Though seven opportunities have been granted to the states, it appears that full compliance has not been affected and several states are in default, it said.
'Tax is not required to be deducted from specified payments if a recipient files a self-declaration with the deductor for no deduction of tax.'
'Generating employment requires a shift in policy.' 'If not, the country will face economic, social and political challenges in the coming years.'
This period of strong growth not only offers opportunities but also calls for strategic considerations to ensure sustainable development and equitable prosperity in the years to come, suggests Sujan Hajra.
The net direct tax collection increased by 21.82 per cent to over Rs 9.57 lakh crore till October 9, helped by good inflow from corporates and individuals, the Finance Ministry said on Tuesday. The net collections have reached 52.5 per cent of the full-year budget estimates (BE) of Rs 18.23 lakh crore. The provisional figures of Direct Tax collections up to October 9, 2023, continue to register steady growth, the statement said.
'She was lying there and I mustered up enough guts to lay next to her and hold her tight.' 'And she said, "Oh my, Girish, isn't he supposed to be nervous?"' 'Making light of the situation, Girish said, "No, he's been practicing with a pillow the whole day".'
Overall market reaction to the Budget was neutral. Investors absorbed the changes to the tax rates (positive for salaried class) and capital gains taxes (CGTs, negative due to the removal of indexation and increases. Other proposals largely pertain to supporting rural development, buybacks taxed as dividends, Custom duty changes that impact multiple sectors, higher outlays for clean energy, etc. There's some moderation in the growth of capex outlay across defence, fer
LTA can be claimed only for domestic travel and is available for two journeys within a block of four years.
There are a number of steps taken that will leave more money in the hands of the taxpayers.
These include the reduction in tax rates under the new tax regime, increase in standard deduction, allowing tax collected at source to be adjusted against tax deducted at source from salaries, notes Harsh Roongta.
Raising slogans against the Bharatiya Janata Party, Trinamool Congress (TMC) leaders ended their 24-hour protest at the Mandir Marg police station in New Delhi on Tuesday evening, a day after they were detained while staging a dharna outside the Election Commission's office.
Follow this 15 x 15 x 15 rule to become a crorepati without taking big risks. Ramalingam Kalirajan explains how
About 82 per cent of the total income from unknown sources declared by national political parties in 2022-23 came from electoral bonds, according to a poll rights body.
rediffGURU T S Khurana answers readers' personal income tax queries
Fresh plans of privatisation or divestment in central public sector enterprises and public sector banks might take a back seat this financial year because these may require a large consensus among coalition partners.
Amit Gupta examines the taxation of dividend-paying stocks, share buybacks, and bonus shares.
Many exemptions make little sense, such as a monthly exemption of Rs 100 for college education and Rs 300 for hostel fees.
If not, an assessee might be charged interest for not paying TDS on time.
In his letter to Sitharaman, Venugopal said media reports have exposed the alleged "quid-pro-quo between BJP and several firms, which in a strange coincidence donated to it, after the Enforcement Directorate (ED), Income Tax Department (IT) and Central Bureau of Investigation (CBI) and others, raided or searched those enterprises".
Private credit is fast emerging as a major source of finance for projects in India as several entrepreneurs are looking for short-term debt to bridge the funding gap due to difference in pricing for equity dilution, top officials at PwC India said. They said while new private equity (PE) investments during the past two years have declined, several public market exits by PEs were observed during that period. Several companies are likely to approach capital markets in the near future to provide liquidity to PE fund investors.
Missing the deadline for filing Income Tax returns can lead to consequences.
Ramalingam Kalirajan dives into the specifics of NPS withdrawal rules to help you understand the conditions under which and when partial withdrawals are allowed.
Granting SCS to the state has been a long-pending demand of the JD-U supremo and Bihar chief minister Nitish Kumar, whose Bihar cabinet had even passed a resolution last year requesting the Centre to grant SCS to the state.
The last two I-T teams left the premises, one each in Odisha and Jharkhand, carrying with them a number of seized "incriminating documents" and data cloned from electronic gadgets in the early morning hours.
An increase in the farmer income support scheme PM Kisan Nidhi, the introduction of a 'robot tax' to fund reskilling of people who lose their jobs to artificial intelligence (AI), and a reduced income-tax (I-T) to bring relief to the middle classes - these are some of the items in the Budget wish list submitted by Sangh Parivar affiliates to Finance Minister (FM) Nirmala Sitharaman. Representatives of the affiliates of the Rashtriya Swayamsevak Sangh (RSS), such as the farmer organisation Bharatiya Kisan Sangh (BKS); trade union Bharatiya Mazdoor Sangh (BMS); Laghu Udyog Bharati, which works for micro and small industries; and Swadeshi Jagran Manch (SJM), which works on economic and policy issues, met the FM and other officials over the last couple of weeks as part of the pre-Budget consultations.
'Expectations are high regarding the change in LTCG with respect to equity investments.'
Former MP Sanjay Nirupam on Thursday took a swipe at the Congress leadership over his expulsion, claiming it was done after he sent his resignation letter to the party.
The marathon raids against Boudh Distillery Private Limited, its promoters and others entered the fifth day on Sunday.
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
The Opposition on Tuesday termed the Union Budget as a 'kursi bachao budget' driven by political compulsions and claimed that it ignored opposition-ruled states in a bid to 'appease' Bharatiya Janata Party's allies.
Anamika Pareek explains the advantages of investing in tax-saving options like the equity-linked savings schemes.
The I-T probe is related to some trusts run by Khan and his family members, the sources said.
After producing Darshan and three others before the court, the police stated that they were not making the names of the eyewitnesses public citing their safety.
The Bombay high court has passed an ex-parte interim order restraining several entities from operating websites etc claiming to provide PAN card services on behalf of the government-owned UTI Infrastructure Technology and Services Limited (UTIITSL) and noted such an act poses a "national level threat". A single bench of Justice Bharati Dangre, in its order of January 12, said the Union government has made it mandatory for PAN card holders to link the same to their Aadhar Card, which is an acceptable proof of identification. Therefore, any potential misuse of the licence/ authorization to issue PAN cards would be highly detrimental not only to the interest of the company but also to national interest, the HC said.
The judge set aside the order of the principal district judge, Villupuram, acquitting Ponmudy and his wife in the case.
Statements of five 'Angadiya' firm operators have also been recorded by the ED to establish the "money trail" of this alleged Rs 45 crore bribe amount.
The Election Commission (EC) had, in 2019, flagged its concerns in the Supreme Court on the changes made in several laws relating to political funding to facilitate the electoral bonds scheme, saying it will have 'serious repercussions' on transparency.
Using the Mahabharat reference as a leitmotif, Leader of Opposition in the Lok Sabha Rahul Gandhi on Monday claimed that an atmosphere of fear prevails all around with a group of six trapping the entire country in a 'chakravyuh' he promised would be broken by the INDIA bloc.
'We have now drastically simplified it, primarily to two rates in long-term capital gains: 20% and the applicable rates. Similarly, in short-term capital gains.' 'For listed shares, there is a slight increase, but for unlisted shares, where indexation benefits are removed, there is a reduction in rates, benefiting unlisted companies, venture capital firms, etc.' 'Similarly, in real estate, wherever returns are higher, the new structure is beneficial. In very few cases, returns are lower, and those are more of an exception.'
State-owned Indian Renewable Energy Development Agency's (Ireda's) chairman and managing director Pradip Kumar Das has announced that the company has requested the government to allow it to carry out a follow-on public offer (FPO) as it will need further equity infusion to maintain the pace of growth. The FPO would aim to raise between Rs 4,000 crore and Rs 5,000 crore. Ireda, which provides funding assistance and other services to renewable energy and energy efficiency/conservation projects and is 75 per cent owned by the government of India, has requested the Union Finance Ministry to be included under Section 54EC of the Income Tax Act, which will help reduce borrowing costs.
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