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.
The Central Board of Direct Taxes (CBDT) has proposed a new common income-tax return (ITR), with greater focus on disclosing income from virtual digital assets or crypto assets and foreign equity and debt instruments held by resident Indians. For non-resident Indians, the draft ITR seeks exhaustive details ranging from nature of business, permanent establishment (PE), business connection, whether the entity has significant economic presence (SEP) in India, along with the number of users in India. The ITR protocol for NRIs could widen the scope of the SEP principle that was introduced in the Finance Bill 2018-19, and the explicitly defined 'business connection' to include provision of download of data or software, if aggregate payments from such transactions exceed a prescribed amount, or if a multinational's interaction is with a prescribed number of users.
rediffGURU Ulhas Joshi recommends five factors you need to look at to evaluate the performance of two schemes.
A robust dispute settlement system would help the government unlock tax revenues, and also aid ease of doing business.
'LAP is suited for borrowers with a steady income, sound repayment discipline, and a clear repayment plan.'
'Planning for the transfer of assets to the next generation is an important aspect of financial and estate planning.'
New ITR forms indirectly force small businesses to maintain books of accounts, something that wasn't needed earlier, says Anupam Jain.
Trump may temper his approach from time to time, but to think that he will change his basic philosophy is delusional, asserts T T Ram Mohan.
Former Bharatiya Janata Party president Nitin Gadkari was on Thursday questioned for over four hours by income tax authorities in connection with the probe into alleged dubious investments in Purti Group of companies. Gadkari, who was earlier slated to appear on Friday, was quizzed by Geetha Ravichandran, director of I-T (Investigations) at the I-T office in central Nagpur's Sadar area, sources said.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
'From tariff tensions and border skirmishes to unrest in West Asia.' 'The worst may be behind us. But any further upmove will now have to come from earnings.'
'Some part could be used for consumption purposes, and the rest could be used to meet important financial goals.' 'The split can be 30:70 to 50:50, depending on one's situation.'
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.
Two weeks since the much talked about new income tax return filing portal was launched, technical glitches continue to mar the site, an issue finance ministry officials will take up in a meeting with Infosys -- the vendor which provided the IT solution -- at a meeting on Tuesday. Several stakeholders have submitted written inputs highlighting the issues facing the portal as well as areas that need to be fixed. At the company's annual shareholder meeting, Infosys had on Saturday stated that it is working to resolve the issues and has already succeeded on some fronts.
Through a revised return, you can make changes to your ITR and even end up paying lower tax.
On the face of it, there could be a bump up in tax filings, but its impact on tax collections is not that straightforward
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.
'If taxpayers have not filed a belated ITR, they will be allowed to file an updated ITR from April 1, 2024.'
'2025 is the year to build a portfolio for the future. Focus this year should be on valuations and visible growth.'
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
There are many tax components you need to be clear about and also figure out how to plan your investments to gain maximum returns as well as maximum tax benefits.
Income Tax officials surveyed the British broadcaster's offices in Mumbai and Delhi.
Tax consultants and chartered accountants have started receiving a flurry of calls from their clients - both corporate and individuals - seeking clarity over changes in the reassessment regime made during the recently concluded Budget Session of Parliament. Tax experts apprehend the amendments may lead to the income-tax (I-T) department sending out more notices. The new provisions, effective from April 1, have extended the scope for tax sleuths to reopen the past assessments.
The IAS officer was later taken into custody under the provisions of the Prevention of Money Laundering Act and is expected to be produced before a magistrate seeking his remand, the sources said.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Finance Minister P Chidambaram on Tuesday said the government will zero in on tax defaulters more rigorously using data intelligence from the "wealth of information" that his ministry has gathered through the Annual Information Report.
Justice Yashwant Varma issued notice on the challenge to the CIC order by the Income Tax Authority and sought the stand of the RTI applicant Girish Mittal, saying that "the matter requires consideration."
On October 18, the tax department had said searches had led to detection of undisclosed income of more than Rs 500 crore in addition to Rs 93 crore worth seizures, including gold jewellery and diamonds. A revised appraisal of such seizures now pegs its value at Rs 106 crore which includes cash (Rs 45 crore), gold jewellery and diamonds (Rs 41 crore) and foreign currency Rs 20 crore.
Gandhi said he was "waiting with open arms".
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The income tax department on Wednesday conducted a survey operation against Delhi-based think-tank Centre for Policy Research (CPR) and global NGO Oxfam India apart from a media foundation as part of a probe related to alleged FCRA contravention in funds received by them, official sources said.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
In the case of double-income couples, not more than 40 per cent of the net income of one partner should be the EMI for the property.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
The two media groups have been critical of the Covid-19 management in the country and have done numerous news stories on the subject during the second wave of the pandemic that hit the country between April and May.
