The Non-Resident Indians (NRIs) living in the US, UK, Canada and Singapore can now avail the benefit of a lesser tax deduction on their Non-Resident fixed deposit with ICICI Bank, a top bank official said in Mumbai. The NRO FD Plus offers the benefit of concessional rate of tax deducted at source (TDS) under the Double Taxation Avoidance Agreement (DTAA) of India with these countries, ICICI Bank General Manager and Head NRI Services Manish Mishra said.
Official sources say that the finance ministry is aware of the possible spike in smuggling activity and has already asked intelligence agencies to tighten their vigilance and come down on the unofficial entry of gold into India.
A N Shanbhag, the highly respected investment guru, and his son Sandeep Shanbhag, answer your questions on NRI investment.
Her speech was laced with Hindi, Urdu, Sanskrit and even Tamil verses.
The PM aso said said it was unfortunate that the UN was still unable to define terrorism.
The income-tax department has created various functionalities under its Project Insight, which will provide the 360-degree profile of taxpayers, including new and non-filers to gauge their accountability and tax liability. The tax department had on March 15 put out instructions for tax officials for accessing the insight.
Do you know what Section 80DDB is and how it can help you save tax? How much tax can you save under this section and how can you avail it?
In this conversation with Rediff.com's Sheela Bhatt, former Army Chief V K Singh refutes the allegations made in the Indian Army's Secret Board of Officers Inquiry report, which accuses him of misusing of his position
The actor was not available for comment.
Income tax payers can now file their tax returns more easily, says tax expert Subhash Lakhotia.
It will take over large non-performing assets of banks and help in revive companies ridden with bad debts.
New ITR form may be simpler, but some changes could stump you.
The government said on Wednesday that it has appointed management consultant Ernst & Young and NSE's infotech subsidiary, NSE.IT, as its technology advisors for providing online facilities to all tax payers under the "taxnet" scheme.
Paving the way for a low-cost paperless filing of income tax returns and eliminating Tax Deducted at Source frauds, the government on Wednesday gave the go-ahead for setting up of the Phase-II of the Tax Information Network at a cost of over Rs 100 c
Finance Minister P Chidambaram has decided to impose 20 per cent tax on corporate unit holders of mutual funds.
In a statement, the CBDT, which is the apex policy making body for direct tax policies, said it has never asked IRS Association or these officers to prepare such a report and no permission was sought by them before making the report public. 'It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report.
This taxation applies to all types of transfer of property.
The sops being given to the IT firms in metro cities should be extended to companies in tier 2 and 3 cities as it will generate greater employment opportunities and boost growth, industry body Nasscom has said.
"Income tax revolution is going to take place. There is no limit to reforms in the income tax department and in the country as a whole," Central Board of Direct Taxes member B Swarup said in New Delhi.
Greenpeace on Friday termed as part of "relentless onslaught" by the government cancellation of its FCRA registration that barred the environmental organisation from receiving foreign funds and said those in power cannot "muzzle" dissent in a democracy.
Road Transport and Highways Minister Nitin Gadkari promised pan-India electronic toll system by December to address their concerns but ruled out complete scrapping of the toll system.
The abolition of wealth tax is again a welcome step.
The court while granting bail to the duo also held that it does not find any possibility of the accused persons fleeing from justice and that their custodial interrogation was not required.
With this batch, the department has now issued letters in 210,000 high priority cases.
Even after filing your income tax return online, your job won't still be over! Here is a six-point checklist for taxpayers to be observed after e-filing of ITR.
Government on Monday extended the last date for filing income tax returns for 2002-03 to September 30.
Finance Minister Nirmala Sitharaman on Friday hiked tax on petrol and diesel, raised import duty on gold, levied additional surcharge on super rich and brought a tax on high value cash withdrawals as she sought to spur growth with reduction in corporate tax and sops to housing sector, startups and electric vehicles.
A day after his dramatic announcement to quit, Terry Walsh decided to continue as India's chief hockey coach after the country's top sports officials assured him that his concerns will be addressed in a fresh contract.
Whether salaried or running your own business, it's about time to get your investment proofs in tax-saving instruments ready for filing your income tax returns later this year.
"GST should not become a 'grossly scary tax'. It should be a 'good and simple tax'," Surjewala said.
Govt refuses to budge on their demand for scrapping the present toll system
Prasanna D Zore/Rediff.com reports on the chaos facing taxpayers with the income tax department making changes to ITR 2 and 3 forms just before tax-filing deadline.
'That Modi and the BJP can continue to treat the rising and expanding middle class this way shows that they have gamed its mind quite perfectly,' argues Shekhar Gupta.
It's better to inform your new employer about income earned and deduction availed with the previous one.
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