In the first of a three-part series Paranjoy Guha Thakurta details the salient features of the Undisclosed Foreign Income and Assets (Imposition of Tax) Act, 2015.
Prime Minister Narendra Modi, in his maiden Independence Day address, had made several promises to the nation.
The crackdown on black money has led to seizing of Rs 3,963 crore of smuggled goods in two years.
It's better to inform your new employer about income earned and deduction availed with the previous one.
The calculation is based on annual usage of eight cylinders per household.
Now we must first compete with Bangladesh. This is not what we had been promised, notes Aakar Patel.
Over the last two years, despite an amnesty scheme, only about Rs 2,500 crore of taxes have been recovered.
'In this country, if any government acquires one of these images -- anti-farmer, or anti-poor or corrupt -- the government doesn't survive.' 'The Modi government is fast acquiring that anti-farmer image, that is why it is nervous.'
If the account in a foreign bank has income undisclosed to income tax authorities, or has funds from illegal sources, the account can be declared illegal, under the Fema.
Non-reporting of overseas income by employers may be categorised as 'abetment' under the Act.
Unless they have capital gains or assets abroad, most individuals will need to file ITR-1 or ITR-2A.
If a risk taker and young, NPS would suit her/him. Otherwise, s/he should go for EPF.
The income tax department on Friday warned against indulging in cash transaction of Rs 2 lakh or more, saying that the receiver of the amount will have to cough up an equal amount as penalty.
'I want to ask Modiji is the support price announced by him good enough to make a farmer's sons to start farming in their villages?' 'Can he swear by Bharat Mata and say that is true?'
Here's the full text of President's Ram Nath Kovind's address to the joint sitting of both houses of Parliament on the first of Budget Session 2022.
While the central bank had publicly cited only Rs 15.55 trillion of high value notes were cancelled, in an RTI reply to PTI, it had said the actual quantum of bills cancelled was much higher at Rs 20.51 trillion.
All investment decisions can be distorted by your own biases. Understand your biases and make informed decisions.
The report admits that converting MSP to a floor price of auction on the eNAM portal will not completely solve the problem as the current data shows that average modal prices in e-NAM mandis is lower than the minimum support price in all commodities except urad.
Deputy Chairman of the Supreme Court-appointed Special Investigative Team on black money, Justice Arijit Pasayat, said Rs 70,000 crore of black money has been unearthed so far and the sixth report on it will be submitted to the apex court in April.
Available evidence suggests that we are on the way to a very costly failure of the current demonetisation scheme, says M R Narayana.
The 90-day compliance window to declare overseas wealth ends on September 30.
Farmers with land sizes less than 0.01 hectare have an average annual income of Rs 54732 and annual consumption of Rs 61296, thereby, a debt of Rs 6564 each year. Compare this with the minimum pay for a government employee, says Devanik Saha.
The going is not going to be easy for the DMK and its allies in Elections 2024. Despite the seats sweepstake in the 2021 assembly polls, the vote-share difference of 5.6% (DMK's 45.38% versus AIADMK-BJP's 39.72%) is not insurmountable on a bad day, points out N Sathiya Moorthy.
Ask about the fund house's other schemes and how these have performed over time.
'When buying a term insurance plan, you need to visualise today what could happen to your family tomorrow in your absence,' suggests Mahavir Chopra, director-health, Coverfox.com.
How investors can tweak their fixed income investments to earn more in the current environment.
If eight states could join the VAT system much after the rollout date and after seeing how it works, why can't the same apply to states opposed to the farm laws, asks A K Bhattacharya.
Today, the single most popular route of laundering is the stock market platform, notes Debashis Basu.
The minimum support price for the rabi season will not radically alter the falling trajectory of farm incomes
New Delhi's overall air quality index read 456 at 4 pm, up from 425 at 4 pm on Tuesday.
With the government claiming that the economy has been growing robustly and the Opposition refuting these claims, the common man is none the wiser, says Rajeev Sharma.
Finance minister attempts a clean-up job, keeps projected expenditure growth low.
In a scathing letter to Prime Minister Manmohan Singh, Bharatiya Janata Party's senior leader Arun Jaitley has made a number of allegations against Himachal Pradesh Chief Minister Virbhadra Singh.
India has a double-taxation avoidance pact with Singapore and more than 85 countries.
'The BJP leadership and its agriculture minister must make up their mind on what kind of corrective measures will be needed for Indian agriculture at this point in time.' 'The sooner Mr Singh provides policy clarity on this vital issue, the better are the chances of India's agriculture and farmers emerging out of their current mess,' says A K Bhattacharya.
He termed the Centre's decision to demonetise Rs 500 and Rs 1,000 notes as "surgical strike" on common man's "small savings" and not on "black marketeers".
'Transparency is us watching the government and not the government watching us'
Venkaiah Naidu said 'let there be a discussion... November 8 is a historic day'.
There are tell-tale signs of a slide in the quality of Budgets presented by the current administration, says Parthasarathi Shome.
Its obsession for growth, chasing corporate clients and giving up its original mandate of meeting the needs of local trade and businesses. A quarter of its loan book has gone bad. That's an error of business strategy, points out Tamal Bandyopadhyay.
