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[ad_1] Income tax personnel will seize the unaccounted money and the fine can be up to 137% of the total money. According to the Income Tax act, there is no bar on the amount of money stored in the house. In India, with the advent of digital transactions, citizens are adapting to the new normal. On the flip side, there is still a majority of Indians who rely on and trust the traditional method of keeping money at home. Are you one of those? You can be but do you know, there are certain restrictions on the amount that can be stored in a house? If you are a businessman then keeping cash at home can be quite common but what if income tax officials raid your residence? If you want to protect yourself and your family then read further to know. According to the Income Tax act, there is no bar on the amount of money stored in the house. But in case of an income tax raid, a person should present the source of the money. Especially the money should not be unaccounted for in income. If you...

[ad_1] As per the tax return data filed in assessment year (AY) 2022-23, 1,69,890 individuals have shown total income of above Rs 1 crore. (Representative image) During AY 2022-23, over 2.69 lakh entities, including individuals, companies, firms and trusts, have shown total income of above Rs 1 crore. Income Tax Return: Individuals reporting annual total income of over Rs one crore have doubled to 1.69 lakh in the two-year period ending March 2022, the income tax department data showed. As per the tax return data filed in assessment year (AY) 2022-23, relating to income earned in fiscal 2021-22), 1,69,890 individuals have shown total income of above Rs 1 crore. This is higher than 1,14,446 individuals who had shown similar income in AY 2021-22. The number has doubled since AY 2020-21, wherein 81,653 individuals had declared an income of over Rs 1 crore. Also Read:  ITRs Filed Between Apr-June Doubles To 1.36 Cr; Are Taxpayers Changing Last-Minute Attitude? During AY 202...

[ad_1] NEW DELHI: More than four crore income tax returns (ITRs) for the 2022-23 financial year have been filed so far and about 7 per cent of these are new or first-time filers, CBDT chairperson Nitin Gupta said on Monday. He said that more than half of these ITRs have been processed leading to 80 lakh refunds till now. The "shortage of manpower at every level was impeding our efforts to give even better results", Gupta said and urged Union Finance Minister Nirmala Sitharaman for a "quick approval" of the department's cadre restructuring proposal. The chairperson was speaking at an event held here to mark the 164th Income Tax Day where Sitharaman was the chief guest. The Central Board of Direct Taxes (CBDT) is the administrative authority for the Income Tax Department . Gupta said direct tax collection, which includes personal income tax and corporate tax among others, has been making "remarkable" strides as the department collected more than...