Even if the agricultural land is taken on lease, it would yied Agricultural Income...Readable format accessible at http://ssrpn.com/article-details.php?id=1380
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Income tax department acting tough against the Non filers
TAX TALK-11.01.2016-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant Income tax department acting tough against the Non filers Query 1] I have following queries: 1. My friend is not paying any tax though his income exceeds the basic exemption limit. He hasn't done any investment in PF or LIC& doesn't file return. So, how would the income tax departments would come to know about the tax escape? Even if the Income tax dept. comes to know about this, then whether he would be liable to pay the tax along with penalty for the full year in which he escaped? Please Advice. 2. One of my friend is running an advocate legal consulting firm. I want to ask whether he is required to file 2 returns i.e., one for his own name & for other in name of the firm? Also I want to ask that which ITR should he filed? 3. I know that we can get deduct...
