It is mandatory for individuals and companies to file income tax return at the end of a financial year on the income earned in the entire year. Different forms for return of income are prescribed for filing of IT returns for different status and nature of income.
Amid reports of some Indians having unaccounted wealth in tax havens, Finance Minister Arun Jaitley on Monday said those who did not take advantage of the compliance window last year to declare illegal assets abroad will find "such adventurism extremely costly".
The central government employees seeking revision of salary structure proposed under the 7th Pay Commission are likely to see around 19 percent raise on the minimum salary being drawn currently.
Government has set up a welfare fund which will utilise unclaimed money, estimated to be in excess of Rs 9,000 crore, lying in PPF, employees provident fund and small savings schemes to provide healthcare facilities and pension to senior citizens.