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A man from MP’s Bhind, who has a salary of Rs 58,000 a month, has received yet another notice from the income-tax department to deposit a whopping Rs 113 crore as taxes for alleged transactions of Rs 132 crore that were reportedly carried out in his account in 2011-12.
Read more at : THE TIMES OF INDIA
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Member of Parliament G. Kumar Naik believes that the new amendment to the existing Income Tax Act proposed by the Central Government would adversely impact services providing by Chartered Accountants.
With the deadline for Income Tax Returns (ITR) filing fast approaching on July 31, several taxpayers are facing hurdles in completing the process.
Timely and accurate tax payment is crucial for ensuring the government has the funds to support public welfare initiatives. To enforce compliance, the Income Tax Act prescribes penalties for failure to pay taxes or for providing inaccurate information in income tax returns.