Here are some of the important items of income, which are fully exempt from income tax and which can be utilised by a resident individual Indian assessee for the purpose of tax planning.
A N Shanbhag, the highly respected investment guru, and his son Sandeep Shanbhag, answer your questions on NRI investment.
While two Godrej Group companies that manufacture soaps and edible oil are listed, Godrej & Boyce is still privately held. And, it is the jewel of the Group with its FY07 turnover close to Rs 3,000 crore and profit of over Rs 100 crore.
Exports of textiles and jewellery from India may register negative growth this year thanks to the appreciation of Rupee against the US dollar.
Although exports of gold jewellery have increased from Rs 5,220 crore (Rs 52.20 billion) during FY 2001 to Rs 23,516 crore (Rs 235.16 billion) during FY 2007 (source: Icra industry monitor), the export business has been constrained by an inability to compete in global markets on basis of price and superior design capabilities.
This segment had an estimated market size of Rs 7,080 crore (Rs 70.80 billion) at the end of 2006-07 and is expected to grow at an average rate of 30 per cent in 2007-08. Among the various businesses, online travel segment leads the pack. It is expected to grow at the rate of 30 per cent and reach Rs 7,000 crore (Rs 70 billion) by the end of 2007-08.
There will be zero Income Tax on income of Rs. 11.20 lakh (Rs 1.12 million). Impossible? No, it isn't.
This is the last lot of payments that telcos will make towards deferred spectrum liabilities, as the Union Cabinet had late last year approved a two-year moratorium on such spectrum payment dues.
The Bolero has sold over 1 lakh vehicles during FY2015.
Bharti Airtel and Vodafone Idea have communicated to the telecom department that they will not pay AGR dues of Rs 88,624 crore, the deadline for which ended on Thursday, and will wait for the outcome of modification petition listed for hearing before the Supreme Court next week, according to official sources. Reliance Jio on Thursday paid Rs 195 crore to the telecom department to clear all adjusted gross revenue dues accounted till January 31, 2020, according to an official source.
Transfer pricing tax orders of Income Tax against Shell and Vodafone pertain to alleged undervaluation of shares issued by their domestic subsidiaries to the parent companies abroad.
The government earned Rs 7.42 lakh crore as direct taxes in 2015-16, a 66 per cent increase from Rs 4.45 lakh crore in 2010-11
The government has at last commenced important structural reforms.
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