Fraudsters lure individuals with false promises of recovering bonuses or maturity proceeds from lapsed policies.
This brings its tax treatment on par with the Prime Minister's National Relief Fund.
In the short run, the Trump presidency has already ensured one thing: The assumptions of the past can no longer guide the strategies of the future, points out Manish Dabhade.
P Chidambaram has unveiled a bigger-than-expected outlay for the coming fiscal year.
'The move to remove indexation benefits on LTCGs presently available for property, gold, and other unlisted assets may have a negative impact as it directly impacts real estate investors.'
Digipin promises to revolutionise location-based services in India with safeguards.
Brokers believe that the higher charges may not completely deter investors from taking bets in F&O but could help cool down some activity, as the threshold to break even rises.
The interim Budget proposals that will be presented on February 1 in the backdrop of the general elections scheduled in April/May 2024 are likely to have a hint of populism, believe analysts, but are unlikely to derail the government from its path of fiscal prudence.
Finance Minister Pranab Mukherjee on Monday said that he proposes to exempt the income of New Pension System Trust from the income tax and any dividend paid to this Trust from Dividend Distribution Tax.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
A trends study conducted by India's Financial Intelligence Unit (FIU) has expressed suspicion that cryptocurrency is being used across the country in serious criminal acts like terrorist financing, fuelling secessionist activities, cybercrime, narcotics trafficking, illegal betting and gambling. The report, which was based on suspicious transaction reports and operational analysis, shared these trends and credible intelligence with law enforcement agencies.
Net direct tax collections rose 132 per cent to Rs 12,642 crore (Rs 126.42 billion) in the first month of the current fiscal, as against Rs 5,441 crore (Rs 54.41 billion) in the corresponding month of the previous fiscal.
Hindalco's India business, including Utkal Alumina, reported good results for the January-March quarter of the financial year 2024-25 (FY25) and consolidated earnings before interest, taxes, depreciation, and amortisation (Ebitda) also rose. Earnings growth was driven by favourable pricing, lower input costs and lower tax outgo for Novelis.
The Securities and Exchange Board of India's (Sebi's) six-step plan to curb retail participation in speculative index derivatives may lead to a substantial drop in volumes - potentially by 30-40 per cent. These measures aim to reduce excessive speculation in the futures and options (F&O) segment, where daily turnover often exceeds Rs 500 trillion and retail investors end up on the losing side of the trade more often. Sebi has decided to increase the contract size from Rs 5 lakh to Rs 15 lakh, raising margin requirements and mandating the upfront collection of option premiums from buyers.
In a development that may encourage increased investment in commercial real estate, the Supreme Court on Thursday gave the industry relief by permitting input tax credit (ITC) on construction expenses for buildings meant to be leased. "If the construction of a building was essential for carrying out the activity of supplying services, such as renting or giving on lease or other transactions in respect of the building or a part thereof, which are covered by clauses (2) and (5) of Schedule II of the CGST (Central Goods and Services Tax) Act, the building could be held to be a plant," said Justice Abhay S Oka and Justice Sanjay Karol.
Chinese import tariffs have unwittingly come to India's assistance to help boost imports of US liquefied petroleum gas (LPG) at rates cheaper than what it pays for supplies from West Asia, according to industry sources and shipping data.
The income-tax (I-T) department is working on integrating the new e-filing portal with stock exchanges to help tax authorities track trade transactions, including futures and options. The integrated system will look at discrepancies between the data disclosed by an assessee and match it with data fetched from stock exchanges, using artificial intelligence, said two officials in the know. This will help detect and red-flag such matters, particularly those related to non-filers of income-tax return (ITR).
The Securities and Exchange Board of India (Sebi) is likely to notify soon stricter derivatives trading norms aimed at curbing speculative trading activity and curtailing losses of over Rs 50,000 crore incurred by retail investors every year. Based on the feedback received from industry participants, seven measures proposed by the market regulator in a consultation paper in July may be implemented with minor tweaks ahead of its forthcoming board meeting, said sources.
India's Venture Capital (VC) ecosystem exhibited robust growth in 2024, with funding surging 43 per cent year-on-year to $13.7 billion, according to a report. This recovery was fuelled by a 45 per cent rise in deal activity, with 1,270 transactions recorded, reinforcing India's position as the second largest market for venture capital and growth funding in the Asia-Pacific region, the report by Bain & Company and IVCA said.
Finance Minister Pranab Mukherjee on Thursday tabled the Economic Survey for 2008-09 that prescribes doing away with cess, surcharges on taxes, including fringe benefit tax, and sweeping refroms in areas like petrol pricing and financial sector.
Failure to do so leads to incorrect filing and under-reporting of income, with adverse consequences, advises Bindisha Sarang.
Recommending an end to all cesses and surcharges on taxes, and free pricing of fertiliser and fuel ahead of the Union Budget for 2009-10, the Economic Survey suggested on Thursday aggressive disinvestment and financial sector reforms to bring the economy back to high growth track.
The Finance Minister Pranab Mukherjee on Monday tabled the Economic Survey for 2008-09 that prescribes doing away with cess, surcharges on taxes, including Fringe Benefit Tax, and sweeping refroms in areas like petrol pricing and financial sector.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Highlights of the announcements made by Finance Minister Nirmala Sitharaman on the reduction in corporate tax and other fiscal relief measures for the economy to promote growth and investment.
Union Finance Minister Nirmala Sitharaman, along with her team of bureaucrats, delved into the fine print of the 2024-25 Budget documents in a press conference, detailing the government's road map on bringing down the debt-to-GDP ratio and bold tax measures.
The run in equities, coupled with high interest rates, makes both the debt and stock markets attractive.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
'Genuine' share transfer gets relief; CBDT lists three scenarios where tax would be levied
Assocham suggested that the government should create a sovereign fund out of the money collected through Securities Transaction Tax and use the corpus to arrest volatility in the stock market, fuelled especially by FIIs.
Finance Minister Nirmala Sitharaman on Tuesday announced income tax relief for the middle class, a Rs 2 lakh crore outlay for job creation schemes over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled the Modi 3.0 government's first budget after the general elections.
Travel is about making memories, experiencing the unknown, and engaging in new experiences -- not worrying about fluctuating exchange rates or hidden expenditures. With a little planning and a proactive approach to handling your foreign exchange, you can reduce financial stress and enjoy your trip, suggests Pavan Kavad.
Shriram Finance's (SHFL's) profit after tax (PAT) rose 10 per cent year-on-year (Y-o-Y) to Rs 2,140 crore in the fourth quarter of the financial year 2024-25 (Q4FY25).
The Committee, in an earlier report on the Direct Taxes Code (DTC) Bill, had favoured abolition of STT.
'Sebi had no problem with derivatives until trading exploded after Covid.' 'But now, having built a dangerous road, from which different entities, mainly governments, are extracting a heavy toll, Sebi is concerned that people are driving on it in much greater numbers,' explains Debashis Basu.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Food delivery aggregator Swiggy saw its loss widen for the fourth quarter (January-March) of financial year 2024-25 (Q4FY25). The firm reported a consolidated loss of Rs 1,081.1 crore for the quarter, compared to a loss of Rs 554.7 crore in the corresponding quarter of FY24.
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