Under the existing provisions, wealth tax is charged on 'every individual, Hindu undivided family and company at the rate of one per cent' of the amount by which their net wealth exceeds Rs 15 lakhs (Rs 1.5 million). However, finance minister Pranab Mukherjee on Monday proposed to amend the relevant section of the Wealth Tax Act.
It is mandatory for everybody to enter his/her PAN
The new banking cash transaction tax, introduced for the first time in the Budget to keep a tax trail on black money, became operational from Wednesday.
8 new I-T returns now replace the old Saral forms. Of these, 4 are for individuals and HUFs, and the rest for companies, charitable, religious, political and non-profit bodies.
A 'will' unlocks many exclusive tax advantages which are otherwise not available to taxpayers. Here are five important ways in which a will can save you tax. . .
With declared assets worth over Rs 600 crore, Chennur Congress candidate G Vivekananda is the richest politician contesting in the November 30 assembly polls, followed by P Srinivas Reddy from the same party with over Rs 460 crore.
The government has extended the last date for filing of income tax returns to October 3 instead of September 30, which was a bank holiday.
A N Shanbhag, the highly respected investment guru, and his son Sandeep Shanbhag, answer your questions on NRI investment.
'Earlier there was no provision for considering TCS collected from the taxpayer for overall tax computation.' 'Now, credit will be given by the employer for TCS already collected to consider net tax to be deductible.'
'By extending the definition of 'personal' to include institutions and not just individuals, the State has equipped itself with a tool to block access to most kinds of information.'
BJP leaders in Maharashtra criticized Uddhav and Raj Thackeray's joint rally in Mumbai, calling it a desperate attempt to revive their political fortunes ahead of civic polls. They accused the Thackerays of using the Marathi language issue as a guise to regain power and criticized their past actions.
If an assessee misses the December 31 deadline, s/he can file a belated tax return by paying a late filing fee. 'This must be done within three months from the original filing date.'
The judgement has dealt with the question whether the share of such children is limited only to the self-acquired property of their parents under Section 16(3) of the Hindu Marriage Act.
'PPF carries minimal risk.' 'Its fixed-income nature allows investors to diversify their portfolios.'
The first tranche of sovereign gold bond for 2022-23 will open for subscription for five days from June 20, the Reserve Bank of India said on Thursday.
The CM also said that to prevent the sale of land from the indigenous communities like tribals and Adivasis to others in undivided Goalpara district, a strong law will be brought.
Income Tax department have released different tools to help you file your ITR-3 form easily.
'If an individual makes significant financial investments, she should stick to the old regime.' 'If the individual prefers straightforward computation without any tax benefits, the new regime would be suitable.'
Don't solely focus on tax-saving alone.
Prashant A Bhonsle explains the tax benefits you can avail under Section 80E of the Income Tax Act.
However, the department has not changed ITRs significantly, considering Covid-19 crisis.
When there are two wills produced before the court, which one will be executed?
If you disagree with the notice, be ready to explain.
The Supreme Court (SC) recently declared that a Hindu father or the manager of a Hindu Undivided Family (HUF) has the power to make a gift of ancestral property for a 'pious purpose', but such an alienation can't be permitted 'out of love and affection'. A petitioner had filed a suit against his father and another person called KC Laxmana for partition and separate possession of his one-third share in the property, and for a declaration that the gift or settlement deed executed by his father in favour of the second defendant, KC Laxmana, be declared null and void. Bharat Chugh, former judge and advocate, says, "The plaintiff argued that the property belonged to the joint family (of which Laxmana was not a part), and transfer of property without his consent was not valid." The SC ruled that gifting out of natural love and affection cannot be interpreted as 'pious purpose'.
'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.'
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.
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.
The new measures will lead to tax collection of Rs 9,000 crore
Valli Arunachalam had alleged that the group promoters have a gender bias against women getting into the family business and, hence, she and her sister were denied a berth on AIL's board.
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.
Understand the pros and cons of SGBs before rushing to invest in them based on past returns.
'The BJP lacks a credible mass leader who matches Mamata Banerjee's popularity.' 'Given the division of votes among Opposition parties, the West Bengal government's dole-giving strategy, and the consolidation of the poor, significant sections of scheduled caste groups and Muslim minorities behind the ruling party, it will be difficult to dislodge the Trinamool from power.'
Prime Minister Narendra Modi and Congress leaders Sonia Gandhi and Mallikarjun Kharge were among the top leaders who paid homage to former prime minister Manmohan Singh at his home in New Delhi on Friday.
Should the Income-Tax Act have been simultaneously amended to exclude Sikhs and Jains from the definition of HUF once they were declared a minority by the government? Sanjeev Nayyar discusses the curious dichotomies in our laws.
Chidambaram showed a total income of Rs 8.58 crore for 2014-15, while his wife Nalini showed income of Rs 1.25 crore for the same period.
Changes in I-T rules kick in today; to help govt track taxpayers' income, reports Dilasha Seth.
