Banks offer a wide range of group insurance plans -- personal accident, health, hospital cash, home insurance, credit protection, and critical illness.
About 82 per cent of the total income from unknown sources declared by national political parties in 2022-23 came from electoral bonds, according to a poll rights body.
Tenants should primarily buy contents insurance. 'This covers personal belongings like electronics, furniture, clothes, and appliances against risks such as fire, theft, floods, and other natural calamities.
'Once filed, it cannot be revised or rectified.'
'The government's priority is not farmers.'
rediffGURU T S Khurana answers readers' personal income tax queries.
Prime Minister Narendra Modi on Friday said the world has seen the power of India's indigenous weapons during Operation Sindoor, which is 'not over yet'.
Review your family emergency fund and replenish it if needed. Revisit financial goals to see if there is any change in timeline or the corpus required.
Prime Minister Narendra Modi launched a scathing attack on Leader of Opposition Rahul Gandhi and the Aam Aadmi Party (AAP) in the Lok Sabha on Tuesday, accusing them of "speaking the language of urban naxals" and being "AAP-da" for the youth. He also took a swipe at former Congress chief Rahul Gandhi, saying those who entertain themselves by getting photo sessions done in huts of the poor will find the talk about the poor in Parliament boring. Modi also hailed his government's decisions in the Budget and said that the Ayushman Bharat scheme, which his government started for the poor, has been stalled by some states, leaving poor people in hardship.
An Income-Tax Department internal committee reviewing the old direct tax law to pave the way for a new one has "largely" received suggestions for "simplifying" the language, better "structuring" the provisions and enlarging the ambit of schemes like presumptive taxation, CBDT chairman Ravi Agrawal said Sunday. Speaking to PTI during a post-Budget interview at his North Block office, Agrawal said the panel also "studied" the deliberations and processes of countries like the UK, Australia and some others where a similar tax law simplification exercise was undertaken.
It was found the declarants were persons of suspicious nature and very small means, and the declarations could have been misused.
Some of his directives had the Supreme Court judges disclose their assets whereas the row over the discovery of cash from a sitting judge's official residence paved way for inquiry.
rediffGURU T S Khurana answers readers' personal income tax queries.
The window under the Income Declaration Scheme 2016 opened on June 1 and will close on September 30
The tax payers whose business receipts exceed Rs 1 crore or professional receipts exceed Rs 25 lakh during the previous year 2015-16 are required to file an Income Tax return accompanied by an audit report by the above mentioned due date
Persons making disclosure of unaccounted assets will be given time up to November 30 to pay taxes
A total of 64,275 declarations were made under the scheme, an average of Rs 1 crore per disclosure. This is expected to translate into tax collection of about Rs 30,000 crore from the scheme, of which the government exchequer should get around Rs 15,000 crore by the end of 2016-17.
rediffGURU Vivek Lala answers your income tax and personal finance queries.
CBDT feels 30% growth in income-tax not feasible.
With its age-old fascination for education, southern states have done better than the North. Start-ups, IT hubs, and industry majors setting up shop have changed the face of the South. Nearly 79% of global offices set up by international conglomerates in India are in the South. Almost 46% of tech unicorns are from the South. The GDP per person in the South is 4.2 times higher than the North. None of these indicators can be ignored by any central government, whatever the political compulsions, notes Ramesh Menon.
'Our attempt to honour the taxpayer has been since 2014 and more actively since 2019-2020 onwards.'
CBDT has been given a collection target of Rs 5.69 trillion in personal income tax in the fiscal year 2019-20 - 19.2 per cent more than the Rs 4.77-crore collection in the previous year.
Do not declare them under Income Tax.
'If you invest in a rush at the last moment, you could compromise on selecting the best tax-saving options.'
'Despite rising inflows, many NRIs lack awareness about NRO and NRE accounts and mistakenly use family accounts or invest in a relative's name.' 'Many are unaware of tax implications.'
The PMGKY will not allow declarants to use claims made for refunds for advance taxes paid, tax deducted at source and tax collected under the scheme.
Self-employed individuals often face hurdles in buying term insurance due to financial documentation that doesn't fully reflect their earnings. This complicates underwriting.
Assets worth only Rs 4,000 cr declared till mid-August; govt expects pick-up in last 2 weeks
The government on Tuesday extended for the third time the deadline for making payment under the direct tax dispute settlement scheme 'Vivad Se Vishwas' by three months to March 31, 2021. As per a Central Board of Direct Taxes (CBDT) notification, declaration under the Vivad se Vishwas Scheme shall be required to be furnished latest by December 31, 2020. However, only in respect of the said declarations made, the payment without additional amount can now be made up to March 31, 2021.
The Income Tax department has begun the process to examine bank deposits and transactions to check possible black money instances and said once the last opportunity to declare funds in old notes under the PMGKY scheme ends it will be very tough for hoarders.
'A government whose policies are focused around making the life of ordinary citizens, specially the most deprived sections, richer; a government that prioritises education, health and transport, that doesn't treat its citizens as subjects who must come to it for everything, is rare in our country.' 'When such a government is thrown out, one is left stunned,' notes Jyoti Punwani.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
The BJP declared a total income of Rs 1917.12 crore during 2021-22 and spent Rs 854.467 crore or 44.57 per cent of it.
This amount is just about 10% of the previous IDS
Failure to do so leads to incorrect filing and under-reporting of income, with adverse consequences, advises Bindisha Sarang.
Poor performance of the banking, oil and exploration industries have impacted corporate tax collections.
'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.'
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Rs 6,000-cr disclosure just four days before scheme ends
'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'
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