If you have not received your income tax refund so far, there is good news for you. The Income Tax (I-T) Department has set April 30 as the deadline for approving pending refunds, reported Business Line The department has prepared an interim action plan for tax refunds in this fiscal and set a timeline for various actions related … Read more
Tax evasion and tax avoidance are distinct concepts, despite both aiming to minimise tax payments. Tax planning and avoidance employ legal strategies, whereas tax evasion is unlawful and can result in severe penalties. Interpreting tax evasion Tax evasion relies on deliberately deceiving tax authorities. This deceit can manifest in various ways, including: Concealing income: Not … Read more
I am planning to buy a residential property from a person who is a resident of Australia for ₹75 lakh. I understand that since the sale consideration exceeds 50 lakhs I have to deduct tax at 1% of the sale consideration. Is my understanding correct? What are the other formalities that I need to comply … Read more