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Unexplained cash deposits and income tax
Such unexplained money attracts a high income tax at the rate of 83.25% (60% tax + 25% surcharge+ 6% penalty).
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Aadhaar-PAN Link: PANs of 10 crore NRIs became inactive?
The department has emphasized that the inoperative status of PANs does not render them inactive and affirms that affected taxpayers can continue filing their Income Tax Returns (ITR) without disruption. However, they will face higher tax deduction at source and will not get refunds until they update their residential status with the department.
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5 Important Critical Points to Consider While Filing ITR in 2023 of Cryptocurrency Trade in India
The government of India has imposed a 30% tax on the profits from cryptocurrency trading, along with any applicable surcharges and a 4% cess.
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Old vs. New Tax Regimes in India
Which regime is right for you? The best tax regime for a particular taxpayer will depend on their individual circumstances. However, the new tax regime is generally more beneficial for taxpayers with lower incomes and fewer deductions.
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How does income tax department track your income and compare it with your income tax return?
If the ITD finds any discrepancies between your income and your income tax return, they may issue you a notice.
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IT notices for salaried
5 critical reasons why salaried people in India can get income tax notices in 2023-24
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Facts about taxability of life insurance policy
here are 4 facts about the taxability of life insurance policy in India in 2023-24. These facts you might forget when it matters.