CAs not sure if individuals declaring unaccounted money will get immunity from reassessment as these provisions are not covered in the Bill.
While the black money declarations may go up further once all the online and manual filings of undisclosed assets filed at the end of the four-month window on September 30 are compiled, the government will get this fiscal nearly Rs 14,700 crore or half of the total taxes due.
'Among corporates, about 60% of income is now reported under the new tax regime.'
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
The Budget offers a limited-time regularisation window with clear thresholds, defined payments, and immunity from penalty or prosecution.
The Congress party has strongly criticized the Union Budget, calling it 'lacklustre' and 'disappointing,' claiming it fails to address the needs of farmers, unemployed youth, and other key sectors.
A nationwide strike called by central trade unions saw a mixed response across India, impacting various sectors and states differently, with some areas experiencing disruptions while others remained largely unaffected.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Think again. Not filing could cost you. Here's who must file, who should, and why it matters. What's more, the deadline to file your ITR has been extended till September 15, 2025
rediffGURU T S Khurana answers readers' personal income tax queries
The Supreme Court has sought responses from the Centre and others on a plea challenging the validity of a provision of the Income Tax Act that allows political parties to receive "anonymous" cash donations below Rs 2,000.
Younger customers should opt for increasing cover as their financial commitments are likely to rise in the future.
Do not panic on receiving a notice. Verify if your work falls under professions notified in Section 44AA(1).
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Understanding severance pay isn't just for those who are losing their jobs
Adjusted for inflation, the earlier scheme would have collected Rs 25,000 crore.
All board members and staff of the Securities and Exchange Board of India (Sebi) will be required to declare their assets, liabilities, trading activities, and relevant relationships at multiple stages - at the time of appointment, annually, upon key events, and at exit. This is part of a series of recommendations by a high-level committee constituted by the markets regulator in a bid to overhaul conflict-of-interest and disclosure rules.
EPF nominations decide inheritance -- here's what happens if you don't file.
If Xi Jinping is dethroned in the future, the instrument for that may well be embedded within the PLA, notes former foreign secretary Shyam Saran.
The government on Thursday clarified that black money declarants using the one-time compliance window cannot pay tax and penalty from undisclosed income to bring down their liability.
Quoting an incorrect PAN during property registration can invite penalties and prosecution.
'Always keep accurate and transparent records of the source of the investment or property's funding: Loan agreements, transfer records of the property, and bank statements of co-owners if available.'
Here's unlocking the real story behind your EPF's 8.25% interest and what it truly means for your retirement kitty.
rediffGURU T S Khurana answers readers' personal income tax queries.
Both NDA and INDIA are racing to woo marginalised groups with Assembly polls fast approaching.
While the BJP received the highest amount, securing Rs 1,685.63 crore, the Congress received Rs 828.36 crore, and the Aam Aadmi Party (AAP) Rs 10.15 crore.
The RBI advisory follows a labour ministry request earlier this year seeking the central bank's expertise to identify gaps in EPFO's investment strategy and fund management practices, including accounting, risk management, and internal governance.
The Enforcement Directorate (ED) and Income Tax (I-T) Department are likely to join the Assam Police in investigating alleged organised financial crimes and acquisition of benami properties by event manager Shyamkanu Mahanta, an accused in the death of Assam's cultural icon Zubeen Garg.
Of the 5 lakh women who were deemed ineligible, 1.5 lakh were found to be above the age of 65, while 1.6 lakh either had a four-wheeler or were beneficiaries of other government schemes like the Namo Shetkari Yojana, the official said.
Despite facing financial constraints, Kerala has been able to invest in welfare schemes and targeted programmes.
The forms - 1, 2, 3 and 4 - can be used both for e-filing or manual filing of the black money assets by a declarant under the Income Declaration Scheme (IDS).
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
Errors in filing income-tax returns frequently lead to scrutiny notices, additional liabilities, or delayed refunds.
However, an official acknowledgment of receiving a valid declaration under IDS (Form-2) will only be given to the concerned entity after a PAN number is allotted to him or her
One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
rediffGURU T S Khurana answers readers' personal income tax queries.
The Karur tragedy has exposed the huge gaps in Vijay's understanding of realpolitik, elections and political administration, asserts N Sathiya Moorthy.
Prime Minister Narendra Modi on Friday said India will never compromise the interests of its farmers, fishermen and dairy farmers, asserting that he would be ready to pay any price.
rediffGURU T S Khurana answers readers' personal income tax queries.
Some individuals opt for the new regime without a comparative analysis of the tax liability under the two regimes.
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