How the Aadhar card would be linked to income tax return is yet not clear
Finance Minister Arun Jaitley is unlikely to heed economists' suggestion that an inheritance tax be introduced in Budget 201415 as an additional revenue stream.
Finance Minister Arun Jaitley is unlikely to heed economists' suggestion that an inheritance tax be introduced in Budget 201415 as an additional revenue stream.
The finance ministry has said that the Goods and Services Tax will not apply on room rents of 'sarais' (inns) or properties managed by religious and charitable institutions. The clarification was issued by the Central Board of Indirect Taxes and Customs (CBIC) on Thursday evening to clear the confusion with regard to the levy of GST on room rents. This clarification by the Finance Ministry came following a demand from various quarters including AAP MP Raghav Chadha that the GST on rooms rented by religious institutions be withdrawn.
But there are fears that any reform could be reduced to tweaking because the tax is so lucrative.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Team Anna member Arvind Kejriwal did not comply with the income tax department notice asking him to pay over Rs 9 lakh in dues, saying he needed more time to decide on the issue as he was given "very little time".
On the face of it, there could be a bump up in tax filings, but its impact on tax collections is not that straightforward
When you are in your 20s and early 30s, you have the biggest asset to your credit -- time. By starting to invest during the early stages of your career, you get a lot of time to research, learn, and achieve, advises Ayan Nagpal.
Karnataka energy minister Shivkumar was in-charge of hospitality for all Congress Gujarat MLAs.
Marking a key milestone in the Indian government's fight against black money allegedly stashed abroad, India will get this month the complete information on flats, apartments and condominiums owned by Indians in Switzerland as also on earnings made from such properties to help it look into tax liabilities associated with those assets.
The story of Sahara India Pariwar founder Subrata Roy, who died in Mumbai on November 14 aged 75, is the stuff of movies - of a spectacular rise and an equally spectacular fall. Born in Araria, Bihar, Roy was 30 when he set up Sahara in 1978. He started with a capital of about Rs 2,000, a peon, a clerk and his father's Lambretta scooter in Gorakhpur, eastern Uttar Pradesh, writes Tamal Bandyopadhyay in his 2014 book, Sahara: The Untold Story. Sahara was not his first venture.
Britain's Cairn Energy has secured a French court order to seize 20 Indian govt properties to recover arbitration award, it is learnt.
RNOR status is a sub-set of the Resident Status.
A hotel in 1975, entry into paperboards in 1979, India's dominant cigarette maker, ITC, read the tea - or tobacco - leaves early, leveraged its enterprise strengths and stepped up the diversification agenda to create multiple drivers of growth. Some failed, some faltered, some were transformational, adding steadily to the top line. Now those efforts are making a difference: margins from non-cigarettes - FMCG, hotels, agri, paperboards, paper and packaging - are expanding and profits are kicking in more significantly than ever before.
Many foreign investors have been receiving notices requesting their MAT calculations for financial year 2011-2012.
If you are scouting for a property, finalise the deal within the next seven months and benefit from this measure, suggests Bindisha Sarang.
Excerpted from Sahara: The Untold Story by Tamal Bandyopadhyay.
The time is ripe for debate on city governments in India.
The department said that total confidentiality is ensured to those who declare their black assets and funds
If you have bought a home along with your family members as co-owners then can they avail of the tax benefit on interest paid? Tax expert Mahesh Padmanabhan answered tax related queries in a chat with Getahead readers on January 9.
Due date is closing in and taxpayers shall pay tax and file their return well in time to avoid any interest or penalties.
'We have not issued notices randomly.' 'We have done the risk profiling of individuals, and sent to those whose profile has not matched with their declared income.'
Yes, if you are planning to apply for a loan or want to claim refund
The parents of Brazil forward Neymar have denied any wrongdoing after a judge froze 188.8 million reais ($47.6 million) of the player's assets in a tax evasion case.
Vodafone pleaded in High Court that IT department had no jurisdiction in the transfer pricing case because the said transaction was not international and did not attract tax.
Not doing so might mean a penalty, not being able to revise returns or carry forward losses and forfeiture of interest on refund
A large number of rich farmers, who earn more than salaried employees in the cities, get away with paying no tax at all in view of the government's lack of will to consider an agricultural income tax
The GST will alter the very face of fiscal federalism in India.
The government on Friday extended by six months till March 2022 the deadline to link PAN with biometric ID Aadhaar. In a statement, the Central Board of Direct Taxes (CBDT) said to address the hardship being faced by various stakeholders on account of the COVID-19 pandemic, the timeline has been extended which will ease compliance.
Banks enjoyed an expansion in Net Interest Margins (or NIMs) as well as in credit demand through the 2022-23 financial year (FY23). The credit expansion was because economic growth continued to recover from the Covid-19 years, and indeed, second half GDP growth surprised on the upside. The NIM expansion was because banks raised lending rates immediately (in many cases automatically due to floaters) as the Reserve Bank of India (RBI) hiked policy rates, and only started raising deposit rates late into the fiscal.
'Quite a few notices have been issued in both black money and benami transactions.'
Income tax collections recorded a whopping 54 per cent growth at Rs 12,498 crore (Rs 124.98 billion) in the first quarter of this fiscal
Get Ahead Tax expert Mahesh Padmanabhan on short term and long term capital gain tax issues arising out of selling your old home and buying a new home.
While you can land a very good bargain in an auction at times, you might need to deal with illegal occupants and dues on the property
The taxmen provisionally sent orders to attach their properties in Mumbai, New Delhi, Pune, Goa and also over two dozen land parcels across the state with a combined market value of around Rs 1,400 crore
The government on Tuesday confirmed that a French court has ordered the freezing of certain Indian assets in Paris on a petition by Britain's Cairn Energy, which is seeking to recover $1.72 billion from New Delhi after winning an arbitration against retro tax. Minister of State for Finance Pankaj Chaudhary in a written reply to a question in the Rajya Sabha said the government has filed an appeal against an international arbitration tribunal overturning levy of Rs 10,247 crore in back taxes on Cairn Energy. "Yes sir, an order has been passed by a French Court freezing certain Indian government properties in the case pertaining to Cairn Energy," he said.
The IT department had issued a tax assessment order in December 2011 asking Vodafone to add Rs 8,500 crore (Rs 85 billion) to its taxable income, thus raising the tax liability of the company.
The prosecutor general's office said Benfica Vice President Fernando Tavares was also a suspect in the case, along with a high-ranking judge and nine other people, five of whom were detained in a police operation on Tuesday.
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