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.
TDS merely means the bank will pay you the entire interest amount without forwarding the tax on it to the government.
Here is a look into the slabs for the current financial year to help you prepare your investments and income, and to be able to file your tax returns accurately in the following assessment year.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Cairn files notice against India in $1.6 billion tax dispute.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Taxpayers are allowed to make the changes under certain circumstances
'The deeper problem is big government -- a giant monster with a giant appetite, which requires it to put more and more pressure on tax officials to extort. 'And the monster is getting bigger by the day. But then, Mr Modi too knows this,' says Debashis Basu.
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.
Many salaried taxpayers hold the misconception that they don't need to disclose any other income since TDS is deducted from their salary.
Experts say only three per cent individuals pay taxes.
More than 24 prominent charitable institutions in the country - from private trusts, educational societies, statutory authorities, and cricket associations - may soon face tax scrutiny after a Supreme Court (SC) ruling set the limits to which tax exemption can be claimed. Most of these are highly profitable but get tax exemption due to their 'charitable organisation' status. The revenue department is preparing a standard operating procedure to scrutinise their books and evaluate if they can continue to claim tax exemption in the context of the recent SC ruling
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.
Prasanna D Zore/Rediff.com reports on the chaos facing taxpayers with the income tax department making changes to ITR 2 and 3 forms just before tax-filing deadline.
It is now mandatory for corporate entities to file their tax returns through electronic-filing system, a mechanism developed as part of government's efforts to foster 'friendlier' relations between tax authorities and assesses.
The Finance Ministry on Monday made it mandatory for all companies to file income tax returns electronically with digital signatures, a move that will facilitate faster filing of I-T returns by India Inc.
The Supreme Court on Monday directed the Central Bureau of Investigation to file remaining five of the six charge sheets by March 28 in the coal block allocation scam, declining to grant more time sought by the agency for this purpose.
'Till the BJP does not understand Kejriwal they cannot win Delhi.'
Tax must be paid by the assessee failure of which will invite interest and penalties.
Deduction on home loan interest cannot be claimed when the house is under construction
Burman did not file the details of foreign account on the ground that he did not have its statements.
India is in the process of filing an appeal against an arbitration panel asking it to return $1.2 billion to British oil firm Cairn Energy Plc, sources said on Wednesday. If enforcement proceedings are initiated, India is confident to address them and will strongly defend its interests, the sources said, adding it is open to a constructive settlement of tax disputes within the existing legal framework. India is in the process of filing an appeal in the Cairn's arbitration award case, they said, adding in this case, it was well within India's sovereign powers to redress the situation of Double Non-Taxation and tax abuse. Cairn chief executive Simon Thomson had last month met the then finance secretary Ajay Bhushan Pandey to discuss the arbitration award.
Delay raises doubts about govt's tax reform plans.
Though seven opportunities have been granted to the states, it appears that full compliance has not been affected and several states are in default, it said.
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.
The National Commission concluded that the claim had been rightly rejected on grounds of misrepresentation in the proposal form and breach of duty to maintain utmost good faith while applying for insurance coverage.
Only salaried individuals, pensioners or those earning interest income can use the new form.
Statements of five 'Angadiya' firm operators have also been recorded by the ED to establish the "money trail" of this alleged Rs 45 crore bribe amount.
The Mayur Bhawan counters will be operational from July 21-23 and from July 26-27, while the Pragati Maidan counters will be open from July 28-31.
Your tax outgo depends on the documentary evidences of income and tax benefits availed
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
The Election Commission (EC) had, in 2019, flagged its concerns in the Supreme Court on the changes made in several laws relating to political funding to facilitate the electoral bonds scheme, saying it will have 'serious repercussions' on transparency.
With this batch, the department has now issued letters in 210,000 high priority cases.
Tax expert Mahesh Padmanabhan answered tax-related queries on the eve of the July 31 deadline to file tax returns.
It also said that PAN card without Aadhaar number would not be treated invalid till the Constitution bench decides the larger issue of Right to Privacy.
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?
Salaried taxpayers with no other income could get a respite from filing tax returns.
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