Fuel cess, TDS on large cash payouts bid to destroy truckers and get foreign players in, says an industry body.
'If I close my housing loan, are there any investment avenues (the investment should provide liquidity) to save tax?'
From taxation of EPF contributions to new wage code, life won't be the same in FY22.
The due date for filing Income Tax returns for 2019-20 has already been extended till November 30, 2020.
Remember it is very important for an investor to consider even the taxation aspect of their investment as taxes can significantly lower your returns generated by the investment. In case of FDs, banks deduct TDS before letting you withdraw the final amount at maturity.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Investing in debt instruments requires careful attention.
In this Budget, too, there were a number of measures aimed at plugging tax leakages and ensuring greater compliance, says Sanjay Kumar Singh.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Several exchanges are facing a cash crunch with committed investment not coming from venture capital funds and trading activity seeing a sharp decline, reports Rajesh Bhayani.
Will Ishan Kishan get Rs 15.25 crore for one year, or for three years? Do the players get their IPL payments, whether it is in full or in part, and what is the payment schedule? Harish Kotian/Rediff.com explains all you need to know about IPL player payments.
'Rationalising TDS on dividends for FPIs to reduce it to treaty rates ranging from 5 to 15 per cent, depending on the country of residence of FPIs from current rate of 20 per cent will provide a big cash flow relief for FPIs.'
Many salaried taxpayers hold the misconception that they don't need to disclose any other income since TDS is deducted from their salary.
IT major Infosys on Thursday acknowledged that some users continue to experience difficulties in accessing the income tax portal and assured that it is working expeditiously, in collaboration with the income tax department to further streamline end-user experience.
The provision, made in Budget 2009-10, is applicable from today and is aimed at plugging the loopholes leading to tax evasion and compelling more and more people to obtain PAN.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The Supreme Court on Tuesday said it would consider a joint request for mediation of low-cost airline SpiceJet and media baron Kalanithi Maran and his Kal Airways for amicably settling all pending disputes between them including the row over the share-transfer issue. A bench comprising Chief Justice N V Ramana and Justices J K Maheshwari and Hima Kohli was apprised by senior advocate Mukul Rohatgi, appearing for SpiceJet, that there were three pending issues between the low-cost airline and Maran and out of these, one has been settled on July 29. Initially, Rohatgi sought four to six week time for settling all the issues between the parties.
The issue has been raised by the income-tax department saying that consumer electronics and home appliances manufacturer Samsung India Electronics Ltd is liable to deduct tax in respect of goods outsourced for manufacturing to other manufacturers or original equipment manufacturers.
Earlier, taxpayers were required to fill in complete details.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
Have you planned to file your income tax return? But, did you check Form 26AS before tax filing? If you haven't verified it, you could be looking at trouble
The Income Tax Department has decided to hike the tax deducted at source rate to 10 per cent, taking the total incidence to 11.33 per cent (including 3 per cent education cess and 10 per cent surcharge), as against the existing incidence of 2.33 per cent, official sources told Business Standard.
The government on Friday extended he deadlines for various income tax compliances and said the amount paid by an employer to employees for Covid-19 treatment would be tax exempt.
Lok Sabha passed the Finance Bill, after approving more than two dozen official amendments, by voice vote, thus completing the Budgetary exercise for 2019-20 in the Lower House.
The Delhi high court on Wednesday allowed Chinese smartphone maker Vivo to operate its various bank accounts frozen by the Enforcement Directorate in connection with a money-laundering probe subject to furnishing of a bank guarantee of Rs 950 crore within a week with the agency. Justice Yashwant Varma also directed the company to give details to ED about its remittances and issued notice to the investigating agency on Vivo's plea seeking quashing of the order freezing its various bank accounts. ED contended that presently the proceeds of crime have been quantified to Rs 1200 crore.
The I-T department's app is useful for those looking for information, grievance redress, and resolving PAN- or TAN-related issues.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The point to note is that since the new rebate is up to a taxable income of Rs 5 lakh, if anyone earns even little more (say, even Rs 100 more) than this amount, he would have to pay all the taxes, according to the existing slabs.
However, where the directors' remuneration is in the nature of professional fees and not salary, GST will be levied on a reverse charge basis.
The department feels that the non-quoting of PANs by deductees is creating problems in the processing of returns of income and in granting credit for tax deducted at source, leading to delays in issue of refunds.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Income tax collection, by way of advance tax and TDS, in the April-June quarter was about 80 per cent of what was collected in the same period last year.
The list of negatives on Kingfisher Airlines is getting longer.
Now, more pieces of information about your transactions and income, such as remittances received from overseas, will be uploaded in Form 26AS by the income-tax (I-T) department. This will help the taxpayer file I-T return (ITR) correctly and assist the department in detecting discrepancies, if any, in the ITR. Besides foreign remittances, these new items are interest on I-T refund, dividend from mutual funds (MFs), and purchase of MFs, among others.
Providing comfort to the government on the revenue front amid fiscal stress, direct tax collection is moving closer to the revised Budget target for 2021-21 and may get a further thrust from the last instalment of the advance tax payment, the deadline for which ended on Monday. The contraction in net direct tax collection narrowed to 5 per cent year-on-year as on March 15 compared to a 9 per cent decline seen in January. In absolute terms, net collection stood at Rs 8.2 trillion against Rs 8.67 trillion in the same period last year, according to the provisional numbers shared by a government official.
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