With its age-old fascination for education, southern states have done better than the North. Start-ups, IT hubs, and industry majors setting up shop have changed the face of the South. Nearly 79% of global offices set up by international conglomerates in India are in the South. Almost 46% of tech unicorns are from the South. The GDP per person in the South is 4.2 times higher than the North. None of these indicators can be ignored by any central government, whatever the political compulsions, notes Ramesh Menon.
The Budget announcement of taxing 'virtual digital assets' or crypto currencies will help the income-tax department measure the "depth" of this trade in the country, know the investors and the nature of their investments and it does not "attach any legality" to these transactions, Central Board of Direct Taxes chairman J B Mohapatra said.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The new limits for filing appeals by the Income Tax department before the Income Tax Appellate Tribunal (ITAT), high courts and the Supreme Court have been revised to Rs 3 lakh, Rs 10 lakh and Rs 25 lakh, respectively, from Rs 2 lakh, Rs 4 lakh and Rs 10 lakh.
Jaitley said that when cash is deposited in the banks, it loses anonymity and can be identified with its owner.
The government on Thursday brought a bill in the Lok Sabha to withdraw all back tax demands on companies such as Cairn Energy and Vodafone and said it will refund the money collected to enforce such levies.
Tata group retail firm Trent Ltd reported a 34 percent increase in consolidated net profit to Rs 496.54 crore in the December quarter, helped by the expansion of the store network and increase in attractive value propositions. The company's consolidated revenue from operations grew 34.32 per cent to Rs 4,656.56 crore during the quarter under review. Trent is also pursuing store portfolio optimization, which involves upgrading or consolidating smaller footprint stores with newer stores in more attractive micro markets.
The bank made a Rs 67 crore net profit, up 21% from the previous year. Its deposits grew 8%, the loan book 10%. Net bad loans dropped from 7.53% to 6.07%. So why was the banker, who headed the bank, not promoted?
Central tax return processing centres being set up in five major cities.
It is sending letters to 35,170 PAN holders in the first phase.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Earlier, taxpayers were required to fill in complete details.
The tax rate rises to 10 per cent, 15, per cent, 20 per cent and 25 per cent for every Rs 2.5 lakh addition. A 30 per cent tax is charged for income over Rs 15 lakh.
The income-tax (I-T) department is working on integrating the new e-filing portal with stock exchanges to help tax authorities track trade transactions, including futures and options. The integrated system will look at discrepancies between the data disclosed by an assessee and match it with data fetched from stock exchanges, using artificial intelligence, said two officials in the know. This will help detect and red-flag such matters, particularly those related to non-filers of income-tax return (ITR).
The Vivaad se Vishwas Tak scheme will be one area where some much-needed revenue can be collected by the government. The scheme can be more successful if some specific steps are taken, says investment advisor Harsh Roongta. This results in a very high tax demand. Investment advisor Harsh Roongta takes you through the maze of appeals and counter appeals.
The top court said it cannot order a roving inquiry into purchase of electoral bonds on the assumption that it was quid pro quo for award of contract.
The Indian Merchants Chamber and Bombay Chartered Accountants Society has made an appeal to finance minister P Chidambaram to simplify the process of filing income tax returns by restoring the Saral forms.
The Income Tax authorities on Saturday took into possession some files relating to allotment of mining leases since 2004 when Madhu Koda, who is accused of hawala transactions, was the Jharkhand mines minister.
'Till the BJP does not understand Kejriwal they cannot win Delhi.'
DTC task force also favoured doing away with Dividend Distribution Tax by suggesting taxing dividends in the hands of shareholders.
The official added though this would be the last batch of letters this year, more PAN card holders would receive such notices from the income tax department next year.
The last date for filing Income-Tax returns has been extended by three months from July 31 to October 30.
The bench allowed the rejoinder affidavit to be filed by petitioners in two weeks thereafter and posted the matter for final hearing in January, 2025.
Having observed variations in capital gains tax computation, the revenue department is working on a mechanism to analyse futures and options (F&O) trade data and pre-initial public offering (IPO) transactions. "The directorate of I-T systems is working on certain risk-assessment parameters to access the data, which could be on the basis of buying and selling prices of shares in F&Os, variations in margins, fair market value versus IPO prices, etc. "The idea is to segregate and process the voluminous data on equity derivatives for effective use," said a senior government official privy to the plan.
India's income tax department today said it would scrutinise more than a dozen cases of offshore mergers and acquisitions in which the deal results in an ultimate change of ownership of Indian firms. The latest move by the tax department comes in the background of a favourable ruling from the Bombay High Court yesterday in a case filed by Vodafone International Holding BV.
The Income Tax Department has decided to scrutinise all returns filed by brokers and market players who seek rebate after paying the securities transaction tax (STT).
'Individuals can consider dividing ownership of properties between related persons to ensure that the sale transactions are below the Rs 50 lakh limit and therefore not subject to TDS.'
Taxpayers can claim a refund when their income tax (I-T) liability is less than the tax they have paid in a financial year. Refund can be claimed only by the person to whom it is due.
The income-tax department has extended the last date for filing income-tax returns to August 31, 2005. Earlier the last date for filing the return was July 31, 2005.
As per the latest data, the number of taxpayers getting refunds is up by 62 per cent from 1.22 crore refunds in the corresponding period of the last fiscal.
'If this first instalment of advance tax is paid by June 30, instead of June 15, then the interest on delayed payment will be levied at 0.75% per month instead of 1% per month,' notes Homi Mistry, a partner with Deloitte India.
Post demonetisation, there has been a hike in collection of personal income tax
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The letters contain summary of information about financial transactions along with customised response sheet with a view to know why the person has not filed the income tax return.
At least 120 insurance intermediaries and aggregators from across the country are under scrutiny, mainly from Mumbai, Gurugram and Bengaluru.
The scheme would cover those salaried persons whose interest income per annum is up to Rs 10,000, Central Board of Direct Taxes said.
Bought or sold property? There is a good chance the Income Tax (I-T) department will raise queries about it. While the possibilities of illegal transactions abound in such deals, the department's scope for availing documentary evidence through registrars and builders is also quite high. Therefore, a mismatch in the information filed could give rise to your account being scrutinised.
Every year in June-July, there is a last-minute scramble among assesses to file income tax returns. With employers giving out Form 16, the scramble gets intense. Though many forget to file returns on time, it is a mandatory exercise.
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