The taxpayer has to disclose about gifts received in a financial year while filing income tax returns.
To remove double taxation for NRIs, the government proposed new rules.
As per the new tax regime, certain incomes are exempted.
There is a proposal to introduce a new tax bracket of 35 per cent for the super-rich who are earning above ₹2 crore each
The new ITR forms require elaborated details for all sources of income that is disclosed by the assessees.