The ministry of home affairs has suspended the Foreign Contribution Regulation Act (FCRA) licence of prominent public think-tank Centre for Policy Research (CPR) over violation of laws, officials said on Thursday.
The Public Provident Fund is one of the safest and convenient modes of investment.
Individuals often postpone tax planning till the end of the financial year. As the deadline for showing proof of investments draws near, they invest randomly in any product that will help them save tax for that year. Later, they realise that it is not suited for them, so they abandon it. Tax planning should not be a standalone, one-off activity, but should be in sync with your overall financial plan, says Sanjay Kumar Singh.
'We have set out a timetable to reduce income tax rates for all incomes below Rs 50 lakh, and to progressively eliminate the surcharges on income above Rs 50 lakh, by 2024.' The Budget speech past CII president Naushad Forbes wants to hear.
If you miss the July 31 deadline, there is a late filing fee of up to Rs 10,000. Also, you cannot file returns beyond March 31, 2019.
The Enforcement Directorate (ED) on Tuesday conducted searches against Tamil Nadu Electricity Minister V Senthil Balaji and some others as part of a money laundering investigation and held multi-city searches, official sources said.
The higher the tax bracket, better the yields for these instruments
Average monthly GST collection rose from Rs 90,000 crore during the first year of its implementation -- 2017-2018 -- to Rs 1.68 trillion during 2023-2024, representing an 87 per cent rise.
Top management of firms should be summoned for a few specified reasons and after written justification at a senior level.
Crypto exchanges have been asked to furnish details this month itself.
The average assets of an MP are now 345.8 times that of an annual income of a tax-filing individual, reports Sachin P Mampatta.
The new scheme came into effect on Thursday. However, even after a scrutiny assessment, appeals will continue to be done through personal representation.
In a stock exchange filing, Adani Enterprises Ltd said VCPL has urged SEBI "to provide its observations on the draft letter of offer filed in relation to the open offer, in accordance with the SEBI (SAST) Regulations."
Delhi faces a severe financial crunch and the deficit is largely due to numerous welfare schemes without adequate revenue flowing in. The success of welfare schemes and electoral promises will need careful financial planning and out of the box thinking to whip up additional revenue, notes Ramesh Menon.
The database for 'Non-PAN AIR transactions' has already been disseminated to Principal Chief Commissioners based on the regions.
Accusing the government of spreading misinformation in the National Herald case, the Congress said it was proud to be associated with the newspaper that stood up in pre-independence times against the British for throttling free speech, similar to the present day climate.
The Income Tax Department on Tuesday also raided 20 premises linked to Gitanjali Gems promoter Mehul Choksi and suspected shell firms in connection with an alleged tax evasion case against them, official sources said.
There are over 25 crore PAN card holders in the country while Aadhaar has been issued to 111 crore people.
Barcelona's five-time soccer World Player of the Year Lionel Messi went on trial on Tuesday along with his father on accusations of defrauding the Spanish state of millions of euros (dollars).
Revised tax forms will be simple; stress on foreign travel and assets has been reduced
Faced with prospect of its assets across the globe being seized just like Pakistan and Venezuela, the government decided to scrap retrospective taxation but the international embarrassment could have been avoided had 'attached' shares of Britain's Cairn Energy Plc not been sold, according to tax and legal experts. On Thursday, the government introduced a Bill in Parliament to scrap the tax rule that gave the tax department power to go 50 years back and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India. The 2012 legislation was used to levy a cumulative of Rs 1.10 lakh crore of tax on 17 entities, including UK telecom giant Vodafone, but substantial punitive action was taken only in the case of Cairn.
The new penalty regime could create a fresh set of complications for tax payers.
New ITR form may be simpler, but some changes could stump you.
If you think that revenue officials are going berserk, acting on their own, while the government chants the mantra of 'ease of doing business', you would be wrong. These moves appear to have full official backing, points out Debashis Basu.
The I-T department had said Vodafone India under-priced shares in a rights issue to its parent. The tax demand was for the two financial years ended March 2011.
In April last year, tax authorities had questioned Deepak Kochhar over a Rs 405-crore investment by Accion Diversified Strategies Fund through its Mauritius subsidiary, DH Renewables Holding
'Appellants may not lap up the scheme because, first, to do so would amount to admission of guilt, and second, they may have smelled victory before higher appellate forums,' notes S Murlidharan.
The authorities had sought explanation from these 18 lakh entities through SMS and emails
Justice Sanjiv Khanna, who has been part of several landmark Supreme Court judgements such as scrapping the electoral bonds scheme and upholding abrogation of Article 370, will be sworn in as the 51st Chief Justice of India on Monday.
Don't end up claiming tax by just referring to Section 80G. There are some sub-sections also.
It is just a question of providing an additional facility to the taxpayer that if he is not quoting PAN and only has Aadhaar, his filing and processes do not get affected, said CBDT chief.
Returns for income earned till FY12-13 can be filed till March 31.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
Tax sleuths have detected over Rs 52 crore of unexplained cash in jewellers' bank accounts
After resisting for more than three years, the Centre on Tuesday revealed names of 18 persons in the Supreme Court who allegedly stashed black money with the LST bank in Liechtenstein and against whom prosecution have been launched by the Income Tax department.
This is the first big move in the investigation of the British Virgin Islands list where the I-T department has found a significant amount of tax evasion.
The Delhi High Court on Thursday asked the Income Tax (IT) department to take a decision on the offer of Finnish mobile maker Nokia to pay a minimum deposit of Rs 2,250 crore (Rs 22.50 billion) to it towards the tax liability of the company which is nearly Rs 6,500 crore (Rs 65 billion).
Officials are relying on both formal and informal methods for reaching non-filers.
Cairn joins a slew of multinational firms including Vodafone Group Plc and Royal Dutch Shell Plc that have been slapped with retrospective tax demands by Indian authorities.
With one of its members, Pradip Burman, being named as an account holder in a foreign bank in the black money issue, Dabur India promoter family, Burmans on Monday said the account complied with all legal requirements.
