🧐 Debunking Common Myths About Income Tax in India 💡 by Return Filings Via Flickr:
💼 Myth 1: Only Salaried People Pay Tax
🚫 Wrong! Tax liability applies to all earning individuals — freelancers, business owners, and investors included — if income exceeds the basic exemption limit.
📝 Myth 2: No Need to File ITR If No Tax is Payable 🚫 Wrong again! Even with zero tax liability, ITR filing is mandatory in certain cases (high-value transactions, foreign assets). ✅ Plus, it improves your financial credibility for loans & visas.
🎁 Myth 3: Gifts from Family Are Always Taxable 🚫 Nope! Gifts from specified relatives (parents, spouse, siblings) are exempt. ⚠ Gifts from non-relatives above ₹50,000 in a year? Taxable.
🌾 Myth 4: Agricultural Income is Fully Tax-Free 🚫 Not entirely! Agricultural income is exempt, but it can raise your tax rate if you also have other income.
🌍 Myth 5: No Tax on Foreign Income 🚫 Big myth! Indian residents must pay tax on global income. Not declaring foreign bank accounts/assets can lead to Black Money Act penalties.
🔗 Read full details & share awareness: 📸 Flickr: https://www.flickr.com/photos/203245362@N06/54706823141/in/dateposted-public 📌 Pinterest: https://in.pinterest.com/pin/773563673541322558/