What are the income tax rules

Income tax Announcement: What are the income tax rules?Cash Transaction Regulations amid kins. Know the details.

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What are the income tax rules

What are the income tax rules- Details as follow Up to Rs.2,50,000 there is no tax.
Upto Rs Rs 2.5 lakhs – Rs 6 lakhs there is 5% tax which is to be paid.
From Rs 9 Lakh -Rs 12 Lakh – a total of 15%,
Rs 6 Lakh -Rs 9 Lakh – 10% is to be paid,
Rs 12 Lakh -Rs 15 Lakh – 20% and last
Above Rs15 Lakh – 30% has to be paid.

Income tax Announcement

As citizens, everyone of us are obliged th pay income tax, among which, many have valid question. That if a transaction takes place between parents and son, can an income tax notification be raised for paying tax on this matter also?
Cash Transactions Regulations: If a transaction takes place between parents and son, between husband and wife, then this news article is just the right stuff. For starters, every transaction done by us has an eye on income. In such a time, a question appears in the minds on many people as to how income income tax notice can be recieved on cash transactions? tax on this matter also?
Income Tax
Moreover, whether income tax notice can be issued on cash transactions? Our article contains all answers to your questions. Let us see how many cash transactions we can carry out in our family.
According to tax experts, if you lend money to the household for expenses or simply gift it, then your wife is not liable to pay income tax. Both these type of transactions can be considered under the term of husband’s income.

The wife will not receive any notification from such a Transaction, but if she repeatedly happens to invest the same money somewhere and gets income from it, then tax will be payable on the income.

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So to conclude, the investment income calculated on a year-to-year basis, will be tagged as the wife’s income, for which, she has to pay income tax. Under Section 269SS and 269T of Income Tax, penalty can be imposed on cash transactions of more than Rs 20 thousand. However, there are relaxations in this in many cases.
So to conclude, the investment income calculated on a year-to-year basis, will be tagged as the wife’s income, for which, she has to pay income tax. Under Section 269SS and 269T of Income Tax, penalty can be imposed on cash transactions of more than Rs 20 thousand. However, there are relaxations in this in many cases.

What are the exemption in these cases

For instance, there is no penalty on transactions between father-son, husband-wife and some close relatives. Exemption has been granted in these cases. In simple words, the wife will not receive any notice from the Income Tax Department for this amount.
But, if the wife repeatedly invests this money somewhere and gets income from it, then she will have to pay tax on the income.

What are the income tax rules are explained at the top do read the full article.

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