Bombay High Court will hear Vodafone Essar's case on tax for 10 working hours from March 10.
In order to augment funds for SMEs (Small and Medium Enterprises), Finance Minister Pranab Mukherjee, in the General Budget 2012-13 presented in Lok Sabha, has proposed to exempt capital gains tax on sale of a residential property, if the sale consideration is used for subscription in equity of a manufacturing SME company for purchase of new plant and machinery.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
If you lack an emergency fund or it is depleted, use part of your bonus to build or replenish it.
Sitaram Yechury, politburo member of CPM, on Friday warned the government against market volatility and FII activity.
If the fiscal deficit target of 4.9% of GDP has to be met for 2024-2025, which the government must in view of the uncertainties and challenges emerging both domestically and globally, the finance ministry may see in the composition of the current year's capex a sliver of hope, notes A K Bhattacharya.
'A mid-year review makes the end-of-year financial review manageable and less stressful.'
The new Direct Taxes Code has been put in the public domain and will most likely be up for debate in the monsoon session of Parliament.
Foreign companies that do not have a permanent establishment in India will be exempt from paying minimum alternate tax.
Charging the UPA top brass of aligning with industry chambers and not paying heed to coalition partners' demands, Left leaders on Friday said the forthcoming Budget should restore capital gains tax, rationalise corporate tax exemptions and export inc
It is best to invest long-term surplus in stocks or equity mutual funds.
While using the family to save tax is legal and smart, ensure you use the ones where clubbing income laws isn't a concern, advises Bindisha Sarang.
To give impetus to the real estate sector, Goyal proposed to extend the period of exemption from levy of tax on notional rent on unsold inventories from one year to two years.
You also avoid capital gains tax during redemption in case the gold price is higher, making them tax efficient.
Define ownership proportionately at the time of registration to ensure that you don't face problems on taxation front.
Searches are being conducted in connection with a case of alleged tax evasion.
Arun Jaitley had proposed in the Budget to double the rate of capital gains tax on debt MFs to 20%.
NHAI expected to be debt-free by 2030-31 and added the authority, which raised about Rs 14 billion (Rs 1,400 crore) in 2009-10 through capital gains tax exemption bonds, planned to mobilise Rs 40 billion (Rs 4,000 crore) in the current financial year.
The 40 per cent exemption benefit is applicable only for employees.
Govt should take steps to monetise real estate investment schemes.
With the introduction of 10 per cent tax both on long-term capital gains and on dividend, choose funds based on investment horizon and risk appetite, not on tax advantage, experts tell Sanjay Kumar Singh.
Here's a ready reckoner on how to calculate your tax dues so that you can plan your investments accordingly.
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The government is likely to file an appeal against the Cairn arbitration award contesting its sovereign rights to tax, sources said.
The rental income for a house and the capital gains from the possible sale of a house come under the "income from other sources"
'We have essentially tried to set out an agenda for the next five years and it, in essence, represents the political commitment to that agenda.'
The government may be waiting for the outcome of an arbitration initiated against its levy of Rs 10,247 crore retrospective tax on UK's Cairn Energy Plc before deciding on appealing against losing a tax case against Vodafone Group, sources said. An international arbitral tribunal is expected to give a decree within next few days on Cairn Energy Plc's challenge to the Indian government seeking Rs 10,247 crore in retrospective taxes. If the arbitration award in the Cairn cases goes against India, the government has to pay the British firm over Rs 7,600 crore to reverse the dividend and tax refund it had ceased and shares it sold to recover part of the tax demand.
In 2020-21, Indian firms offered to buy back shares worth Rs 39,295 crore, or 97% more than Rs 19,972 cr proposed in the previous financial year.
A N Shanbhag, the highly respected investment guru, and his son Sandeep Shanbhag, answer your questions on NRI investment.
Regardless of market levels, invest in stocks and equity mutual funds in a staggered manner.
Vijay Kelkar panel on tax reforms on Friday proposed doubling of the tax exemption limit on personal incomes to Rs 1,00,000.
Foreign portfolio investors (FPIs) who invest from Mauritius into Indian companies that dole out bonus debentures will get impacted by the tax avoidance provisions on bonus stripping. The FY23 Budget has extended these provisions - applicable only to MFs, so far - to shares and units of REITs, InvITs and AIFs. The move will especially affect large institutional investors who sell original units within nine months after the record date because the loss arising from sale of original units would have to be ignored for the purposes of computing taxable income and cannot be set off against any other capital gain.
Levying buyback tax at a flat rate of 20 per cent (plus applicable surcharge and cess), irrespective of the period for which shares are held will be a dampener for equity shareholders who take inherent risks while investing, says Hitesh D Gajaria, partner and head of tax, KPMG in India.
Besides LTCG tax relief, permitting taxpayers to declare two houses as self-occupied brings a huge relief.
Most taxpayers will benefit from being in the old tax regime, assuming they optimise their salary for tax benefits and claim the deductions available to them.
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