Madhya Pradesh cabinet on June 25 decided that State Ministers will have to pay their Income Tax, instead of the state government bearing such burden.
Chief Minister Mohan Yadav in a statement said the cabinet has taken a decision to strike off the 1972 rule, under which the State government was paying the Income Tax on the salaries and perks of Ministers.
Read more at: The Hindu
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Form 16 is a crucial document that is essential when one is filing the income tax return (ITR) of a particular financial year. The document is essential for individuals earning a salary as it gives the whole breakup of Tax Deducted at Source (TDS), providing a comprehensive overview of an employee’s earnings, including salary, allowances, and additional perks, throughout a given financial year.
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The Income Tax Department has stepped up its monitoring and compliance efforts by harnessing the power of artificial intelligence (AI) to track online taxpayer behaviour and identify inconsistencies in returns, reports Indian Express. According to Central Board of Direct Taxes (CBDT) Chairman Ravi Agrawal, the department is analysing online activity, financial transactions, and return-filing patterns to nudge taxpayers towards better compliance.
