BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Decline in cash Transactions
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Promotion of Black Money
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More Income Declarations
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All of the above
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Detailed explanation-1: -Income Tax (IT) Declaration: In the beginning or during the financial year, employees are required to declare all the IT saving investments and expenses they’ve planned for that year in your Payroll application. This process is known as IT Declaration.
Detailed explanation-2: -Investment Declaration is made on Form 12BB that has to be submitted at the end of the financial year. Please note that this form is NOT to be submitted to Income Tax Department, but has to be submitted to your employer. In the first part of Form 12BB, you can fill the details required to claim tax deduction on HRA.
Detailed explanation-3: -Form 12BB is a statement of claims by an employee for deduction of tax. With effect from 1st June 2016, a salaried employee is required to submit Form 12BB to his or her employee to claim tax benefits or rebates on investments and expenses. Form 12BB has to be submitted at the end of the financial year.
Detailed explanation-4: -Q. Tax revenue is the main source of regular receipts of the government.