The limit under the Liberalized Remittance Scheme (that was earlier $200,000 and now brought down to $75,000) is applicable per person per financial year.
UK fashion retailer Superdry on Wednesday said it will sell its intellectual property assets in South Asia to Reliance Retail for 40 million pounds (Rs 402 crore) through a joint venture. Superdry, whose fashion line mostly includes sweatshirts, hoodies and jackets, will own 24 per cent of the joint venture while Reliance Retail, India's largest retailer, will have the remaining 76 per cent. Under the agreement, Superdry's brand IP assets in South Asia will be permanently transferred to the new JV entity.
Tax expert Anil Rego answers readers' questions about how Finance Minister Piyush Goyal's Budget affects you.
New ITR forms indirectly force small businesses to maintain books of accounts, something that wasn't needed earlier, says Anupam Jain.
The new provision under the Income-Tax Act may enable the authorities to seize trustees' personal assets if there's a breach of objectives governing registered charitable trusts.
What are the tax implications when you invest in real estate or any immovable property? Read on to find out.
Various start-ups have raised concerns on notices sent to them under the Section 56 of Income Tax Act to pay taxes on angel funds received by them.
The International Financial Services Centres Authority (IFSCA) has proposed key exemptions to the current listing framework and measures for setting up holding companies (holdcos) and special purpose acquisition companies (SPACs) to encourage domestic startups list at GIFT City, the country's only international financial services centre (IFSC). Under the current framework, to be eligible to list on IFSC exchanges, an issuing company should have operating revenue of at least $20 million in the preceding financial year and average pre-tax profits of at least $1 million during the preceding three financial years. An expert committee has noted these conditions have acted as hurdles to listing new-age companies, and they need a relook.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Real estate major DLF has come under the scanner of central revenue officials for allegedly evading service tax to the tune of about Rs 30 crore.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
These conditions are implementation of the 'One Nation, One Ration Card' scheme, ease of doing business, power sector reforms, and urban local body reforms.
Read the investor-developer agreement carefully before signing the cheque
Do you know how the fringe benefit tax is calculated on your ESOPs? Get Ahead tax experts Mahesh Padmanabhan explains.
A three-judge bench headed by Justice Sanjay Kishan Kaul was hearing the pleas seeking reconsideration of the July 27, 2022 verdict by a three-judge bench on certain parameters.
Because they can easily find them out by analysing your financial transactions.
The recommendation, if implemented, is likely to face opposition from the government's key support base among Hindu traders and businesspersons.
Faced with mounting losses and unsold inventory, struggling smartphone maker BlackBerry has sold its US office in Texas to Brookfield Property Group as it seeks to rationalise costs.
Revised tax forms will be simple; stress on foreign travel and assets has been reduced
Christopher Wood, global head of equity strategy at Jefferies has rejigged his equity portfolios. In his Asia ex-Japan long-only portfolio, he has added Axis Bank (5 per cent weightage) and increased holding in Larsen & Toubro (L&T) by one percentage point. This, Wood said, will be paid for by removing the investment in ICICI Lombard General Insurance and reducing the investments in HDFC Bank and Reliance Industries (RIL) by one percentage point each.
If the property is inherited from one generation to another, the person who inherits it cannot pass it on as s/he wishes, points out Rajesh Narain Gupta, managing partner, SNG & Partners.
Besides selling movable and immovable assets to make recoveries, taxmen filed prosecution cases against those not paying the demand.
The minister also announced that the low-cost housing (property up to Rs 20 lakh) segment would be exempted from service tax.
When Rajiv Chawla bought his flat at Worli's Campa Cola compound 23 years ago, he didn't know it was illegal.
Within five days of the budget, the RBI brought in housing loans below Rs 50 lakh under priority sector lending.
With digital technology, the I-T department's ability to catch tax evaders has increased many times.
Section 54 provides a tax-free method to convert unaccounted money into accounted money, says Harsh Roongta.
Assessment year 2020-2021 saw returns filed fall to 69.7 million and stood at 71.4 million in assessment year 2021-2022.
With a stable government at the Centre and the a renewed sense of confidence among the industry, there is expectation that there will be more demand for office space.
An excerpt from 'Money Smart: The Indian Woman's Guide To Managing Wealth' by Reenita Malhotra Hora and Divya Vij that reveals various options to help you save tax as well as invest for creating long-term wealth.
As under-construction properties turn riskier, due to slowing sales, a buyer needs to protect his interest in the property.
With filing possible only online, there is no scope for any error.
Investments in real estate have just got a bit costlier. Since April 2010, an additional amount in the form of service tax is being collected from buyers, on under construction properties. So what is this service tax and who is deemed to pay it?
The government on Thursday clarified that black money declarants using the one-time compliance window cannot pay tax and penalty from undisclosed income to bring down their liability.
To give impetus to the real estate sector, Goyal proposed to extend the period of exemption from levy of tax on notional rent on unsold inventories from one year to two years.
Investments and expenses under section 80 C allows various tax benefits, says Harjot Singh Narula
The Democratic Front, in its manifesto, also sought to tap rural voters by promising at least 200 days of job under the National Rural Employment Guarantee Act.
Gaurav Mohta, chief marketing officer, Home First Finance Company, answers home loan queries.
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