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.
Stock exchanges have increased scrutiny of investors domiciled in Sikkim, following reports of illegal routing of investments through the Northeast state to evade taxes. The National Stock Exchange (NSE) has directed its trading members (brokers) to re-verify and certify investors who have declared their permanent address as Sikkim. Further, brokers have been told to maintain a vigil on the location of devices used by Sikkim-based clients for trading to ensure these are genuine investors from the region.
The middle class is a big force to fulfil dreams of a prosperous and developed India and our government has taken many decisions to empower it, the prime minister said.
The defence budget was increased to Rs 5.94 lakh crore for 2023-24, up from last year's allocation of Rs 5.25 lakh crore.
The Union Budget on Wednesday outlined several initiatives to drive India's technology agenda and boost digital infrastructure, including new centres of excellence for artificial intelligence, National Data Governance Policy, and Entity DigiLocker.
Analysts are of the opinion that given the change in the business model, which is resulting in smaller deals spreading across the whole year, clients may be already renegotiating prices.
The Delhi high court on Monday granted "last opportunity" to the Enforcement Directorate to respond to a petition by media baron Raghav Bahl to quash a money laundering case against him, but refused to pass an order staying the investigation at this stage.
The Income Tax raids on a Karnataka minister on Wednesday had its echo in Parliament where the protesting Congress members disrupted the proceedings
Multinational companies operating in India will soon have to disclose details of their operations at the country of residence and their revenue income to the Income Tax authorities.
'There are deliberations on whether there can be lowering of income taxes and other sops to keep more money in the hands of taxpayers, enabling them to spend more and boost demand.'
The new income tax regime for filing returns has been "sweetened" in the Budget 2023-24 and it will be beneficial for maximum number of taxpayers as they can enjoy a "reduced" tax rate, CBDT chairman Nitin Gupta said. Speaking to PTI during a post-Budget interview, Gupta said the intent of the government while announcing the new slabs and rates under the new tax regime is to gradually "do away with deductions and exemptions" so that the "long-standing demand of reduction of taxes for individual taxpayers and entities can be met." Finance Minister Nirmala Sitharaman, while presenting the Budget 2023-24 in the Parliament on Wednesday, said the government has made the new income tax regime more attractive for taxpayers and has thus brought about 'substantial changes' in its structure for the benefit of the middle class.
Many direct taxation rules lack clarity and the rulings on these also differ from case to case.
The ruling Bharatiya Janata Party on Wednesday hailed the Union Budget as an "all-inclusive" document while the Opposition dismissed it as "anti-people" and mere rhetoric lacking the vision for creating jobs and taming inflation.
The e-filing of returns in FY14 saw an increase of 40 per cent with 25.6 million online returns being filed till March 22, compared with 18 million a year ago.
Income tax online return accounts of certain people have been unauthorisedly accessed, the Finance Ministry has warned.
Kejriwal's supporters have bombarded Income Tax offices with cheques and demand drafts, offering to pay his tax dues.
Barely a fortnight after the freeze on its bank accounts was lifted, the airline filed an appeal against the department in the Income Tax Appellate Tribunal at Bangalore, disputing the Rs 370-crore (Rs 3.7 billion) tax demand levied on it for 2010-13.
Searches were also conducted at the residential premises of top company officials, the source said.
Non-compliance, underreporting or misreporting will attract a penalty of 50-200 per cent. The authorities may during assessment even tax assets that are 15-20 years old
Official is accused of taking a bribe of Rs 2 cr to issue order in an appeal favouring Balaji Trust
The trigger for the action is understood to be the huge spike being registered in the value of bitcoins and other virtual currencies in the recent past.
Karnataka Congress president D K Shivakumar on Monday appeared before the Enforcement Directorate in Delhi for a fresh round of questioning in the National Herald money laundering case.
Finance Minister Nirmala Sitharaman on Wednesday raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade as she did a tight rope walk in the Budget between staying fiscally prudent and meeting public expectations in the year before general elections.
Last week, the government had introduced the black money Bill.
The tax department had attached about a dozen plots and buildings in Delhi and Bihar.
Enhanced scrutiny, modified auditors' report and new return form part of exercise to curb misuse of tax exemption.
The income-tax department has detected "unaccounted" transactions and investments worth more than Rs 100 crore after it raided two Jharkhand Congress MLAs, their alleged associates and linked coal and iron ore businesses across the state last week.
Musk blasted the "current lords and peasants system for who has or doesn't have a blue checkmark", using an expletive.
The Congress leader had said he was not aware of the case for which he has been asked to appear before the agency.
If an ITR is not filed or the tax due is not paid on the deceased person's behalf, there can be penal consequences.
The Enforcement Directorate on Friday questioned Karnataka Congress president D K Shivakumar in the National Herald money laundering case, officials said.
The Union finance ministry has asked field officers of the income tax department to not be adversarial to assessees, and to not send high-pitched demands without a proper basis.
The tax department was given the land at Mumbai's posh location, measuring 2,786 square metre, with a minimum capacity of 100,000 sq ft, in 1992. Instead of constructing an office building, the department recently took a few floors on rent at the nearby Air India building.
The Income-Tax (I-T) Department nowadays provides pre-filled forms to make the filing of income-tax return (ITR) easier. Nonetheless, you must have a number of documents handy at the time of filing return so that you can cross-check the data in the pre-filled form. "Filing ITR doesn't require you to upload any document. But in case an assessing officer makes an inquiry, you will need to present documents and certificates as proof," says Deepak Jain, chief executive, TaxManager.in.
The teary-eyed Congress worker said he committed a "grave error" and appealed to the party workers and leaders to accept his apology.
Fiscal benefits available under Section 80-IA of the Income-Tax Act to power projects should be extended till 2015 instead of March 31, 2010, according to the Confederation of Indian Industry.
The proposal in the Finance Bill to amend provisions of Section 179 of the Income Tax (I-T) Act relating to tax liability of directors of private limited companies from April 1, 2022, could increase risks for directors of medium and small-sized firms in case of non-payment, said experts. While the language of the provision is quite broad, the title of the section limits itself to 'liability of directors of private companies in liquidation'. The Bill proposes to align the title with the scope of the provision, thereby ensuring that orders under this section can be issued even if the relevant company is not under liquidation.
Finnish handset maker Nokia became the centre of a tax scandal as a team of Indian Income-Tax officials on Tuesday raided its factory near Chennai on charges of alleged tax evasion worth Rs 3,000 crore (30 billion).
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