The FTC ruled in a final order and opinion Monday that TurboTax, the popular tax filing software, engaged in deceptive advertising and banned the company from advertising its services for free unless it is free for all customers.
While filing Income Tax Return (ITR), individuals must accurately report their income under these five specified heads as per Section 14 of the Income Tax Act and calculate their total income accordingly
According to section 64(1A) of the Income Tax Act of 1961, unless specific restrictions or circumstances apply, all income generating or accruing to a minor child shall be clubbed in computing the parent s total income.
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Any discrepancy in the information submitted in the tax return and details of Annual Income Statement (AIS) and Taxpayer Information Summary (TIS) may invite a notice from the Income Tax Department.