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Over the past year, close to 16,500 homebuyers across the country received a rude shock in the form of notices asking them to cough up additional tax deducted at source on properties they had purchased. The tax department notices said they had deducted less tax despite the sellers’ PANs being inoperative. ....
Self-employed individuals can switch between the old and the new tax regime only once in their lifetime. The flexibility to make this choice every financial year would help those with varying annual incomes, say experts. ....