The move would help in further promoting ease of doing business in the country.
The combined share of customs and excise duties, service tax, and value-added tax in India's gross domestic product reached an all-time high of 10.5%.
Invest in MFs for liquidity and choice of funds. Invest in NPS for the tax benefits, tax-free rebalancing, and for earmarked savings for retirement.
The government is open to 'some tinkering' in the varied rates and holding period for computation of capital gains tax on shares, debt and immovable property, in a bid to make it simple, revenue secretary Tarun Bajaj said on Wednesday. Under the Income Tax Act, gains from sale of capital assets, both movable and immovable, are subject to 'capital gains tax'. The Act, however, excludes movable personal assets such as cars, apparels, furniture from this tax.
'Sebi had no problem with derivatives until trading exploded after Covid.' 'But now, having built a dangerous road, from which different entities, mainly governments, are extracting a heavy toll, Sebi is concerned that people are driving on it in much greater numbers,' explains Debashis Basu.
Revenue secretary Ajay Bhushan Pandey sought to justify the Budget proposal to increase surcharge on super-rich saying that the highest tax individual tax rate is 45 per cent in China and South Africa, and 50.3 per cent in the US.
The income tax department on Tuesday said its new utility developed to help TDS deductors and TCS collectors identify non-filers or "specified persons" on whom higher rate of taxes will be levied will help ease compliance burden. From July 1, non-filers of income tax returns for the past two fiscal years would be subjected to higher tax deducted at source (TDS) and tax collected at source (TCS) rate if such tax deduction was Rs 50,000 or more in each of those two years. The provision was introduced in the 2021 Budget. The TDS deductors and TCS collectors would be required to check on the functionality of the PAN of the vendor from whom TDS is to be deducted or TCS to be collected, only at the beginning of the financial year.
PVR Inox shares hit a 44-month low of Rs 1,154, declining 8 per cent on the BSE in Tuesday's intra-day trade in an otherwise firm market, driven by growth concerns. The stock has slipped 23 per cent from its December high of Rs 1,620, touched on December 5, 2024. It has fallen below its previous low of Rs 1,203.7 from June 4, 2024, and is trading at its lowest level since May 2021.
Direct tax collections totalled Rs 4.29 lakh crore (Rs 4.29 trillion) during the April-December period in 2012-13.
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It depends on the assessing officer's interpretation. To be on the safe side, have a separate trading account.
One per cent TDS will apply on non-agriculture immovable property of over Rs 50 lakh on the basis of sale price or the stamp duty value, which ever is higher, after an amendment in the Income Tax Act.
Yadav further accused the BJP of "using distractions" to avoid addressing real issues such as rising unemployment, inflation, lack of investment in Uttar Pradesh, and failing healthcare facilities.
Dwaipayan Bose simplifies the whys and hows of revisiting your financial goals
The Supreme Court on Wednesday ordered the removal of reference to the Sikkimese-Nepalese as "people of foreign origin" from its January 13 verdict on tax exemption in Sikkim, following a plea by the Centre and others for modification.
State-owned Indian Renewable Energy Development Agency's (Ireda's) chairman and managing director Pradip Kumar Das has announced that the company has requested the government to allow it to carry out a follow-on public offer (FPO) as it will need further equity infusion to maintain the pace of growth. The FPO would aim to raise between Rs 4,000 crore and Rs 5,000 crore. Ireda, which provides funding assistance and other services to renewable energy and energy efficiency/conservation projects and is 75 per cent owned by the government of India, has requested the Union Finance Ministry to be included under Section 54EC of the Income Tax Act, which will help reduce borrowing costs.
Justice Yashwant Varma issued notice on the challenge to the CIC order by the Income Tax Authority and sought the stand of the RTI applicant Girish Mittal, saying that "the matter requires consideration."
People who are close to retirement and don't intend to go back to full-time work again should deploy a part of their VRS money in equities so that it keeps growing at a faster rate.
Experts said the slowdown could be attributed to adjustments leading to destocking and the offering of discounts by companies as the government ushered in the new indirect taxation system on July 1.
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
Earners in between Rs 50 lakh and Rs one crore will have to pay 10% surcharge
The finance ministry is considering this move on account of better levels of tax compliance and the ongoing buoyancy in direct tax collections, a senior government official told Business Standard. The surcharge, a sort of "tax on tax" is paid by 2-3 million, of the total 31.9 million assessees who are liable to pay tax.
Earners in between Rs 50 lakh and Rs one crore will have to pay 10% surcharge
This taxation applies to all types of transfer of property.
China, mindful of its global image, has rebutted as 'inaccurate' the recent 'Tax Misery Index' released by Forbes, asserting that the nation's macro tax burden remains 'relatively low' compared with other countries.
Feature for feature, bank FDs are indeed better than debt funds today, mainly thanks to Ms Sitharaman, notes Debashis Basu.
No major relief is expected for corporate and individual tax payers.
Disclose foreign assets, redesignate NRO a/c and open a Resident Foreign Currency a/c to park forex earnings
Leaders who built and manage these incredible global companies cannot be tyrants, slave-drivers, or idiots. Essentially what they are saying falls under the definition of rallying the troops, inspirational talk, like the usual coach-speak with the team before a match, asserts Shekhar Gupta.
rediffGURU Vivek Lala answers your income tax and personal finance queries.
Nomura expects the fiscal deficit target of 3.5 per cent for 2016-17 to be met and to be consolidated further to 3 per cent of GDP in 2017-18.
In a major crackdown on Chinese mobile companies, the Income Tax department is conducting searches on leading Chinese mobile companies across the country. Mobile companies including Oppo, Xiaomi and One Plus are being covered in this search, sources told ANI on Wednesday. More than two dozen premises are covered in the search which started on Tuesday. "Raids are ongoing in Delhi, Mumbai, Bengaluru, Greater Noida, Kolkata, Guwahati, Indore and some other places," sources told ANI.
The reduced growth is largely because of consumption slowdown and tax rate cuts.
The new 10 per cent dividend tax will be payable only on dividend income over and above Rs 10 lakh threshold in a year, according to an amendment to the Finance Bill 2016 approved by Lok Sabha.
Sukanya Verma gives you some interesting options to choose from.
If salaried, do early homework on your tax-saving investments.
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.
A bench of Justices Surya Kant and JK Maheshwari set aside the pre-arrest bail granted to Indian Revenue Service officer Santosh Karnani on an appeal by the Central Bureau of Investigation.
If growth reverts to the pre-Covid level, a lot of people may have to temper their rosy optimism, points out Debashis Basu.
Many house owners are not aware of this option and hence end up taking personal loans to renovate their homes
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
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