Section 54 provides a tax-free method to convert unaccounted money into accounted money, says Harsh Roongta.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Equity benchmarks Sensex and Nifty ended on a mixed note on Wednesday as the euphoria about the Budget fizzled out, with investors going for profit-taking ahead of the Fed interest rate decision. The 30-share BSE benchmark Sensex climbed 158.18 points or 0.27 per cent to settle at 59,708.08 after it trimmed most of the intra-day gains. During the day, it had zoomed 1,223.54 points or 2 per cent to 60,773.44.
'Appellants may not lap up the scheme because, first, to do so would amount to admission of guilt, and second, they may have smelled victory before higher appellate forums,' notes S Murlidharan.
RNOR status is a sub-set of the Resident Status.
'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.'
Proper documentation can help take half the pain out of filing your income tax return, says Amar Pandit.
The market players were expecting that if long-term gains are taxed, the STT would go. But this has not happened, says Debashis Basu.
'If the portfolio growth rate is higher, take this loan. If it is lower, liquidate your investments.'
To provide similar extended time limit for payment of tax deducted from payments made to non-residents, it is proposed that the deductor shall be allowed to claim deduction for payments made to non-residents in the previous year of payment.
Tendering the shares in an open offer will lead to higher taxation.
Jaitley sets condition of 50% assets for applicability of capital gain tax.
If your equity gains are less than Rs100,000 in a financial year, you can breathe easy.
ITC highlighted that legal cigarettes account for 9 per cent of tobacco consumption in India, but 80 per cent of tax collection is from tobacco products. While illicit cigarettes account for roughly one-third of the market share, legal cigarette volumes have recovered to around 96 per cent of peak FY13 volumes, after dipping to 70 per cent in FY21.
'Is taxable amount above 1 Lac is also to be shown as income from other sources?'
Filing your tax returns may seem like a lot of paperwork, but it is swift and smooth once you start with a clear plan, says Anil Rego.
Among the 30-share basket, 27 stocks led by Bajaj Auto and Bharti Airtel ended with losses.
Britain's Cairn Energy Plc has dropped lawsuits against the Indian government and its entities in the US and other places and is in the final stages of withdrawing cases in Paris and the Netherlands to get back about Rs 7,900 crore that were collected from it to enforce a retrospective tax demand. As part of the settlement reached with the government to the seven-year old dispute over levy of back taxes, the company - which is now known as Capricorn Energy PLC - has initiated proceedings to withdraw lawsuits it had filed in several jurisdictions to enforce an international arbitration award which had overturned levy of Rs 10,247 crore retrospective taxes and ordered India to refund the money already collected. Two sources with direct knowledge of the matter said Cairn on November 26 withdrew the lawsuit it had brought in Mauritius for recognition of the arbitration award and took similar measures in courts in Singapore, the UK and Canada.
Rules applicable from April 1, 2014; investors who have already redeemed will also have to pay tax
Equity-focused schemes may perform better in a bull market, while debt-oriented ones may offer greater stability during volatile periods.
If the gift is received from a relative, there is no tax implication. But if the gift is received from a non-relative and exceeds Rs 50,000 in value during a financial year, the entire value of the gift is taxable.
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?
CBDT to reopen cases, conduct detailed inquiry of taxpayers who invested in such shares
'Focus will be on smaller loan amounts to meet the needs of affordable homebuyers.'
Amit Gupta, MD, Sag Infotech, answers your personal income tax queries.
During a series of hectic talks between Cairn Energy and the Indian government over the $1.2-billion arbitration award in favour of the former last week, a slew of options was proposed by the two sides, including computation of capital gains and participation in the Vivad se Vishwas (VsV) dispute resolution scheme. The government is likely to go ahead and appeal against the arbitration award by a Permanent Court of Arbitration at The Hague before March 21, indicated finance ministry officials. Cairn Energy Plc on Sunday said it was hopeful that an acceptable solution to its tax dispute with the Indian government could be found to avoid prolonging and exacerbating the 'negative issue' for all parties.
Singapore is the favoured destination as it has traditionally had a stable fund management regime; also, its tax treaty with India is similar to that of Mauritius
Portfolio investors based out of the US and other countries with which India does not have favourable tax treaties will have to pay a 15 per cent tax on their derivative transactions, after the Budget decided to classify income from all foreign portfolio investment as capital gains.
At least 200 investors have to furnish financial statements
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.
Since MAAFs invest across multiple asset classes, they offer diversification.
IPOs inherently carry more risks than stocks that have been listed on the exchanges for some time.
A N Shanbhag explains various issues related to the Securities Transaction Tax
Capital goods companies in their Q2FY24 results are expected to report another steady quarter of earnings growth as order inflows and execution remain healthy, according to analysts. An upward revision in order inflow targets and a margin improvement due to lower raw material costs are also anticipated. "We expect the execution of all capital goods companies and most EPC (engineering, procurement, and construction) companies to remain healthy Y-o-Y (year-on-year), led by strong order book accretion in the past 5-6 quarters," wrote analysts at Kotak Securities in a note, estimating revenue growth of 32 per cent for India's largest company in the capital goods space -- Larsen & Toubro.
'Many of these issues will be resolved within 6 months because the US economy has started unravelling.'
For the first time in the history of Budget-making in India, a single Budget will touch 65 crore Indians, says Shailesh Haribhakti.
It's not just the archaic tax laws but the anomalies that make the taxpayer's life difficult.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Tesla needs to either sell the same models with reduced features to lower the cost for Indian market, or incur losses.
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