The New Year doesn't seem to be bringing good tidings for salaried employees. The tax burden of certain benefits that was being borne by the employer so far has been shifted to the employees now.
This follows a renewed effort by CBDT to seek clarification on the issue.
As many as 97,689 people had more than Rs 1 crore gross income in 2018-19 AY against 81,344 in the previous year, shows official direct tax data.
Retirement fund body EPFO has retained 8.5 per cent interest rate on employees' provident fund (EPF) for 2019-20 for its over six crore members as decided earlier, and also began crediting the same into their accounts on Thursday. A large number of the members of the Employees' Provident Fund Organisation (EPFO) would be able to see their updated EPF accounts with credit of 8.5 per cent interest for 2019-20, from Friday, a senior official told PTI. The official further said the labour ministry has already sent the direction to credit the 8.5 per cent interest on EPF for 2019-20 to the EPFO, and the body has already started crediting interest into the members' account for the last financial year.
The New Year doesn't seem to be bringing good tidings for salaried employees. The tax burden of certain benefits that was being borne by the employer so far has been shifted to the employees now.
The laboratory is a novel concept, which enables students to learn and explore mathematical concepts and verify facts and theorems using tools such as the Geometers sketchpad.
This follows a renewed effort by CBDT to seek clarification on the issue.
Stockbrokers who have been taking advantage of the ambiguity in the Income Tax Act rules to reduce their tax payouts could be in for a rude shock.
The finance ministry has initiated an internal survey of the faceless regime to examine its effectiveness.
There has been an unprecedented surge in number of returns being e-filed.
Companies pay advance taxes in four installments.
People receiving gifts, in cash or kind, will have to pay tax, if the value exceeds Rs 50,000.
Sources said the action was in line with Prime Minister Narendra Modi's address to the nation from the ramparts of Red Fort when he said some black sheep in the tax administration may have misused their powers and harassed taxpayers, either by targeting honest assesses or by taking excessive action for minor or procedural violations.
Reserve Bank Governor Shaktikanta Das on Wednesday said underlying economic activity in India continues to be strong, but external factors will cause some "dent" to the economy. Speaking at the BFSI Insight Summit 2022 organised by Business Standard, Das said the RBI tracks 70 fast moving indicators and most of them are in the "green box". It is the external sector, mired by a fear of recession or clear visibility about slowing growth in a large part of the world, where the challenges lie, he said, adding that the impact of external demand will "dent" the economy.
India and Myanmar have signed a Double Taxation Avoidance Agreement (DTAA), which provides that business profits will be taxable in the source state. In the case of India, the DTAA will cover income tax and surcharge and in the case of Myanmar, income tax and profit tax. However the maximum rate of tax to be charged in the country of source will not exceed 5 per cent in the case of dividends & 10% in the case of interest and royalties. The deal also has anti-abuse provisions.
Batting great Viv Richards has slammed 'arrogant' Caribbean administrators for thinking they are as important as players and has laid the blame for the decline of West Indies cricket firmly at their door.
On Wednesday, in a significant ruling that may result in $2 billion (Rs 10,000 crore) flowing into government coffers, the Bombay high court had dismissed a writ petition filed by telecom major Vodafone International Holdings BV challenging the Income Tax (I-T) Department's jurisdiction to assess whether the over $11 billion Hutchison-Vodafone transaction was liable for capital gains tax.
BCCI secretary Jay Shah took to his official Twitter handle to announce the historical development.
The Insurance Regulatory and Development Authority has clarified that only the premium collected for providing health cover in the case of unit-linked health insurance policies will be eligible for tax benefits.
Move targeted at companies with high promoter holdings.
The bench agreed to hear the matter at the end of the board during the day itself.
The Central Board of Direct Taxes has sought a clear definition of the term 'permanent establishment' for assessment of tax payable by foreign entities in India. Currently, the Act defines a 'permanent establishment' as a fixed place of business.
The Reserve Bank has restricted American Express Banking Corp and Diners Club International Ltd from on-boarding new domestic customers onto their card networks from May 1 for violating data storage norms. The order will not impact the existing customers of these two entities, the central bank said in a statement on Friday.
'Kavach', which literally means armour, is being promoted by the railways as the world's cheapest automatic train collision protection system.
The IPL franchises are now expanding their bouquet of teams across leagues in the West Indies, UAE, South Africa and now the US is another untapped market that wasn't explored despite the Asian diaspora craving for some cricket.
According to officials, the board will inform students about the schedule 10 days in advance.
The Finance Ministry has started preparations for Budget 2014-15 by asking different central ministries and departments to come out with their estimates of receipts as well as expenditure for the next financial year.
'How can someone who has never been associated with the movement and never had darshan of Ram Lalla mediate on the matter of temple construction? We have gone to jail for it, faced house arrest and have been fighting court cases. Sri Sri does not qualify to mediate on the matter.'
A notice put up at the Bandra-Kurla Complex office of the income-tax department says that salaried individuals filing their returns for assessment year 2008--09 (i.e. the last financial year, 2007--08) need to attach annexures.
"Delays, if any, in issuance of PAN cards take place usually due to incomplete documentation by applicants," Central Board of Direct Taxes (CBDT) spokesman Shishir Jha said reacting to a story which appeared in a Delhi newspaper that suggested such decline in FII investments was due to delays in issuing PAN cards.
The Central Board of Direct Taxes is considering a proposal to restrict the exemption on long-term capital gains only to companies constituting the BSE-500 index.
The contentious issue that Tata Trusts is challenging is the date of the order, which makes it liable to pay a much higher amount of tax under the new tax provision introduced in June 2016 concerning charitable trusts.
With the liberalisation of the Indian economy and opening up of capital markets for domestic and institutional players, there was clearly a case to re-examine the 1989 guidelines.
Women's IPL set to take place in March with 5 teams
RBI may also be open to injecting liquidity through open market purchases of bonds but is resisting relaxing capital buffers for banks.
The deadline extended till March 31, 2019.
Lending and borrowing of securities for short-selling at stock exchanges will not attract Securities Transaction Tax or capital gains tax.
Wants CBDT to plug loophole in the system.
The Opposition party asked whether the prime minister will take responsibility for the 'deadliest rail tragedy' of this century.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances