Vellore is one of the two seats that the DMK alliance won by the narrowest of margins in 2019. For the DMK's vote-score to be so low in a constituency with a substantial Muslim population has not missed the BJP strategists' eyes, observes N Sathiya Moorthy.
If an assessee misses the December 31 deadline, s/he can file a belated tax return by paying a late filing fee. 'This must be done within three months from the original filing date.'
Luxury hotel Radisson Blu Guwahati, where dissident Shiv Sena leader Eknath Shinde is camping along with other MLAs from Maharashtra, has stopped all new bookings till June 30.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
In Kerala, the use of black ranges from such convenience to strictures by community and religion to fashion and personal choice. One would have to be really insecure or too fond of the well settled life to see black solely as a badge of protest, points out Shyam G Menon.
The money stashed away in tax havens is estimated at between $5.6 trillion and $32 trillion, numbers to make your eyes pop, asserts T N Ninan.
September 15 is the deadline for paying the second instalment of advance tax. This is income-tax (I-T) taxpayers need to pay every quarter, instead of a lump sum at the end of the year. Ashutosh K Srivastava, senior associate, SKV Law Offices, says, "The tax has to be usually paid when income is earned. "Nonetheless, according to the I-T Act, the taxpayer has to estimate his income for the entire financial year. Based on that, he/she pays tax at specific intervals."
Patel was administered the oath as the 18th chief minister by Governor Acharya Devvrat at a function held at the Helipad Ground near the new Secretariat.
Ashok Tripathi, 54, who ran a company in Odisha, and Vaibhavi Bandekar Tripathi, 51, who worked in a firm at Bandra-Kurla Complex in neighbouring Mumbai, had separated following court orders, an official from Kapurbawdi police station in Thane said on Monday.
Despite strong AUM growth, MFs lag behind other popular investment avenues. MFs received only 6 per cent of total household savings in 2021-2022.
'... as has been happening in the last three weeks, then the foreign exchange reserves will not be comfortable to ensure that the rupee does not fall drastically.'
Former Uttar Pradesh chief minister late Kalyan Singh, often termed as a Hindutva icon, and actor Victor Banerjee were among the 65 distinguished personalities who were conferred with Padma awards by President Ram Nath Kovind on Monday.
Remittances growth is muted due to "structural" reasons which will hamper consumption demand locally, a report said on Thursday. "...the muted external remittances growth is more of a structural issue than transitory," India Ratings and Research said in its note. India has been the largest recipient of remittances from its diaspora spread all across the world and received over $70 billion inflows last year. The agency argued that flows had started to moderate even before the COVID-19 pandemic outbreak, pointing out that as a percentage of gross disposable income, the share of remittances fell to 2.5 per cent in FY19 as against 3.5 per cent in FY10.
Despite its recent underperformance, gold must be a part of your portfolio.
'For HNIs, shifting economic activities outside India by creating regional hubs for businesses is a better option.'
The government on Wednesday asked the Reserve Bank to maintain retail inflation at 4 per cent with a margin of 2 per cent on either side for another five-year period ending March 2026. To control the price rise, the government in 2016 gave a mandate to the RBI to keep the retail inflation at 4 per cent with a margin of 2 per cent on either side for a five-year period ending March 31, 2021.
The Delhi Police Cyber Cell has arrested 12 people, including three HDFC Bank employees, for allegedly trying to withdraw money from the account of an NRI, officials said on Tuesday.
India has received the fourth set of Swiss bank account details of its nationals and organisations as part of an annual automatic information exchange under which Switzerland has shared particulars of nearly 34 lakh financial accounts with 101 countries.
All Overseas Citizen of India (OCI) cardholders are required to take a special permission from the central government if they want to be involved in any missionary, 'Tabligh' or journalistic activities in the country.
Japan will temporarily suspend exemptions allowing foreign athletes to train in the country ahead of the Summer Olympics, Kyodo News reported, as it closes its borders to contain a surge in COVID-19 cases just six months before the Games.
"Through his outstanding performance at the Olympics, Sreejesh has brought joy to Indians around the world. As a fellow-Malayali, I take tremendous pride in his achievement," Vayalil, Chairman and Managing Director of VPS Healthcare, was quoted as saying in a media statement.
TMC also mentioned about four locations where it claims Adhikari has lodged anti-social elements.
Finance Minister Nirmala Sitharaman on Monday reduced the time limit for reopening of income tax assessment cases to three years from six years, while for serious tax fraud cases where concealment of income is Rs 50 lakh or more it would be 10 years.
The primary and immediate impact of a depreciating rupee is on the importers who will have to shell out more for the same quantity and price. However, it is a boon for the exporters as they receive more rupees in exchange for dollars. The rupee depreciation has wiped away some of the gains that would have accrued to India from international oil and fuel prices dropping to pre-Ukraine war levels.
Because of a new notification, any retirement planning done by non-resident Indians through PPF will go for a toss, experts tell Sanjay Kumar Singh.
UK Chancellor of the Exchequer Rishi Sunak has written to his boss, Boris Johnson, to be referred to one of the British Prime Minister's independent advisers to review all his ministerial declarations of interest amid a row around his family's tax affairs. The Indian-origin finance minister, who has been fighting back attacks over wife Akshata Murty's tax arrangements in India and also Opposition allegations around his own finances, said in a Twitter post on Sunday that he is confident the independent review by House of Lords peer Christopher Geidt, the Independent Adviser on Ministers' Interests, will provide "further clarity". "My overriding concern is that the public retains confidence in the answers they are given and I believe the best way of achieving this is to ensure those answers are entirely independent, without bias or favour," Sunak states in his letter to Johnson.
India's current account slipped into a deficit of $9.6 billion or 1.3 per cent of GDP in the September quarter, the Reserve Bank said on Friday. The current account, which records the value of exports and imports of both goods and services along with international transfers of capital, was in a surplus mode both in the quarter-ago and year-ago periods. India's current account surplus had stood at $6.6 billion or 0.9 per cent of GDP in the April-June 2021 quarter, while in the year-ago period (Q2FY22), the surplus had stood at $15.3 billion or 2.4 per cent of the GDP, the data said.
Cricket Australia's hopes of staging the fifth Ashes Test in Perth appear in jeopardy, with the Western Australia (WA) state government reiterating its "very strict rules" on quarantine and restrictions on players' family members.
According to central and state officials, omicron cases have been detected in 11 states and union territories -- Maharashtra (54), Delhi (22), Rajasthan (17) and Karnataka (14), Telangana (20), Gujarat (9), Kerala (11), Andhra Pradesh (1), Chandigarh (1), Tamil Nadu (1) and West Bengal (1).
The government on Tuesday said it will allow setting up of world-class foreign universities in Gandhinagar's GIFT City, free from domestic regulations, to facilitate availability of skilled manpower in the financial services space. In addition, an international arbitration centre will be set up in the GIFT City for timely settlement of disputes under international jurisprudence, Finance Minister Nirmala Sitharaman said while presenting the Union Budget for 2022-23. The centre could be on the lines of the Singapore International Arbitration Centre, or the London Commercial Arbitration Centre.
Digital commerce operators advertising on global social media, which earlier did not pay Google tax on their operations in Jammu & Kashmir, may now have to cough it up at 6 per cent.
As per the Budget proposals, migration of a fund to a fund in IFSC will not be regarded as transfer if done on or before March 31, 2023. Transfer of units will be tax neutral. Grandfathered investments of the fund to continue to enjoy capital gains exemption on future sale by the IFSC fund. There is no impact on carry forward of losses for the investee company.
India conceding ground to bring only top 100 digital companies like Google, Facebook, and Netflix into the global taxation pact may have revenue implications. This will mean that New Delhi will have to withdraw the contentious 2 per cent equalisation levy on e-commerce operators by 2023. This may have revenue implications for India, experts pointed out, as the equalisation levy has a much lower annual revenue threshold of Rs 2 crore (euro 0.2 million) as against euro 20 billion agreed by 130 countries at the Organization for Economic Cooperation and Development (OECD). India, along with other developing countries, was pitching for at least euro 1 billion threshold to cover at least 5,000 global entities. India collected Rs 2,057 crore from the equalisation levy in 2020-21, an 85 per cent growth over Rs 1,136 crore in the previous fiscal.
Congress general secretary and chief spokesperson Randeep Surjewala accused the BJP of pushing India into a dark age of religious polarisation to "subserve its parochial political agenda in the short term".
The government can argue the change targets only those residing abroad but the fact remains that it does affect the kin and friends in India of non-residents.
The draft law also allows courts to send summonses and warrants to the accused through a specially designated website to be hosted by the Ministry of External Affairs.
Hinting at further relaxation in the capital account convertibility norms, RBI Deputy Governor T Rabi Sankar on Thursday said the country is on the cusp of some fundamental shifts with regard to currency management. India has come a long way in achieving increasing levels of convertibility on the capital account and has broadly achieved the desired outcome for the policy choices in terms of achieving a stable composition of foreign capital inflow, Sankar said while addressing the Foreign Exchange Dealers' Association of India's (FEDAI) annual day meeting. Convertibility refers to the ability to convert domestic currency into foreign currencies and vice versa to make payments for balance of payments transactions.
Highlighting that mutation in a virus is a natural phenomenon, the civic body said citizens should do not panic and appealed to them to follow COVID-19-appropriate behaviour.
Companies wanting to consider treaty benefits and deducting tax at a lower rate will have to examine the qualitative factors. They will have to consider whether FPIs are liable to tax and whether they are the beneficial owner of dividend income.
Myanmar's powerful military grabbed power in a coup against the civilian government and imposed a state of emergency after detaining Nobel laureate Aung San Suu Kyi and other leaders of her National League for Democracy in the early hours on Monday.
