Benjamin Franklin’s famous quote: "In this world nothing can be said to be certain, except life: death and taxes" has become even more relevant in today's context.
Gopal Bohra, partner, NA Shah Associates says, "In India, a person is required to pay tax not only when he is alive but even after he dies." Last financial year, many of those who succumbed to Covid-19 would have earned sufficient income when they were alive to come under the tax net. But with their passing away the taxes on their incomes still have to be paid and Income Tax Returns (ITR) filed. ...
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