderdale, FL, USA
Roger Stone is an American political consultant. (Photo Credit: AFP)

  • The lawsuit alleges two different instances of tax evasion
  • Stone allegedly disguised his payments through "Drake Ventures"
  • The 68-year-old claims that he is on the verge of bankruptcy

.New Delhi, Delhi, India
Income tax collection in the previous fiscal stood at Rs 4.71 lakh crore. (Photo Credit: Representational Image/Pixabay)

  • Net direct tax collection for FY 2020-21 stood at Rs 9.45 lakh crore
  • The revised estimate for it in the Union Budget stood at Rs 9.05 lakh crore
  • The net corporate tax collection stood at Rs 4.57 lakh crore