The Anil Ambami controlled-ADA Enterprises on Friday announced the appointment of Gautam Doshi, a leading chartered accountant, as group president and key member of the leadership team.
We caught up with Nikko AM CEO Tim McCarthy over cups of tea to know about his India plans.
There has been an exponential increase in the use of technology to validate financial numbers, with a greater reliance on electronic evidence, use of live videos where possible, data analytics, and project management software to overcome the physical limitations in verifying transactions and accounts.
'There are a lot of companies that have been struggling really hard expecting to do better year after year.' 'All these people will think now, "Let me not fight any more. Let me end this".'
Incomes such as dividend, interest on tax-free bonds, eligible gifts, etc should also be reported even though they are tax exempt, suggests Sanjay Kumar Singh.
It's not unusual for the tax departments to freeze bank accounts and there have been instances of the authorities recovering the outstanding from the bank, though such course of action is not common.
India is often viewed as an aggressive tax jurisdiction by domestic and overseas taxpayers, and making the charter as part of the Act may help restore confidence among taxpayers.
Besides LTCG tax relief, permitting taxpayers to declare two houses as self-occupied brings a huge relief.
When submitting house rent allowance receipts, claiming that you pay rent to a close relative like parents, siblings or spouse, ensure that you have supporting documents to substantiate it.
Both NRIs and those who make payouts on sale of property need to understand the TDS provisions that are applicable or risk punishment, warns Sanjay Kumar Singh.
'There is a huge tax differential of 15% to 20% depending on income classification.'
Based on the holding period, the profit you make is liable to short-term or long-term capital gains tax, experts tell Tinesh Bhasin.
Use of the incorrect form will result in your return being treated as defective, points out Suresh Surana, founder, RSM India.
Calculate the tax already paid via TDS, and accordingly arrive at your tax liability for the year.
Whether you give stocks held for more/less than a year, benefits are nominal; donating cash is better.
If you receive an email claiming to be from the income tax department that there's an outstanding tax demand that you need to pay immediately, don't get alarmed. Get cautious.
Once the income has been classified as either business income or capital gains, be consistent.
The government has also developed a PAN activity monitoring.
Some of the disclosures in the ITR form, under review at present, increases procedural hassles for expats
While the crackdown is a major step in combating tax evasion and improving transparency, it might also impact the flexibility and genuine corporate structures created to achieve legitimate objectives, says Suresh Surana.
If the spouse is the guarantor of husband's business loans, banks can hold her liable for default. Here are ways to ring-fence her assets.
'The professional or the freelancer needs to pay taxes from his pocket first and then wait for payments from his clients.'
New ITR form may be simpler, but some changes could stump you.
Check the status and immediately act on it
If you were deputed abroad, filing income tax can be tricky.
'We are in the reverse gear and we are not there anywhere compared to the rest of the world'
As protectionism grows from the United States to Australia, Sanjay Kumar Singh draws up a comprehensive financial checklist for those shifting to India.
Taxpayers might face several issues while filing returns this year.
Unless they have capital gains or assets abroad, most individuals will need to file ITR-1 or ITR-2A.
This taxation applies to all types of transfer of property.
Do not declare them under Income Tax.
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