The Income Tax Department receives information of specified financial transactions of taxpayers from various sources. To increase transparency and to promote voluntary tax compliance, this information is reflected in the Annual Information Statement (AIS) module and is available to the persons/entities for viewing.
ITR-2 and ITR-3: Income tax return (ITR) forms have been notified by the central board of direct taxes (CBDT) via an notification in e-gazette. ITR-2 is to be filed by those who have capital gains income and are ineligible to file ITR-1. Do note that ITR-3 is to be filed by those entities who have income from business or profession.
The revised tax regime by the government presents reduced tax rates while removing deductions, favoring individuals with fewer deductions. Conversely, the old regime is more advantageous for those with substantial deductions.
The Gross GST collection rose by 10 per cent to over Rs 1.62 lakh crore in September. - Government Collects Rs 1.63 Lakh Crore GST In September, 10 Per Cent More Than Last Year