Moonlighting - Latest News Update, Information, Photos & Videos on Moonlighting at Lokmat Times

Mumbai: People who earn money by doing work other than their main job i.e. moonlighting, are required to show their second income in the income tax return and pay ancillary tax on it. The Income Tax department has indicated action against them if they fail to do so. In the last financial year, at least 1,100 people were prosecuted in Mumbai.Also Read | Grand Success of Sri Satya Sai Multi-Religious Mass Marriage Ceremony in Yavatmal, MaharashtraLast year, some of the moonlighters registered their excess income in the 'Income from Other Sources' category instead of the 'Business Income' category while filing income tax returns. Such a record allows many to claim various types of expenses on this money. As a result, the tax amount decreases. However, those earning income by doing other work are required to register it only in the 'business income' category and pay tax on it. 1,100 People Prosecuted Last YearLast year, notices were issued to 1,100 people in Mumbai. Interestingly, an internal investigation by the Income Tax Department found that the excess income of these people was more than what they were getting from their jobs. The notices were issued to those with annual income between Rs 5 lakh and Rs 10 lakh.

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Business :IT Department Directs Action Against Moonlighting, Unreported Second Incomes Subject to Tax and Prosecution

Mumbai: People who earn money by doing work other than their main job i.e. moonlighting, are required to show ... ...