There are judicial precedents where it has been held that if payment is made for temporary disablement, it would be taxable, points out Tinesh Bhasin. Illustration: Dominic Xavier/Rediff.com......
Incomes such as dividend, interest on tax-free bonds, eligible gifts etc should also be reported even though they are tax exempt, suggests Sanjay Kumar Singh. Photograph: Kind courtesy, Presidio......
It’s not unusual for the tax departments to freeze bank accounts and there have been instances of the authorities recovering the outstanding from the bank, though such course of action is not......
Besides LTCG tax relief, permitting taxpayers to declare two houses as self-occupied brings a huge relief. The rationalisation of property-related taxes is the most significant sop that stand-in......
When Priyanka Jhamanani (name changed) bought her friends' flight tickets for over Rs 125,000, the last thing on her mind was a notice from the income tax department. Six months later, she was......