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.
After sale of original property, you need to either buy a flat or construct a house. Else you will be taxed.
Assessment year 2020-2021 saw returns filed fall to 69.7 million and stood at 71.4 million in assessment year 2021-2022.
Gaming industry is estimated at $40 billion and is expected to reach $59 billion.
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.
Miss the March 31, 2018 deadline to file belated tax return for FY16, and risk an I-T notice and a hefty fine.
Taxpayers need not invest proceeds from sale of property strictly within 180 days from date of sale to get exemption under Section 54EC.
With prices unlikely to run up sharply, genuine buyers can start readying deals before the festival season starts.
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.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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.
Inheritance tax only helps the lawyers: Rajan
Everything about the way Delhi is governed needs to change, Delhi's Deputy Chief Minister Manish Sisodia tells Aditi Phadnis and Akshat Kaushal.
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.
Gaurav Mohta, chief marketing officer, Home First Finance Company, answers home loan queries.
The 40 per cent exemption benefit is applicable only for employees.
Finance Act, 2007, has, with effect from June 1, brought seven new services in the service tax net
Real estate, or property, is one of the one of the major asset classes people the world over invest in. Such real estate could be residential house property, whether self-occupied or let out, commercial property, whether used for one's own business or profession or meant for letting out, farm house, agricultural, urban and rural lands, and so on. Through proper planning it is possible to save a great deal of tax on real estate investments -- on income and on capital gains.
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.
Trump appeared to be unperturbed by the latest revelation that he might not have had paid income taxes for as many as 18 years.
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.
The Institute of Chartered Accountants of India has shortlisted the changes it hopes to see in Budget 2017.
'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.'
Tata Sons has moved the Supreme Court against an estimated Rs 300-crore (Rs 3-billion) sales tax demand from the Maharashtra state government.
The sector has sought a mandatory natural catastrophe cover to cover perils in calamity-prone areas.
People were still frantically searching for their loved ones as police said 19 people were still unaccounted for.
It seems property in Pune have a better rate of capital value appreciation than other metro cities.
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.
'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.'
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Your decision to invest in capital gains bonds or otherwise should be determined by your risk appetite and investment objective among others.
May adopt dtrict action including prosecution and property attachment.
These situations require mandatory filing of Income Tax Return as per the provisions of the Income Tax Act, 1961
The crackdown on black money has led to seizing of Rs 3,963 crore of smuggled goods in two years.
Seven more services such as commercial property renting, fax, pager and content for telecom will become costlier from June 1 with the government bringing these services under the tax net.
The uproar against outsourcing work to Indian IT service providers has risen once again as Nielsen Co, the media company which signed a $1.2-billion outsourcing deal with Indian IT services provider Tata Consultancy Services last October and is facing strong criticism for announcing it, would lay off 117 workers this month at its largest global technology centre in Oldsmar, Florida. It has 1,700 employees at this facility.
In his second term in office, UP Chief Minister Yogi Adityanath has retained 34 portfolios.
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