'Tax officials view most taxpayers as evaders.' 'The I-T department has a perverse incentive to raise unreasonable demands since the one-fifth tax collected counts towards officials' collection targets,' observes Harsh Roongta.
There are a number of steps taken that will leave more money in the hands of the taxpayers.
These include the reduction in tax rates under the new tax regime, increase in standard deduction, allowing tax collected at source to be adjusted against tax deducted at source from salaries, notes Harsh Roongta.
Digipin promises to revolutionise location-based services in India with safeguards.
Reduction in corporate tax rate: In view of the fact that the present Budget is expected to be intermediate in nature, insofar as it would pave the way forward for DTC, it will be commendable if CTR in FY 2012-13 is brought down at least to match the proposed rate of flat 30 per cent in the DTC.
As chairman of the parliamentary standing committee on finance, former finance minister, Yashwant Sinha, says he is committed to expediting the legislative work associated with important Bills, including the direct taxes code (DTC) and Goods and Servies Tax.
Bajaj Finance, IndusInd Bank, State Bank of India, Maruti, Tata Motors, ITC, Tata Steel and Reliance Industries were also among the gainers. Nestle, NTPC, Kotak Mahindra Bank, Power Grid and Titan were among the laggards.
Without changes to the taxation rules, buybacks are expected to remain scarce.
Fraudsters lure individuals with false promises of recovering bonuses or maturity proceeds from lapsed policies.
With 17 films crossing the Rs 100 crore mark in the first six months, this year relied less on big-ticket blockbusters.
Although most high-frequency traders (HFTs) prefer to set up shop close to stock exchanges to enjoy better latency, a few are willing to sacrifice proximity to save a few bucks. Two HFTs have already established their offices at the GIFT City (Gujarat International Finance Tec-City) IFSC while many more are likely to follow suit.
'That way you're not hostage just to US sort of exports to India.'
Despite recent underperformance, MNC funds have delivered over longer time frames.
While recalling the order, the bench agreed to the contention of the law officer that there was a "breach of principle of natural justice" as the government department was not accorded the hearing.
The Trump trade shock is a chance to push long-overdue reforms, rather than tinker with tariffs to appease the US, suggests M Govinda Rao.
The levy has also been removed on low cost houses up to a carpet area of 60 square metres in a housing project under any housing scheme of the state government.
A critical step in this direction would be the abolishment of service tax on micro-insurance in order to encourage and increase penetration of insurance.
Any industrial policy is only as good as how it is applied and the other reforms that support it. This was as true 40 years ago as it is now, points out Debashis Basu.
Adani Group's portfolio companies posted their highest-ever pre-tax profit (EBITDA) of about Rs 90,000 crore in the fiscal year ended March 31 and had a cash balance to cover 21 months of debt servicing, the ports-to-energy conglomerate said on Thursday. The Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) has more than tripled in six years - from Rs 24,870 crore in 2018-19 to Rs 89,806 crore in 2024-25 (April 2024 to March 2025).
'Any earnings, regardless of location, will be subject to Indian income tax.'
Elon Musk's Starlink has got licence for satcom services in India, according to sources.
Zohram Kwame Mamdani would be the city's first Muslim and Indian American mayor if elected New York mayor this November.
This is important because he is to be seen as a sure winner before criss-crossing the state to campaign for candidates of the party or an alliance, highlights N Sathiya Moorthy.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Your AMC shuts shop. Panic? Wait. What happens next isn't what most fear.
India has decided to submit a dossier at the upcoming Financial Action Task Force (FATF) meeting, calling for Pakistan to be placed back on the grey list of the global money laundering and terrorist financing watchdog.
Bharatiya Janata Party on Thursday issued a three-line whip to all of its Lok Sabha MPs asking them to be present in the House for the passing of the Union Budget 2025-26.
In a recent clarification, the Central Board of Indirect Taxes and Customs (CBIC) provided insights into the goods and services tax (GST) treatment of transactions involving vouchers. According to the CBIC, vouchers can be categorised into two types.
Every bank offers a different slab of minimum balance to customers, based on which 'free services' are provided
'We have now drastically simplified it, primarily to two rates in long-term capital gains: 20% and the applicable rates. Similarly, in short-term capital gains.' 'For listed shares, there is a slight increase, but for unlisted shares, where indexation benefits are removed, there is a reduction in rates, benefiting unlisted companies, venture capital firms, etc.' 'Similarly, in real estate, wherever returns are higher, the new structure is beneficial. In very few cases, returns are lower, and those are more of an exception.'
Filling of Rs 100 and Rs 200 notes result in faster depletion and more frequent cash replenishment. This will cost banks and managed service providers more.
A video and inquiry report have raised questions about the Delhi Fire Services' claim that no cash was found at the official residence of Delhi High Court judge Justice Yashwant Varma during a fire incident on March 14. The video, which has gone viral on social media, shows fire fighters dousing flames on articles that appear to include half-burnt Indian currency notes. The Delhi High Court Chief Justice has initiated an in-house inquiry against Justice Varma and the Supreme Court has proposed his transfer to the Allahabad High Court.
The GST Council on Saturday postponed a decision on cutting tax rate on life and health insurance premiums, officials said. The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, decided that some more technicalities needed to be ironed out and tasked the GoM for further deliberations.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Pakistan on Tuesday increased its defence budget by 20 per cent, allocating PRs. 2,550 billion ($9 billion) for the fiscal year 2025-26, amid tensions with India.
Sector analysts in India feel that the new convention may not lead to a significant increase in the number of Indian employees being sent to the UK.
They don't just want better returns -- they're looking for global opportunities, more variety and smarter ways to grow their money, says Soubho Moulik, CEO, Appreciate.
State governments demanded on Tuesday that the Union government should share with them the service tax collection on a 50:50 basis
In a double-dose bid to boost growth and employment prospects, the Union Cabinet on Tuesday approved a Rs 2.07 trillion outlay for a research development and innovation (RDI) Scheme to fund private sector innovations, and an employment-linked incentive (ELI) to create over 35 million new jobs over the next two years.
The dispute between Aakash Educational Services Ltd (AESL) and edtech firm Byju's has escalated, with Aakash filing a sharply worded petition before the National Company Law Tribunal (NCLT) in Bengaluru, alleging conflict of interest and professional misconduct by global consulting firm Ernst & Young (EY), according to court filings
Information technology major Tata Consultancy Services (TCS) on Friday termed the tax demand notices received by several of its employees a "discrepancy," and the tax department will be reprocessing the returns. "We understand that the tax authorities will be reprocessing the returns, post which TDS shall be in sync with Form 26AS issued by the Income Tax Department, and Form 16 Part A issued by TCS. Associates that received the notice will receive a rectification intimation in due course and are not required to pay any demand amount.
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