Treats gains on sale of as capital gains, not business income, spares him from huge tax liability.
'The protection of secrecy and anonymity gets lost with this linking.'
Foreign portfolio investors (FPIs) from Mauritius may face higher scrutiny after the amendment in the India-Mauritius tax treaty introduced a principle purpose test (PPT) to prevent treaty abuse by taxpayers. The Mauritius government had in February decided to amend the double taxation avoidance agreement (DTAA) with India to align with the Organisation for Economic Co-operation and Development's proposal on base erosion and profit shifting. Although the agreement between India and Mauritius was signed on March 7, the protocol of the amendment was made public for the first time on Wednesday, said legal experts.
Proper documentation can help take half the pain out of filing your income tax return, says Amar Pandit.
Reels often induce the FOMO-'Act now!' mentality. But sound investing is about consistency, diversification and a long-term horizon.
The point to note is that since the new rebate is up to a taxable income of Rs 5 lakh, if anyone earns even little more (say, even Rs 100 more) than this amount, he would have to pay all the taxes, according to the existing slabs.
Once the income has been classified as either business income or capital gains, be consistent.
Income Tax officials surveyed the British broadcaster's offices in Mumbai and Delhi.
This is important because he is to be seen as a sure winner before criss-crossing the state to campaign for candidates of the party or an alliance, highlights N Sathiya Moorthy.
It is important to clarify that availing of an exemption is neither evasion nor tax planning.
The Congress on Wednesday expressed sadness over 'pictures of Indians getting handcuffed and humiliated' while being deported from the United States and recalled that America had to express regret over the treatment meted out to India diplomat Devyani Khobragade in 2013 after the then United Progressive Alliance government retaliated sharply.
Foreign companies that do not have a permanent establishment in India will be exempt from paying minimum alternate tax.
Why fans of the star courted arrest outside the offices of the Income Tax department.
The tax department is on a spree to ensure more taxpayers in the country use the PAN card.
The Delhi High Court Tuesday said the Income Tax department is bound by its assurance to maintain confidentiality of the material seized during a survey operation at news portal Newslaundry's premises and to ensure that it is not leaked.
A taxpayer, who feels unsatisfied by an order of a tax assessment officer or thinks it is irrational, can petition the committee which will be publicised in the media by the respective tax regions.
The Income-tax Department has allowed irregular exemptions on TV rights from BCCI to four cricket associations resulting in non-levy of tax to the tune of Rs 37.23 crore, the Comptroller and Auditor General (CAG) said on Friday.
The Enforcement Directorate (ED) on Tuesday raided a dozen locations including the head office of the Congress party-owned National Herald newspaper in New Delhi as part of an ongoing money laundering probe, officials said.
I-T officials were scrutinising documents related to purchase orders and other financial dealings.
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.
The group's digital news site had put out reports, along with pictures, on dead bodies of suspected coronavirus patients floating down the river Ganga in Uttar Pradesh and Bihar which had led to nationwide consternation.
This brings its tax treatment on par with the Prime Minister's National Relief Fund.
CBDT recently issued orders to all tax offices to check any 'discrepancies' in financial statements of these companies
It is the duty of a tax payer to record all his/her transactions, to explain sources of payments made by him/her and to declare the true income in the returns of income filed every year.
'Many theories are doing the rounds on how to declare unaccounted income.'
'One of the more interesting ideas I have heard,' says Harsh Roongta, 'is that the tax payer can state that he found the currency notes in a bag on the street.'
'Planning for the transfer of assets to the next generation is an important aspect of financial and estate planning.'
Finance Minister Nirmala Sitharaman on Monday conveyed to Infosys CEO Salil Parekh in no uncertain terms the government's "deep disappointment and concern" over the continuing glitches in the new income tax filing portal and set September 15 as the deadline for the software major to resolve all snags. As glitches continued to mar the functioning of the portal even after over two months of its launch, Sitharaman summoned Infosys MD & CEO Parekh at her office here to know the reasons for not resolving the snags in the portal. A statement issued by the Income Tax Department said that during the meeting the finance minister emphasised that there is a need for putting in more resources and efforts on the part of Infosys so that the much delayed delivery of agreed services is ensured.
Non-compliance can also result in legal complications and disputes with the tax authorities.
A robust dispute settlement system would help the government unlock tax revenues, and also aid ease of doing business.
After the income tax department indicated that the Tamilnad Mercantile Bank (TMB) did not provide the complete details of transactions worth up to Rs 3,610 crore, sources told Business Standard that this was due to a technical glitch. The bank has now submitted all the required documents in the past few days. According to the Income Tax (I-T) department, TMB had not submitted a statement of financial transactions (SFT) pertaining to cash deposits of around Rs 2,700 crore involving more than 10,000 accounts.
'If taxpayers have not filed a belated ITR, they will be allowed to file an updated ITR from April 1, 2024.'
The revelation that he declared a USD 916 million threatened to put the 70-year-old tycoon's tax records at the centre of the presidential campaign.
If a house is sold and the proceeds are used to buy another, whoever contributed to the purchase of the first house can claim exemption on capital gains tax
A large number of rich farmers, who earn more than salaried employees in the cities, get away with paying no tax at all in view of the government's lack of will to consider an agricultural income tax
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
The due date for filing Income Tax returns for 2019-20 has already been extended till November 30, 2020.
