The tax returns along with annexures make a very huge mass of records which is nearly impossible to handle in a properly required manner.
: Build lasting wealth via disciplined, long-term mutual fund investing in India's compounding marathon, Shanaihi, Shanaihi, says Ramalingam Kalirajan
The new forms, 8 in number, are between 2 and 20 pages. There's a list of instructions too
They said the Left party is consulting its lawyers to challenge the notice of the tax authorities.
An accused is discharged at the stage of charge-framing when the judiciary is persuaded that the prosecution's claims do not contain adequate prima facie evidence to suggest criminal conduct.
Finance Minister Nirmala Sitharaman will present her 8th straight Budget and all eyes will be on the much-expected tax relief for the middle class. Sitharaman had in her first Budget in 2019 replaced the leather briefcase -- which had been in use for decades for carrying Budget documents -- with a traditional 'bahi-khata' wrapped in red cloth.
Middle class constituted about 49 per cent of the total tax payees in financial year 2011-12
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
The exit of Larsen & Toubro (L&T) from the Hyderabad Metro is a long-term positive for the stock. It could be a bullish trigger, alongside higher international orders, and new opportunities in segments like defence and data centres.
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.
The income tax department has found alleged manipulation of account books for reducing taxable income in India by Chinese telecom company Huawei whom it raided recently, sources said on Thursday. The searches were conducted on February 15 at the main business and residential premises of "key office bearers" of a multi-national group, engaged in distribution of telecom products and providing captive software development services, the CBDT said in a statement. Sources identified the company as Huawei.
Many affluent young people are first-generation wealthy. They have limited financial literacy, lack quality financial guidance or role models, and often fall prey to mis-selling. This makes them hesitant to invest in high-return assets like equities.
I-T dept has asked for Rs 5,357 crore ($865 million) alleging the company had suppressed its revenue for FY09 to evade taxes
How the Aadhar card would be linked to income tax return is yet not clear
IT major Infosys on Thursday acknowledged that some users continue to experience difficulties in accessing the income tax portal and assured that it is working expeditiously, in collaboration with the income tax department to further streamline end-user experience.
'The government is putting insurance in the same category as food, which is essential for life.' 'Now this is an opportunity for the sector to focus on the consumer.'
Self-employed individuals often face hurdles in buying term insurance due to financial documentation that doesn't fully reflect their earnings. This complicates underwriting.
If he cannot do it this term by using his bureaucracy and experts from different fields, it will be a tragedy, asserts Ramesh Menon.
The government wants new domestic companies to set up their manufacturing units fast and hence the concessional tax rate of 15 per cent has been extended by a year till March 2024, revenue secretary Tarun Bajaj said on Friday. Stating that direct and indirect tax collections are going up and have good buoyancy, Bajaj said it means that the corporate sector is also doing well, and India's tax to GDP ratio could be "highest ever" in the current year. The Budget 2022-23 presented on February 1 has proposed that the concessional 15 per cent corporate tax rate would be available for one more year till March 2024 for newly incorporated manufacturing units.
Investors can meet cash needs without selling their securities.
The paper said that the taxation proposal needs to be accompanied by explicit redistributive policies to support the poor, lower castes, and middle classes.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
India's economy is expected to grow 6.4-6.7 per cent during the current financial year driven by strong domestic demand, even as geopolitical uncertainty poses downside risks, the newly appointed CII president Rajiv Memani said on Thursday.
Paraphrasing Abraham Lincoln, Finance Minister Nirmala Sitharaman on Sunday described the Union Budget as "by the people, for the people, of the people", and said Prime Minister Narendra Modi was fully behind the idea to cut taxes for the middle class but it took time to convince the bureaucrats. "We have heard the voice of the middle class" who had been complaining about their aspirations not being met despite being honest taxpayers, she told PTI in an interview.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
'The outlook for the next Samvat is more constructive, as many of the earlier drags are gradually becoming supports.'
Hero MotoCorp is expecting its electric vehicle (EV) business to break even once it reaches monthly sales volumes of 25,000 to 30,000 units, which is a couple of years away, Chief Financial Officer (CFO) Vivek Anand said on Tuesday. "This year, in 2024-25 (FY25), if I really look at my EV performance, our volumes have grown by 200 per cent," Anand told analysts during the company's post-results conference call.
Missing the deadline for filing Income Tax returns can lead to consequences.
If a salaried employee does not possess Form 16, he can still file the I-T Return with the help of his salary slips and Form 26 AS.
Geopolitical tensions, trade policy uncertainties, volatility in international commodity prices and financial market uncertainties pose considerable risks to India's economic growth in the coming year, the finance ministry cautioned on Wednesday. "Global trade continues to be affected by uncertainty in the policy environment... tariff-related developments in multiple countries have heightened trade-related risks, affecting investment and trade flows globally.
The manner in which India has allowed the rule of law to be subverted for over eight years is tragic, notes former additional solicitor general of India Bishwajit Bhattacharyya.
The Enforcement Directorate on Friday detained Bahubali Shah, one of the owners of the leading Gujarati newspaper Gujarat Samachar, following a raid on their premises in Ahmedabad, sources said.
"Remember, the IT Department and the ED implement the Pradhan Mantri Hafta Vasuli Yojana. The State Bank of India implements the #ElectoralBondScam. And at the end of the day, all of these institutions report to the same person: the Finance Minister," Ramesh alleged.
An average Indian spends no more than Rs 1.3 lakh per year, according to official statistics. This is close to what an average Indian earns annually. At this level of per capita income today, one litre of petrol costs one-third of an average Indian's daily income (Delhi prices), making it highly unaffordable. People in most other Asian and emerging countries find it more affordable.
Finance Minister Nirmala Sitharaman on Wednesday raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade as she did a tight rope walk in the Budget between staying fiscally prudent and meeting public expectations in the year before general elections.
There have been multiple instances of the same entity appearing as both a public shareholder as well as under the promoter classification in some listed companies. And this dual-classification happened in the same quarter, according to data compiled by primedatabase.com.
'Investigation directorates have intensified actions in detecting serious irregularities.' 'They are seriously handicapped because of non-availability of manpower.'
The government has set a target of adding 1.3 crore income tax filers in the current financial year against 1.1 crore new filers added last year.
Since arraignment under money laundering is a tougher offence, the CBDT hopes it will also overcome its dismal score sheet to prove satisfactorily to the courts that these cases were genuine ones of tax evasion.
