Ulhas Joshi, Head -- Sales, Rank MF, a mutual fund investment platform, answers your queries.
This is the eighth time that the CBDT has extended the deadline for individuals to link their PAN with Aadhaar.
The department apparently suspects the use of shell firms or front entities in some aspects of such remittance. Money might, it suspects, have moved in some cases from tax-free jurisdictions or tax havens to accounts in the UAE and some South Asian countries.
Almost 2,000 companies whose private provident and pension funds have invested in non-convertible debentures of IL&FS group firms are staring at the prospect of booking losses to the tune of Rs 9,000 crore or more if the interest income is added.
Sukanya Verma looks at women who have fleetingly portrayed the formidable Indira Gandhi on screen.
Tax Guru Anil Rego answers your personal income tax queries
Officials said the oil marketing companies had provided data to the Income Tax department.
The no-confidence motion moved by the opposition Bharatiya Janata Party against the Congress government in Chhattisgarh where assembly polls are due next year, was defeated by voice vote in the state Legislative Assembly on Thursday.
Experts say only three per cent individuals pay taxes.
Mutual fund analysts attribute this to the volatility in the debt markets over the last two months. Saurabh Nanavati, chief executive officer, Religare Asset Management Company, said, "In the last three months, many debt funds found themselves in trouble due to the rise in the 10-year government securities' yield. In such a scenario, the funds will not be in a position to distribute dividends on a regular basis as they are not generating income."
Tax Guru Anil Rego answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Here are the key highlights of the Interim Budget 2019-20 presented by Finance Minister Piyush Goyal in the Lok Sabha on Friday.
The new Chief Economic Advisor Krishnamurthy Subramanian believes that more than unemployment, it is the quality of employment which needs to be focused on. In an interview with Arup Roychoudhury and Indivjal Dhasmana, Subramanian said that controlling inflation was the Modi government's biggest achievement.
Leader of Opposition Mallikarjun Kharge, speaking on the Motion of Thanks on the President's address, charged the government with not delivering on its various promises, including generating two crore jobs per year.
'Earlier, a lot of fear was in the minds of people that the BJP is anti-Christian and anti-minority, but over the years people have learnt to accept that the BJP is just another national party.'
Budget announcements will come right before five states, with population of around 250 million, go to polls.
'With just 2.4 per cent of global landmass, India houses six to eight per cent of planetary biodiversity and hence is a prime target of wildlife criminals.'
Clever wordplay does not change the fact that the government is going pretty easy on some tax offenders, says Arup Roychoudhury.
The I-T department will rely on data analytical tools and run models to separate black money holders and genuine taxpayers based on the large data base being shared by banks.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
India's tax pie seems to have undergone a subtle change with a sharp drop in direct tax collections resulting from a disproportionate impact of the COVID-19 carnage on incomes. The share of indirect taxes, which mainly comprise of levy on goods and services as well as import duty, has risen while that of direct taxes - made up of corporate and personal income tax - has gone down in 2020. In an interview with PTI, finance secretary Ajay Bhushan Pandey said in a pandemic like this where the economy has been impacted, any large scale changes impact direct taxes more severely, whereas indirect tax collection is mostly proportional to business turnover and compliance.
President Ram Nath Kovind on Monday said the country's farm production and procurement increased during 2020-21 crop year despite the pandemic and agricultural exports reached a record level of Rs 3 lakh crore during the same period. In his address to the joint sitting of both Houses of Parliament at the start of the Budget session, Kovind said the government is focusing on making the country self-sufficient in edible oils besides making special efforts to promote organic farming, natural farming and crop diversification. "My government is working continuously to empower the farmers and the rural economy of the country... I would like to give maximum credit to the small farmers of the country for this consistent success and strengthening of the agriculture sector," he said.
The due date for filing Income Tax returns for 2019-20 has already been extended till November 30, 2020.
The Supreme Court on Wednesday declared that Aadhaar is constitutionally valid, but at the same time also ruled on who can seek your Aaadhaar details.
A K Bhattacharya digs into the yet-to-be-public report on ways to curb black money and finds out that Modi's next moves could include action on dabba trading, hawala, and education.
You need not worry even if there is a mismatch between your income and deduction in Form 16/16A and Form 26AS, says Ashley Coutinho
Between August and September Finance Minister Nirmala Sitharaman toured the length and breadth of India meeting traders, experts and entrepreneurs to gauge the pulse of the nation, reports Ruchika Chitravanshi.
Under the Vivad se Vishwas scheme, the MNCs will have to bring in disputed amount to India, else, the entire money will be considered as loan from subsidiaries on which interest will have to be paid.
DroughtThe Centre is expected to discuss issues related to drought management and also review the progress of major central schemes like soil health cards, irrigation programmes
Among the key demands of agitating farmers has been a legal guarantee on minimum support price (MSP). The protest reached a crescendo when thousands of farmers from Punjab and elsewhere marched towards Delhi late last year and decided to block the main entry points once they were denied entry. The Centre, on its part, held 11 rounds of discussions with the protesters and even offered to amend some of the provisions without much success. With now one of their chief demands met, farmers have now moved on to force the government to concede on MSP.
This race among parties to woo the farmers mainly stems from the analysis of political pundits that the peasant class played a crucial role in the defeat of the BJP in Rajasthan, MP and Chhattisgarh.
A minimum of 50 per cent tax may be levied on unexplained bank deposits made using the banned currency notes up to December 30 along with a 4-year lock in period for half of the remaining amount under the amendments to tax law the government plans to bring in Parliament shortly.
Cap on bank withdrawals to be reviewed after Dec 30, says finance secy.
The move is likely to help 4.59 lakh housing units across the country.
Parekh says drafting new I-T law is hindered by the lack of experience.
'Wherever in the world there is political instability, those countries are beset with severe crises today. But India is in a much better position than the rest of the world due to the decisions taken by my government in the national interest,' President Droupadi Murmu said in her address to both Houses of Parliament.
The disclosures will enjoy immunity from wealth tax, civil and other taxation laws but there will be no immunity from FEMA, PMLA, narcotics and black money laws.
ndependent of the political fallout, which Stalin has sought to arrest through the withdrawal of the measures as fast as they were introduced, there are concerns about the way those decisions came to be taken, without adequate application of mind, not in official terms but in political and electoral contexts, points out N Sathiya Moorthy.
Back of the envelope calculations put government expense on each of the new schemes promised by the DMK and the AIADMK at tens of thousands of crores. But then, neither party has said how they are going to also address the mounting debt burden either, says N Sathiya Moorthy.
