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To get what it thinks are its dues, its brass have directed; construction, realty, renting of property, personnel supply, security & goods transport among those under lens
A 'will' unlocks many exclusive tax advantages which are otherwise not available to taxpayers. Here are five important ways in which a will can save you tax. . .
The richest one per cent in India now own more than 40 per cent of the country's total wealth, while the bottom half of the population together share just 3 per cent of wealth, a new study showed on Monday.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
'Many non-resident taxpayers faced issues in filing Form 10F since the portal didn't allow those who didn't have PAN to file the form.'
The investigation wing of the Income Tax department on Tuesday conducted searches at about 20 premises of the Yash Birla group in Mumbai and New Delhi for alleged tax evasion.
According to the Income Tax Act, certain transfers can be considered void without a tax-clearance certificate (Section 281B).
'The rising cost of construction, the cost of doing business, high compliance, and inflation/interest rates going up have already reduced returns to single digits.'
Construction costs would be reduced to some extent and this benefit can be passed on to the customers, thereby spurring home buying
When errors crop up due to lack of awareness you could end up evading tax unknowingly. That could turn out to be a costly mistake somewhere down the road. So be wise, get your tax facts right. Here is a quick sample checklist for you.
Can't believe you can file your income tax return without Form 16? Read this...
The richest one per cent in India now own more than 40 per cent of the country's total wealth, while the bottom half of the population together share just 3 per cent of wealth, a new study showed on Monday. Releasing the India supplement of its annual inequality report on the first day of the World Economic Forum Annual Meeting in Davos, rights group Oxfam International said that taxing India's ten-richest at 5 per cent can fetch entire money to bring children back to school. "A one-off tax on unrealized gains from 2017-2021 on just one billionaire, Gautam Adani, could have raised Rs 1.79 lakh crore, enough to employ more than five million Indian primary school teachers for a year," it added.
Such investments come with their own share of risks and buyers may need to hold on for at least 5 to 10 years.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
You can carry forward losses and revise the returns umpteen times in case of mistakes.
The Central Board of Excise and Customs (CBEC) have tightened noose on commercial renting of immovable property and telephone companies by receiving information through other sources to detect any possible evasion of service tax.
Those evading taxes could soon find tax officials at their doorstep, with a rather insightful account of their big purchases.
To decide whether capital gains on surrender of call options are taxable
Exemptions, and the fact that farm income is outside the tax net, ensure that India's tax-GDP ratio stays low.
The eight-member team will also put Chhota Rajan, Chhota Shakeel, Abu Salem and other underworld dons under the scanner.
'You need to have enough funds to maintain the primacy of public transport and it should not suffer because of lack of funds.'
In a statement, the CBDT, which is the apex policy making body for direct tax policies, said it has never asked IRS Association or these officers to prepare such a report and no permission was sought by them before making the report public. 'It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report.
People were still frantically searching for their loved ones as police said 19 people were still unaccounted for.
Introducing UCC is a challenging task for any government. The complexities are real and difficult to negotiate as it deals with sensitive religious and cultural sentiments. How can it strike an easy balance between individual rights and community interests?, asks Ramesh Menon.
With prices unlikely to run up sharply, genuine buyers can start readying deals before the festival season starts.
Miss the March 31, 2018 deadline to file belated tax return for FY16, and risk an I-T notice and a hefty fine.
After sale of original property, you need to either buy a flat or construct a house. Else you will be taxed.
Gaming industry is estimated at $40 billion and is expected to reach $59 billion.
Taxpayers need not invest proceeds from sale of property strictly within 180 days from date of sale to get exemption under Section 54EC.
Inheritance tax only helps the lawyers: Rajan
To further tighten its control of practising accountants, the Centre has brought within the ambit of the Prevention of Money Laundering Act (PMLA) their "financial transactions" such as operating and managing their client firms and trusts, and buying and selling business entities. The Union finance ministry issued a gazette notification on this on Wednesday. Under the new rule, chartered accountants, company secretaries, and cost and works accountants carrying out such transactions (on behalf of their clients) will now be required to go through the Know Your Company (KYC) process before commencing work.
New York City says the governments of India and Mongolia owe it over $18 million in property taxes on buildings these countries use to house staff of their United Nations missions.
Everything about the way Delhi is governed needs to change, Delhi's Deputy Chief Minister Manish Sisodia tells Aditi Phadnis and Akshat Kaushal.
The 40 per cent exemption benefit is applicable only for employees.
In his second term in office, UP Chief Minister Yogi Adityanath has retained 34 portfolios.
It is high time the Indian government signalled discomfort with the UK providing refuge to those accused of financial crimes in India, states Jaimini Bhagwati.
In order to cripple and check the activities of wilful tax defaulters, the Income Tax department has decided to "block" Permanent Account Number (PAN) of such entities, get their LPG subsidy cancelled and take measures to ensure that they are not sanctioned loans.
The Delhi high court on Wednesday asked the Centre and the Delhi government to present their stand on a plea seeking recall of all currency notes above Rs 100, restricting cash transactions above Rs 10,000 and linking assets worth more than Rs 50,000 with Aadhaar to check corruption.
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