Indian workers do not face a level-playing field when it comes to receiving social security benefits in some countries like the US and UK. And it may not get better.
Unless a taxpayer can provide a satisfactory explanation for the mismatch of income, he may have to consider filing an updated tax return. While failure to provide a response on the I-T portal will attract no penalty now, ignoring to resolve this matter can result in future litigation.
While usually court decisions and tax changes are applicable after the date of announcement, the income tax department will have to issue a clarification regarding electoral bonds purchases that offer 100 percent tax deduction
You can use your income to buy an asset for your spouse. But any income from that asset will be clubbed with your income and taxed accordingly. This can’t be taxed as part of your spouse’s income. Doing so can get you an income tax notice.
Budget 2024: The government has made the process for filing returns easier and accessible, but more reforms are needed, particularly with respect to long term capital gains tax. Also, over the last decade filing returns has become completely automated but getting timely redressal remains an issue.