'Expect India to keep doing well irrespective of geopolitics.'
Whether you give stocks held for more/less than a year, benefits are nominal; donating cash is better.
There is no proposal to modify income tax returns forms, finance ministry sources clarified when asked to comment on news reports that the purported statement of financial transactions expansion would result in the filing of high-value financial transactions in ITR by the taxpayers themselves.
Before 2019, an estimated 22 million individual income-tax returns did not have to pay any taxes. But after the change in the exemption level, another 13 million individual tax returns did not require to pay taxes. Thus, of about 58 million returns, as much as 63 per cent or 35 million went out of the direct tax net, A K Bhattacharya points out.
'Choose an equity allocation that will allow you to remain invested even if the market falls by 50 to 60 per cent.'
The Centre is staring at a combined shortfall of up to Rs 1 trillion in excise and Customs revenues in the current financial year (FY23) compared to the Budget estimates (BE), mainly because of duty cuts on edible oil and petroleum products. The government set a target of Rs 3.35 trillion for excise and Rs 2.13 trillion for Customs mop-up for FY23 while presenting the Budget in February. "As excise duty collection is mainly driven by diesel volumes, we might see a clear gap in the level budgeted for FY23, following the reduction in cesses on petrol and diesel in May. We are expecting somewhere between Rs 80,000 crore and Rs 1 trillion dip in excise and customs duty collections," a senior government official told Business Standard.
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Data from Value Research analysed on five-year, three-year and one-year performances of active equity schemes to pick the best performers in popular scheme categories.
Industry representatives recommended that the basic annual exemption limit for individuals should be raised to Rs 1,50,000 from Rs 1,10,000 and the peak income tax rate be cut to 25 per cent, from 30 per cent at present.
Take a look at the various tax saving tools available and their significance in your personal finance life.
Dr Reddy's Laboratories (DRL) share price plunged 6.66 per cent to Rs 1,203.50 per share on the NSE during Friday after analysts remained cautious on the company's Q3 performance and differed on its growth outlook. DRL's Q3 performance was viewed as subdued by some analysts when they adjusted it for one-time grants and incomes that the company received during the quarter.
It had declined by slightly over 4 per cent in December. The city contributes 37 per cent to the total direct tax revenues. If the trend continues, it could affect the Budget estimates of Rs 13 trillion for the current fiscal year.
The Income Tax department will investigate over 60,000 individuals under the second phase of the 'Operation Clean Money'.
'It won't be a V-shaped recovery. It'll be consolidation.' 'Investors might exit during that grind. It'll be painful.'
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
With the first quarter gross tax mop-up reaching Rs 5.6 lakh crore, Icra Ratings on Friday said the government is set to exceed the budgeted tax collection target of Rs 22.2 lakh crore for 2021-22, led by indirect taxes. The government has budgeted a modest 9.5 per cent growth in tax collections at Rs 22.2 lakh crore for FY22, over FY21 collections of Rs 20.2 lakh crore. However, despite the second wave of the pandemic, the April-June quarter tax collections rose to Rs 5.6 lakh crore, which is 39 per cent higher than Q1 of FY20.
Amid slowing economy, the gross direct tax collection has risen only by 13.18 per cent to Rs 3.68 lakh crore during the April-November period of 2013-14 fiscal.
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.
Privately, many bankers admit their immediate goal is not growth but slowing the erosion of Casa deposits, reveals Tamal Bandyopadhyay.
The income tax department on Wednesday conducted a survey operation against Delhi-based think-tank Centre for Policy Research (CPR) and global NGO Oxfam India apart from a media foundation as part of a probe related to alleged FCRA contravention in funds received by them, official sources said.
The department said that total confidentiality is ensured to those who declare their black assets and funds
A new schedule has been added to report income from cryptocurrencies and other Virtual Digital Assets.
'Maharashtra is virtually in a debt trap.'
Eminent economist Arvind Panagariya has said India is on the cusp of returning to a high growth trajectory and voiced confidence that the country will become the world's third-largest economy by 2027-28. Currently, India is the fifth largest economy "so it's another five years.We are already in (the year) 2023. "So 2027-28, India should be the third-largest economy," Panagariya, Columbia University Professor and former Vice Chairman of NITI Aayog, told PTI in an interview in New York.
Mihir Tanna, Associate Director, S K Patodia & Associates, a chartered accountants firm that offers consultancy, audit and tax services, will answer your queries.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Power Grid Corporation of India's (PWGR's) Q3FY25 revenue declined 3 per cent year-on-year (Y-o-Y) to Rs 11,200 crore, with operating profit falling 7 per cent Y-o-Y to Rs 9,500 crore and margin contracting to 85 per cent from 91 per cent Y-o-Y. Other income surged 89 per cent Y-o-Y to Rs 500 crore, but regulatory income dropped 62 per cent Y-o-Y to Rs 42.5 crore.
Within the next two years, verification and scrutiny of returns will happen electronically through anonymised back offices manned by tax experts and officials. It will function without any personal interface between taxpayers and tax officers. Both the taxpayer and the tax officer will not know each other -- who is scrutinising whose return, and at which place, points out Kuldip Kumar, partner and leader personal tax, PwC.
A checklist that will help you save taxes in financial year 2013-14 which begins April 1, 2013 and ends March 31, 2014.
CBDT feels 30% growth in income-tax not feasible.
The revelation that he declared a USD 916 million threatened to put the 70-year-old tycoon's tax records at the centre of the presidential campaign.
The income-tax department intends to bring individuals under the ambit of the proposed controlled-foreign companies (CFCs).
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.
Selling property below market value can lead to litigation. Tinesh Bhasin offers tips on how to avoid it.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
Indian tax laws offer start-ups ways to save taxes.
The revenue department has not seen a single deposit, owing to the outbreak of the COVID-19 pandemic.
Income Tax officials surveyed the British broadcaster's offices in Mumbai and Delhi.
rediffGURU Ulhas Joshi answers your mutual fund queries.
The tax department surveyed the office of the news portal located at Sarvodaya Enclave in south Delhi on Friday along with that of another digital news platform Newsclick in Saidulajab area (south Delhi) on charges of alleged tax evasion.
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