Those earning over Rs 50 lakh a year need to disclose all jewellery and cash in their returns, says Tinesh Bhasin.
Mihir Tanna, Associate Director, S K Patodia & Associates, a chartered accountants firm that offers consultancy, audit and tax services, will answer your queries.
The tax department will remain a source of endless nightmares for citizens and 'transparent taxation' will remain an empty slogan and a cruel joke, observes Debashis Basu.
Officials said the oil marketing companies had provided data to the Income Tax department.
Dwaipayan Bose simplifies the whys and hows of revisiting your financial goals
The Aam Aadmi Party (AAP), led by Arvind Kejriwal, suffered a major setback in the Delhi Assembly elections, losing to the Bharatiya Janata Party (BJP). The loss marks a significant blow to Kejriwal's national ambitions and raises questions about the future of the party. The AAP had been in power in Delhi for the past 10 years and had also formed a government in Punjab. Despite the defeat, the party still holds 13 MPs from Punjab and Delhi. The article examines the factors that contributed to the AAP's defeat, including allegations of corruption, poor civic facilities, and the BJP's relentless attacks. It also explores the impact of the loss on Kejriwal's national aspirations and the party's future.
The Gandhis and senior Congress leader Oscar Fernandes have challenged the Delhi high court's September 10 verdict by which their plea against the re-opening of their tax assessments for 2011-12 was dismissed.
Karnataka energy minister Shivkumar was in-charge of hospitality for all Congress Gujarat MLAs.
Clarifying on reports that it cannot scrutinise tax returns of political parties, CBDT said: "There are enough provisions in the Income Tax Act to scrutinise the accounts of the political parties and these political parties are also subject to other provisions of income tax including filing of return."
'The robust tax collections give the finance minister a fair amount of headroom for an expansionary fiscal policy.'
Invest in MFs for liquidity and choice of funds. Invest in NPS for the tax benefits, tax-free rebalancing, and for earmarked savings for retirement.
rediffGURU Vivek Lala answers your income tax and personal finance queries.
Ritika Gupta, a study abroad expert and founder of Aaera Consultants, explains how Germany's new visa rules will affect international students and working professionals.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
The sources said questioning revolved around accounts of IDS Tunisia and remittances received by it.
The Central Board of Direct Taxes (CBDT) has issued detailed guidelines on facilitating tax deducted at source (TDS) on virtual digital assets (VDA) or crypto assets, under which date of transfer and mode of payment will have to be specified. From July 1, TDS of 1 per cent will be levied on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year, as the Finance Act 2022 has introduced Section 194S in the income tax (I-T) Act. The department has explained different scenarios through six questions to remove difficulties.
The grandfathering clause and set-off provisions can be used to reduce the tax payable on sale of bonus shares, says Arvind A Rao.
They were called to the special cell office in the afternoon and questioned till late evening, a Delhi police source said.
'The economy needed 3 or 4 major fixes. The major one was, of course, the direct tax structure, but we ended up complicating the existing convoluted tax structure,' says M R Venkatesh, chartered accountant and lawyer.
Karnataka Congress president D K Shivakumar on Monday appeared before the Enforcement Directorate in Delhi for a fresh round of questioning in the National Herald money laundering case.
Corp tax arrears at over Rs 3.11 trillion as of Dec 2014.
The reimbursement components of your salary require you to furnish bills before they become tax-exempt. Producing them may be difficult this year.
Whether it was the MGNREGS or the NFSA or the Aadhaar-based DBT scheme for cash transfer, the Modi government has built on the basic architecture created by the Singh government. Policy makers in the Modi government, instead of discarding them as products of the previous political regime, worked on them, expanded their scope and reach, and used new tools to improve their performance, explains A K Bhattacharya.
Here's how you can make buying insurance the cakewalk that it is, says Anit Jain
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The government has proposed that political parties cannot be designated public authorities as defined in the RTI Act. Anita Katyal reports
Aditya Birla Management Corporation has received cash from certain group companies through hawala operators in Delhi, say investigators
'Is taxable amount above 1 Lac is also to be shown as income from other sources?'
'There is a huge tax differential of 15% to 20% depending on income classification.'
In addition to interest rates, review the fine print for penalties and repayment terms, and select a reputable lender to avoid harsh recovery practices.
The agency had in October arrested Sameer Vishnoi, an IAS officer of the state, and two others, after conducting several raids in the case.
The 75-year-old Congress president, who was supposed to depose before the agency on Thursday, wrote a letter seeking more time on the grounds that the doctors had 'strictly advised her to rest at home following her hospitalisation on account of Covid and lung infection'.
The federal agency wants to question and record Parab's statement under the Prevention of Money Laundering Act, they said.
Officials said the three were arrested on Monday under provisions of the Prevention of Money Laundering Act after they were called for questioning by the ED in Chennai.
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
A relatively muted tax filing growth will create further headwinds in an already stressed fiscal space, the report said, adding the commitment of cash transfers in the budget can take the fiscal math on a "slippery slope" unless there is expenditure rationalisation.
'Generating employment requires a shift in policy.' 'If not, the country will face economic, social and political challenges in the coming years.'
rediffGURU and financial planning expert Colonel Sanjeev Govila will answer your personal finance-related questions.
