Right steps you can considerably reduce the tax outgo.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not
Cooperative societies get more tax benefits as compared to individual house owners.
Atishi claimed the notice was sent to scare her, but "we have come from difficult fields to change politics of this country and we will not get intimidated by these hollow threats of the BJP".
ITC highlighted that legal cigarettes account for 9 per cent of tobacco consumption in India, but 80 per cent of tax collection is from tobacco products. While illicit cigarettes account for roughly one-third of the market share, legal cigarette volumes have recovered to around 96 per cent of peak FY13 volumes, after dipping to 70 per cent in FY21.
The West Bengal government on Monday introduced two amendment bills in the state Assembly to boost investments in the state.
Filing your tax returns may seem like a lot of paperwork, but it is swift and smooth once you start with a clear plan, says Anil Rego.
Rental real estate aggregators can help you earn Rs 3,000-5,000 rent daily
Indian tax laws offer start-ups ways to save taxes.
Empowered CIB to play lead role in recovering tax evaded.
Empowered CIB to play lead role in recovering tax evaded.
The bulk of an investor's portfolio should be in shorter-duration funds of up to one year portfolio duration.
The suggestion is to introduce a "capital transaction tax" based on the "circle rate" of the state in which the deal is registered.
The Income Tax Department detected bogus expenditure claims and alleged transfer of share capitals worth crores of rupees through shell companies after it recently raided some entities in Karnataka and Uttar Pradesh, including people linked to the Samajwadi Party.
Reserve price of the properties that came under the hammer on Wednesday ran into crores of rupees. The IT department has claimed tax arrears of Rs 11.85 crore from Telgi.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Polling is scheduled in all 20 seats of Kerala, 14 of the 28 seats in Karnataka, 13 seats in Rajasthan, eight seats each in Maharashtra and Uttar Pradesh, six seats in Madhya Pradesh, five seats each in Assam and Bihar, three seats each in Chhattisgarh and West Bengal, and one seat each in Manipur, Tripura and Jammu and Kashmir.
This election will be remembered for being the first election where the Election Commission failed to take action on gross violations involving the ruling party that repeatedly used religion, communal slurs, lies and undocumented allegations, observes Ramesh Menon.
A bench of Justices Sanjiv Khanna and Dipankar Datta, which continued hearing on the Kejriwal's plea challenging his arrest for the consecutive day, posed several queries to Additional Solicitor General S V Raju, appearing for the ED, and sought his reply on Friday.
UK-based Cairn Energy PLC on Wednesday said it has agreed to drop litigations to seize Indian properties in countries ranging from France to the UK as it has accepted the Indian government's offer to settle tax dispute relating to the levy of taxes retrospectively. Meeting the requirements of new legislation that scraps levy of retrospective taxation, the company has given required undertakings indemnifying the Indian government against future claims as well as agreeing to drop any legal proceedings anywhere in the world. The government now has to accept this and issue Cairn a so-called Form-II, that will commit it to refund the tax collected to enforce the retrospective tax demand.
Buying property valued considerably less than even Rs 30 lakh (Rs 3 million) in small cities may soon draw the attention of income-tax officials, if the transaction does not match payment of income tax.
There was no relief for existing home buyers who are stuck in stalled projects and are paying both rent and EMI on their home loans.
Credit card payments for foreign travel will be brought under the purview of the Liberalised Remittance Scheme (LRS) of the Reserve Bank, to ensure that such expenses do not escape TCS (Tax Collection at Source). While moving the Finance Bill 2023 for consideration and passage in the Lok Sabha on Friday, Finance Minister Nirmala Sitharaman said the Reserve Bank has been asked to look into ways to bring credit card payments on foreign tours under the LRS. "It has been represented that payments for foreign tours through a credit card are not being captured under the Liberalised Remittance Scheme (LRS) and such payments escape tax collection at source (TCS)," she said.
Non-compliance can also result in legal complications and disputes with the tax authorities.
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 ministry said it was an anti-abuse provision amid growing instances of NRIs shifting their stay in low or no-tax jurisdiction to avoid tax payment in India.
The Income Tax department has notified forms for filing I-T returns for 2020-21 fiscal, the Central Board of Direct Taxes said on Thursday. "Keeping in view the ongoing crisis due to COVID pandemic and to facilitate the taxpayers, no significant change has been made to the ITR Forms in comparison to the last year's ITR Forms. "Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been made," the Central Board of Direct Taxes (CBDT) said in a statement. The Income Tax returns (ITR) forms ask taxpayers if they are opting for a new tax regime.
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
If a couple is registered as joint owners of a property, the tax authorities expect both of them to show their income or capital gains from the house in their tax returns, says Arvind Rao, a chartered account and certified financial planner
The tax department had attached about a dozen plots and buildings in Delhi and Bihar.
The Income Tax department has begun sealing properties and issued prohibitory orders around the premises of former Jharkhand chief minister Madhu Koda and his associates in the alleged hawala transactions and illegal investments case.
Decoding four important provisions in the Finance Bill 2018.
the I-T department attached a total of 12 plots of Bharti and her husband Shailesh Kumar, Bihar Deputy Chief Minister Tejaswi Yadav and ex chief minister Rabri Devi, and sisters Ragini and Chanda Yadav.
The department had launched searches against the 48-year-old actor and the Lucknow-based group of industries involved in infrastructure on September 15 and the CBDT said the action was continuing.
CM Stalin has a procedural problem. Nominating new ministers would entail his having to seek formal permission from governor R N Ravi. Stalin does not want to interact with the person of this governor, as far as possible, predicts N Sathiya Moorthy.
It was one of the key promises made by the Congress ahead of the 2018 assembly polls, following which the party returned to power in the state after a gap of 15 years.
Telgi, the main accused in the multi-crore fake stamp-paper racket, has disputed it and claims he owes only Rs 2.36 crore in dues.
Pranay Bhatia offers insights on some key issues from Nirmala Sitharaman's maiden Budget.
Maharashtra Chief Minister Prithviraj Chavan is agreeable in principle to this tax, but the government is yet to take a decision.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances