Tag Archives: Income tax

Your 7 Transactions which goes to income tax department

Following are the transactions for which income tax department collect information through Annual Information Return (AIR)  under rule 114E Cash deposits aggregating to ten lakh rupees or more in a year in any savings account of a person maintained in that bank. Payments made by any person against bills raised in respect of a credit… Read More »

Income tax Questions and Answers

Income tax Act 1961 ​What is Income tax? It is a tax levied by the Government of India on the income of every person. The provisions governing the Income tax Law are given in the Income tax Act, 1961.​ ​What is the administrative framework of Income tax?   The revenue functions of the Government of… Read More »