Atishi will have a brief tenure in office as assembly elections in the national capital are due in February.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
A 5 per cent increase in fees for various licences has been proposed without tweaking the existing tax structure. The BMC's total budget estimates for the next financial year are 8.95 per cent more than the last fiscal.
Enhancing your credit score is the key to improving loan eligibility and securing a favourable interest rate.
Urban Development and Municipal Affairs minister Firhad Hakim said that if the provision for reduction in taxes did not exist in the Kolkata Municipal Corporation Act, an amendment had to be passed in the Assembly before the waiver of taxes came into force.
Opposition MPs in the parliamentary committee scrutinising the Waqf (Amendment) Bill are scheduled to meet Lok Sabha Speaker Om Birla on Tuesday to protest its chairperson Jagdambika Pal's alleged 'unilateral' decisions and attempts to 'bulldoze' proceedings, indicating that they may disassociate themselves from the panel.
Your high expectations and attachment to certain property can make you buy property which is not financially suitable.
rediffGURU Samkit Maniar answers readers' personal income tax queries
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
As we brace for unprecedented rates of urbanisation, it is crucial to ensure that illegal constructions and unauthorised land use are curbed, asserts Amit Kapoor.
With incomes rising, property and home purchases have grown exponentially in recent years. Being large-ticket investments, it's important to be savvy about the tax breaks and pitfalls that lie en-route.
The department raided more than 35 premises in Maharashtra's capital city on February 25, and the Central Board of Direct Taxes (CBDT) said in a statement on Thursday that 'preliminary investigation indicates that these contractors have evaded income to the extent of Rs 200 crore on account of...malpractices'.
Income tax authorities on Friday launched coordinated searches across different locations in Tamil Nadu linked to state Electricity Minister V Senthil Balaji, police sources said.
The suspected undisclosed income in these cases could reach as much as Rs 15,000 crore.
Finance Minister Nirmala Sitharaman on Tuesday announced income tax relief for the middle class, a Rs 2 lakh crore outlay for job creation schemes over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled the Modi 3.0 government's first budget after the general elections.
Besides LTCG tax relief, permitting taxpayers to declare two houses as self-occupied brings a huge relief.
The Income-Tax (I-T) Department nowadays provides pre-filled forms to make the filing of income-tax return (ITR) easier. Nonetheless, you must have a number of documents handy at the time of filing return so that you can cross-check the data in the pre-filled form. "Filing ITR doesn't require you to upload any document. But in case an assessing officer makes an inquiry, you will need to present documents and certificates as proof," says Deepak Jain, chief executive, TaxManager.in.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
If you are merely letting out the property and enjoying the rent as an individual or as a company, in most cases, you will need to mention rental income under the head 'income from house property' in the income-tax return form, points out Tinesh Bhasin.
'While criticising India's high tariffs, Mr Trump stated he would impose reciprocal taxes on Indian products if re-elected.' 'However, since India's tariffs follow WTO rules, Mr Trump's actions would violate these rules,' Ajay Srivastava points out.
The new income tax regime for filing returns has been "sweetened" in the Budget 2023-24 and it will be beneficial for maximum number of taxpayers as they can enjoy a "reduced" tax rate, CBDT chairman Nitin Gupta said. Speaking to PTI during a post-Budget interview, Gupta said the intent of the government while announcing the new slabs and rates under the new tax regime is to gradually "do away with deductions and exemptions" so that the "long-standing demand of reduction of taxes for individual taxpayers and entities can be met." Finance Minister Nirmala Sitharaman, while presenting the Budget 2023-24 in the Parliament on Wednesday, said the government has made the new income tax regime more attractive for taxpayers and has thus brought about 'substantial changes' in its structure for the benefit of the middle class.
The United Kingdom extracted USD 64.82 trillion from India over a century of colonialism between 1765 and 1900 and USD 33.8 trillion of this went to the richest 10 per cent -- enough money to carpet London in notes of 50 British pound almost four times over.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
'Business families like the Godrej group are increasingly realising that an amicable settlement is better.' 'Else, the wealth of all shareholders gets destroyed.'
The finance ministry is looking at rationalising long-term capital gains tax structure by bringing parity between similar asset classes and revising the base year for computing indexation benefit to make it more relevant, an official said on Friday. Currently, shares held for more than one year attract a 10 per cent tax on long-term capital gains. Gains arising from sale of immovable property and unlisted shares held for more than 2 years and debt instruments and jewellery held for over 3 years attract 20 per cent long term capital gains tax.
During 2023, the Indian real estate sector - both housing and commercial - witnessed buoyancy fuelled by demand, supply, and absorption, and the sector is banking on the upcoming Budget to keep the momentum going. Mumbai-based Sattva Group wants the government to focus on the critical pillars for long-term growth. The company emphasised on the infrastructure boom with increased allocation, lower goods and services tax (GST) rates, incentives for affordable housing and single-window clearance to fast-track projects and support liquidity.
The government on Friday extended he deadlines for various income tax compliances and said the amount paid by an employer to employees for Covid-19 treatment would be tax exempt.
The multi-crore Dharavi slum redevelopment project involves no land transfer to the Adani group but to the Maharashtra government's departments, and the Ahmedabad-based conglomerate, as a project developer, will build houses that will be handed over to the same departments for allotment to residents of Asia's biggest slums, sources said. Denying allegations of land grab made by MP Varsha Gaikwad, sources close to the project said land parcels are to be transferred only to Dharavi Redevelopment Project/Slum Rehabilitation Authority (DRP/SRA) of the state government's housing department.
The project, code-named MF101 by Foxconn, will be spread across 1,500 acres at Talegaon or Khopoli.
'To save the LTCG, it's always better that the owner of the property that was sold also becomes the title holder in the new one.'
India has rejected New York City's contention that it is using the 26-storey building owned by it near the United Nations in Manhattan for commercial purposes.\n\n\n\n
You can invest the proceeds in capital gains bond or reinvest in another residential property.
Experts say you should be certain of living in a city and locality for a long time before purchasing a home.
Their downside is that the donor relinquishes all control over the transferred property, and certain tax implications may also arise.
The attached properties include 14 assets of Tuteja worth Rs 15.82 crore, 115 properties of Anwar Dhebar, the elder brother of Raipur Mayor and Congress leader Aijaz Dhebar, worth Rs 116.16 crore, properties of Vikash Agarwal alias Subbu worth Rs 1.54 crore and 33 properties of Arvind Singh worth Rs 12.99 crore, it said in a statement.
'Planning for the transfer of assets to the next generation is an important aspect of financial and estate planning.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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