Granting partial relief to foreign companies operating in the country, the Supreme Court on Thursday reversed the judgment of the Karnataka high court that there was an obligation in each and every case of remittance made to foreign payees to deduct tax at source and only the issue of proportionality of the tax could be decided by the revenue department under Section 195 (2) of the Income Tax Act.
'India's emergence as a top crypto market comes despite a regulatory and tax environment that can be challenging for the industry to navigate.'
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
The Income Tax department has decided to scan the salary structure of top executives of large corporates and PSUs to examine hidden tax opportunities in the perks and reimbursements made to them.
The net direct tax collection so far this fiscal rose 19.41 per cent to Rs 14.70 lakh crore, reaching about 81 per cent of the full-year target, the income tax department said on Thursday. "The provisional figures of Direct Tax collections up to January 10, 2024, continue to register steady growth," the Central Board of Direct Taxes (CBDT) said in a statement. Direct Tax collection, net of refunds, stood at Rs 14.70 lakh crore which is 19.41 per cent higher than the net collection for the corresponding period of last year.
Attention to details is paramount when filing income-tax return (ITR). By mid-June, employees receive Form 16 from their employers. The first step in filing ITR is to compare Form 26AS with Form 16. If there are discrepancies in the figures quoted in the two documents, they need to be rectified.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
The rate of tax deduction at source (TDS) has been doubled from the earlier 5 per cent to 10 per cent for these professionals, reports Economic Times.
'I believe the modified scheme is much more beneficial and simpler.'
rediffGURU and financial planning expert Colonel Sanjeev Govila will answer your personal finance-related questions.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
rediffGURU Samkit Maniar answers readers' personal income tax queries
Taxpayers with old, outstanding taxes will benefit from the CBDT's new scheme.
rediffGURU Mihir Tanna answers your income tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
Meanwhile, the Directorate General of Civil Aviation has also ordered an engineering audit of the airline after the carrier is said to have found it difficult to provide equipment to operate some flights.
rediffGURU Samkit Maniar answers readers' personal income tax queries
Salaried persons whose liability is fully deducted as tax deducted at source by their employer need not worry about advance tax payments, unless they have other sources of taxable income.
NRIs can repatriate the proceeds from the sale of a residential property in India, provided they meet a few conditions.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The income tax department has allowed non-resident taxpayers not having PAN to file Form 10F manually till March 31, 2023, a move which would ease their compliance burden and enable them to claim lower TDS rate. The Central Board of Direct Taxes (CBDT) had in July made it mandatory for non-resident taxpayers to file Form 10F electronically to claim benefit of lower Tax Deducted at Source (TDS). However, taxpayers faced problems in electronic filing of the form as the income tax portal did not allow a taxpayer who does not have a Permanent Account Number (PAN) to file Form 10F.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The income-tax department may make a permanent account number (PAN) mandatory for cryptocurrency investors, in line with the demat account rules for stock market transactions, according to two people privy to the discussion. At present, disclosure of crypto holdings and related gains is voluntary. If tax authorities go ahead with the PAN mandate, crypto exchanges will have to furnish a statement of financial transactions (SFT) before the income-tax department.
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
The move comes barely a week after fellow crypto unicorn CoinDCX laid off 12 per cent of its workforce - an estimated 80 employees - amid challenging macroeconomic conditions and regulatory uncertainty in the sector. CoinSwitch has 519 employees, according to its LinkedIn profile. This means around 8 per cent of its workforce were shown the door.
The court directed the NHSRCL to file a correction statement within a month to the effect that the TDS deducted by it while paying the compensation amount to Patil was not liable to be deducted.
Anamika Pareek explains the advantages of investing in tax-saving options like the equity-linked savings schemes.
rediffGURU Vivek Lala answers your income tax and personal finance queries.
If a salaried employee does not possess Form 16, he can still file the I-T Return with the help of his salary slips and Form 26 AS.
Gross direct tax collection in 2022-23 rose by around 20 per cent to Rs 19.68 lakh crore, exceeding the government's revised collection target. Buoyed by personal income tax collection, the gross collection has exceeded the revised estimates (RE), set on February 1, by Rs 2.41 lakh crore or by 16.97 per cent. After adjusting for refunds, the net income tax paid by individuals and corporate, showed an increase of 18 per cent to Rs 16.61 lakh crore during the fiscal, which ended March 31, 2023.
Personal income tax as a percentage of GDP has gone up from 2.11 per cent in 2014-15 to 2.94 per cent in 2021-22 fiscal, indicating that taxpayer base is widening as a result of the steps taken by the present government led by Prime Minister Narendra Modi.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances