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Stealth • 8m

Income Tax Return Filing When tax liability rises due to the receipt of arrears or additional payments, it typically happens because these amounts are added to the individual’s total income for the current financial year. This increase in income can push the individual into a higher tax bracket, leading to a higher tax liability. These arrears can include salary, pension, rent, or other types of income that were meant to be received in previous years but were delayed or withheld. When these arrears are finally paid, they are treated as taxable income in the year they are received. For example, if an employee earns arrears of salary in 2023, but the arrears relate to 2022, the employee may have to pay a higher tax rate on the arrears in 2023. In such cases, if a taxpayer’s tax liability increases due to arrears, they may be able to claim relief under Section 89(1) of the Income Tax Act, 1961. This relief can help to reduce the amount of tax that the taxpayer has to pay.

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Is income tax aiding to development of the nation? What are your thoughts?

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Vishu Bheda

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What's a scam that's so normalized that we don't even realize it's a scam anymore? Me- Taxes. Once you tax the income, why is there a tax again in the name of GST? Whatever the shop / company earns they can give it as income tax. This approach n

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Hiral Jain

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Ashutosh Mishra

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Ashutosh Mishra

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Income Tax season is here for Individuals. In case, you have invested in last year, do see my account for next couple of days for Income tax series. Will post from 29 June 2024.

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