Avoid donating without checking the receipt proforma showing the political party's ECI registration number and PAN.
Quoting an incorrect PAN during property registration can invite penalties and prosecution.
'Any earnings, regardless of location, will be subject to Indian income tax.'
'File all the supporting documents in response to the allegation since there is a possibility of the proceedings getting dropped at that stage if the reply is satisfactory.'
A taxpayer who does not revise their return within the stipulated deadline would be stuck with the original return, including its errors.
'Despite rising inflows, many NRIs lack awareness about NRO and NRE accounts and mistakenly use family accounts or invest in a relative's name.' 'Many are unaware of tax implications.'
Not filing an ITR or paying the tax dues on the deceased's behalf can lead to penal consequences.
Taxpayers seeking to save tax from the sale of gold (including inherited) should reinvest the capital gains in residential property to avail of the benefit provided by Section 54F.
Everyone (with some exceptions) whose estimated tax liability is Rs 10,000 or more in a financial year must pay advance tax.
What many don't realise is that including their spouse and children in their tax planning can enable them to reduce their tax burden legally.
'Business families like the Godrej group are increasingly realising that an amicable settlement is better.' 'Else, the wealth of all shareholders gets destroyed.'
A new schedule has been added to report income from cryptocurrencies and other Virtual Digital Assets.
'If taxpayers have not filed a belated ITR, they will be allowed to file an updated ITR from April 1, 2024.'
Investors can sell a part of the stocks, mutual funds, exchange-traded funds, and other securities held in their portfolios at a loss and use this loss to offset tax on the capital gains made on the sale of other securities.
If you have not yet filed an ITR for the 2022-2023 financial year, you can file a belated return.
'Planning for the transfer of assets to the next generation is an important aspect of financial and estate planning.'
Employees who benefit from rent-free accommodation should pay heed to these new regulations, especially if they are in the higher salary brackets.
If you have any grievances or disputes regarding the demand stated in the notice, consider seeking professional help.
Through a revised return, you can make changes to your ITR and even end up paying lower tax.
The Income-Tax (I-T) department has issued around 8,000 notices to salaried employees, self-employed individuals, and companies who made significant donations to charitable trusts. The department suspects potential tax evasion, as records of these donations do not correspond with the income and expenses of those making them. Sandeep Bajaj, managing partner, PSL Advocates & Solicitors, says, "Notices were issued for donations made during the assessment years of 2017-18 through 2020-21."
Salaried persons whose liability is fully deducted as tax deducted at source by their employer need not worry about advance tax payments, unless they have other sources of taxable income.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
'Individuals can consider dividing ownership of properties between related persons to ensure that the sale transactions are below the Rs 50 lakh limit and therefore not subject to TDS.'
The corporate affairs ministry proposed the names of Borkar & Mazumdar & Co and MM Chitale & Co for IL&FS and IFIN respectively; and GM Kapadia & Co and CNK & Associates for IL&FS Transportation Networks.
Did you know that an individual can, in addition to the tax benefits she/he is entitled to, also leverage the benefits available to family members to reduce this liability?
'Many non-resident taxpayers faced issues in filing Form 10F since the portal didn't allow those who didn't have PAN to file the form.'
The auditors -- the local arms of the Big Four global firms Deloitte Haskins & Sells and KPMG which has BSR & Associates as an affiliate here-had challenged the jurisdiction of the NCLT to ban them.
If you are making any drastic changes, make sure there is adequate documentation
Whether you give stocks held for more/less than a year, benefits are nominal; donating cash is better.
Domestic I-T laws require you to deduct tax on software, e-books and music albums; must report every such transactions while filing returns.
The new penalty regime could create a fresh set of complications for tax payers.
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