Avoid donating without checking the receipt proforma showing the political party's ECI registration number and PAN.
Quoting an incorrect PAN during property registration can invite penalties and prosecution.
'Legally clean farmland is difficult to find. It requires time, money, and legal effort to verify the title.'
'The new Bill introduces no policy or rate changes, leaving financial planning strategies largely unaffected.'
'The considerations for choosing between the old and new tax regimes remain essentially unchanged.'
Actor Mahesh Babu has been summoned by the Enforcement Directorate (ED) in a money laundering case related to realty group Surana group and Sai Surya Developers. The actor is accused of receiving over Rs 5.5 crore for appearing in advertisements for the Surana Group. The ED earlier found illegal transactions worth Rs 100 crore and seized Rs 74.5 lakh in cash during searches at Surana group's affiliated companies. Surana Group is accused of fraud under the guise of real estate ventures and is alleged to have caused financial losses to numerous investors.
The Income-Tax (I-T) Department has detected widespread tax evasion involving cryptocurrencies and, according to media reports, has issued emails to thousands of defaulting taxpayers seeking transaction details. Investors must understand the tax rules governing crypto assets and respond promptly to these emails.
Some individuals opt for the new regime without a comparative analysis of the tax liability under the two regimes.
Deductions missed in Form 16 can still be claimed while filing ITR.
One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
Review your family emergency fund and replenish it if needed. Revisit financial goals to see if there is any change in timeline or the corpus required.
Market downturns or regulatory shifts can reduce liquidity, making it harder to buy or sell assets when needed.
The Supreme Court referred to a larger bench the legal issues stemming from a plea of BJP leader B S Yediyurappa, including the question whether a prior sanction to prosecute is needed under the Prevention of Corruption Act after a magisterial court order of inquiry. The questions revolve around the interplay between the provisions of the Prevention of Corruption Act and the Code of Criminal Procedure on the issue of prior sanction to prosecute a public servant.
'If you invest in a rush at the last moment, you could compromise on selecting the best tax-saving options.'
The old tax regime remains unchanged. 'Taxpayers opting for it will continue to follow the existing slab rates and deductions.'
If you lack an emergency fund or it is depleted, use part of your bonus to build or replenish it.
'Any earnings, regardless of location, will be subject to Indian income tax.'
Form 16 contains details of salary income, deductions, and exemptions.
'File all the supporting documents in response to the allegation since there is a possibility of the proceedings getting dropped at that stage if the reply is satisfactory.'
'If their allocation to certain segments have become high due to strong returns over the past three-four years, they should rebalance their portfolios and bring them in line with their long-term asset allocation.'
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
From setting up cutting-edge facilities to cater to the domestic market and building capabilities of global standards, the action is building up.
There were wounds and bruises on the bodies, including in private parts, of the three youths who were killed in an alleged encounter with Assam Police in Cachar district last month, according to post-mortem and inquest reports.
Equity mutual fund (MF) schemes have raked in Rs 46,200 crore in net lump-sum inflows in the past six months (ended February 2024), almost thrice the inflow in the previous six-month period.
It is advisable to file your ITR right away and not rely on potential extensions.
Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
A taxpayer paying rent to his/her spouse is entitled to claim HRA benefit under relevant sections and within prescribed limits.
'The adjustments (of tax slabs and standard deduction) will reduce the tax burden for salaried individuals with an income of around Rs 20 lakh by approximately Rs 18,000.' 'For non-salaried individuals with the same income level, the savings will be around Rs 10,000.'
The cash pile within smallcap mutual fund (MF) schemes has grown over the past few months amid a relentless rally in stocks in this space. While fund managers usually don't make cash calls, incessant inflows and valuation discomfort have forced their hand. At the end of January, the top 10 schemes had over Rs 12,160 crore in cash, compared to Rs 8,700 crore in August 2023.
'We are cautious only on sub-sectors that have seen massive melt-up during the past six months.'
What many don't realise is that including their spouse and children in their tax planning can enable them to reduce their tax burden legally.
The choice of tax regime dictates how your income will be taxed. If you don't make the right pick, you might end up losing money.
Whether Rajeev Chandrasekhar wins or not, Thiruvananthapuram will likely never see such an interesting contest again.
Neelesh Surana, who manages Mirae Asset Tax Saver and Mirae Asset Emerging Bluechip, remains constructive on Indian equities from a three to five-year time frame.
NRIs can repatriate the proceeds from the sale of a residential property in India, provided they meet a few conditions.
The Bharatiya Janata Party on Saturday appointed election in-charges and co-in-charges for 23 states and Union territories in view of the Lok Sabha polls this year.
Everyone (with some exceptions) whose estimated tax liability is Rs 10,000 or more in a financial year must pay advance tax.
Municipal corporations penalise late property tax payments. 'Penalties can include attachment of properties, bank accounts, rent and other movable assets," says Anand Moorthy, co-founder, Square Yards.
Employees should review the accuracy and completeness of the information provided in Form 16. They should confirm that all the tax deducted has been credited correctly.
Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
If you have any grievances or disputes regarding the demand stated in the notice, consider seeking professional help.
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