1) Your year end bank balances 2) Less amount in payables 3) Investment in closing stock without cash credit loan 4) High amount of networth.

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When you require multiple GSTINs

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Such unexplained money attracts a high income tax at the rate of 83.25% (60% tax + 25% surcharge+ 6% penalty).

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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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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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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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If the ITD finds any discrepancies between your income and your income tax return, they may issue you a notice.

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5 critical reasons why salaried people in India can get income tax notices in 2023-24

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