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Filing of tax is compulsory for everyone whose gross total income - the income under the five heads (salary, business, capital gains, house property or other sources) before allowing for any deductions such as insurance premium - exceeds the basic exemption...
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You are likely to gasp if your grandfather were to sit you down and talk of taxes. Yes, in the 1950s, as much as 98% of our income went towards payment of taxes wealth, expenditure or income tax. Better sense has prevailed since then and tax rates have...
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Unlike life, the tax department is willing to give you a second chance. Even if you forget or are unable to file your return of income for a year, the department allows you to file a 'belated return'. Of course, there's a cost attached to...
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