Non-compliance can also result in legal complications and disputes with the tax authorities.
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.
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.
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.
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.
Proper documentation can help take half the pain out of filing your income tax return, says Amar Pandit.
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.
Tax Guru Anil Rego answers your personal income tax queries.
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.
The government on Wednesday imposed a limit of Rs 10 crore for deduction on long-term capital gain tax for reinvestment in residential properties under Section 54 and 54F of the Income Tax Act. These two sections deal with reinvestment of proceeds from sale of long-term assets (housing or other capital assets) to buy residential properties. "For better targeting of tax concessions and exemptions, I propose to cap deduction from capital gains on investment in residential houses under sections 54 and 54F to Rs 10 crore," Finance Minister Nirmala Sitharaman said in her Budget speech.
The search and survey operation was started at 44 locations in Mumbai and Surat on November 6, on entry providers and beneficiaries who have been engaged in execution of civil contracts mainly in Brihanmumbai Municipal Corporation.
You pay the mediclaim insurance premium of your brother's policy from your salary. Will you be eligible for tax deduction? Will your bonus and ex gratia be tax exempt?
Called Signature Villa, the property was gifted to him by Nakheel Public Joint Stock Company. The dispute was over whether this was a gift or payment for services Khan had rendered to the company.
If a house is sold and the proceeds are used to buy another, whoever contributed to the purchase of the first house can claim exemption on capital gains tax
Missing the deadline for filing Income Tax returns can lead to consequences.
The Saifee Burhani Upliftment Trust bought Hotel Raunaq Afroz, Shabnam Guest House and six rooms in Damarwala building.
Rent on commercial properties and cost of six services -- telecom, asset management, mining, oil and gas, works contract, development and supply of content -- will go up from Friday.
In an online chat with Rediff.com readers, G Srikanth, partner, GSV Associates, chartered accountants, Chennai and member of the Institute of Cost and Management Accountants, answered queries about the new income tax proposals mooted in the Union Budget 2020-2021.
No special permission is required for an Indian citizen residing outside India to acquire (by purchase or gift) any immovable property in India other than agricultural land, plantation property or a farmhouse.
Long-term tax on capital gains arising from selling a house can be invested in another property under Section 54.
Your EMIs may help you to reduce your tax liability... Here's how
The court directed the NHSRCL to file a correction statement within a month to the effect that the TDS deducted by it while paying the compensation amount to Patil was not liable to be deducted.
Do you have financial planning queries? Ask rediffGURU Kirtan A Shah.
Purchase of three plots of land in Haryana in 2005-06 by Congress leader Sonia Gandhi's son-in-law Robert Vadra from a real estate agent is being probed along with a land deal made by his wife Priyanka Gandhi Vadra, the Enforcement Directorate (ED) claimed in a recently filed money laundering case charge sheet.
Future Gaming and Hotel Services whose director is the lottery magnate Santiago Martin is the top purchaser of electoral bonds having purchased bonds worth Rs 1,368, according to data uploaded by the Election Commission of India on its website on Thursday.
The new service tax of 14% will jack up costs of shopping, travel, insurance premiums and property purchases
In an online chat with Rediff.com readers, personal finance expert Anil Rego answered queries about the new tax regime announced in the Union Budget.
Real estate sector cheers reforms in the Budget.
The 21st Law Commission said the special status given to the entity of HUF was a 'so-called gift by the British', who could not comprehend the complex socioeconomic structure of Indian families. 'Now, this status is being used for the evasion of tax only,' it said.
Tax Guru Anil Rego answers your personal income tax queries
Besides making property more expensive, these also affect the existing owners with higher taxes
Many developers are facing financial challenges after the IL&FS defaults, after which non-banking finance companies - the major financiers to real estate firms - slowed disbursals.
Income-tax payers fear they will receive notices from the government because the annual information statement (AIS) provided by the I-T department in many cases is showing incomes in excess of their earnings. The Central Board of Direct Taxes (CBDT) has dismissed these fears as unfounded. The deadline for filing income-tax returns (ITRs) for the assessment year 2022-23 ended on July 31.
The new Income Tax return forms are much simpler in many respects.
The government has decided to relax angel tax norms for startups, including increasing the investment limit to Rs 25 crore for availing income tax concessions.
"India is the best market right now in the world with the digital initiatives the government has implemented
'Historically, equities have consistently outperformed debt, gold, property, and other assets over a reasonable period.'
Trump paid no income taxes at all in 10 of the previous 15 years largely because he reported losing much more money than he made, the report said. The US president immediately dismissed the report as 'totally fake news'.
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