Gift received from relatives are exempt from tax and hence one does not have to pay any tax on such income, says tax expert Vikas Gandhi. One can show such incomes under Exmept Income schedule.
'If I were in the Indian government, I would look at the growth projections in the next year. If it is a good and normal growth number, I would go for roll back.'
Easier access, less time consumed and agency assistance at a small cost have helped online filing of income tax returns catch up in the past couple of years. Tax experts say about one in three returns are now filed online. Experts expect this to rise to 50 per cent.
Easier access, less time consumed and agency assistance at a small cost have helped online filing of income tax returns catch up in the past couple of years. Tax experts say about one in three returns are now filed online. Experts expect this to rise to 50 per cent.
Missed out on planning your taxes systematically in the last financial year? No problem. Benefit by planning your taxes this year.
Amit Gupta examines the taxation of dividend-paying stocks, share buybacks, and bonus shares.
Option can be exercised only for self-applications and after a year of non-payment.
However, you need to prove that the money was inherited.
Transfer of money from one bank to another will not amount to income and hence the same will not be taxable.
In an hour-long chat on Thursday, direct tax expert Vikas Gandhi offered some valuable last minute tax-saving tips.
Reserve Bank Governor Shaktikanta Das on Tuesday said the fiscal-monetary coordination was at its best during the last six years even as he thanked Prime Minister Narendra Modi for giving the opportunity to head the monetary authority of the country. Das, in a series of posts on X, on his last day of his six-year term as RBI Governor, also thanked the Finance Minister, various stakeholders and his colleagues at the central bank.
A sharp rise can be attributed to the significant changes in India's share buyback tax regime, which will come into effect from October 1, 2024.
'If a taxpayer opts for the new tax regime once, he can only switch back to the old tax regime once in his lifetime.'
Direct tax expert Vikas Gandhi offers some valuable tax-saving tips.
In an hour-long chat on Thursday, direct tax expert Vikas Gandhi offered some valuable tips.
Direct tax expert Vikas M Gandhi offers some valuable tax-saving tips.
Certain provisions of the code would delay the negotiation process, increase the tax liabilities and introduce uncertainties due to the General Anti-Avoidance rules.
The last date of filing income tax return for individuals, salaried person is 31st July, 2007, says tax expert Vikas Gandhi.
Financial and tax expert Anil Rego of Right Horizons has his doubts.
Israeli Prime Minister Benjamin Netanyahu struck a defiant tone as he testified in open court for the first time in Tel Aviv in his years-long corruption trial on Sunday.
"There is an urgent need to reduce or eliminate withholding taxes on interest on debt; equal and fair treatment for foreign investors similar to domestic companies; and a mandatory binding arbitration provision which will apply in cases where the competent authorities have not resolved certain issues within an agreed period," Prof Vern Krishna, an eminent tax expert, has revealed in his book Canada India Tax Treaty.
The central government is likely to exceed the budgeted tax collection target of Rs 22.2 trillion for the current fiscal year, led by better indirect tax mop-up, compliance measures, and recovery in most sectors following the second wave of the Covid pandemic. Personal income and corporate tax collections (net of refunds) grew 74 per cent to Rs 5.70 trillion in the first half of the current financial year, driven mainly by advance tax and TDS payments. The target for the current fiscal year is Rs 11.08 trillion; higher taxes are paid usually towards the end of a fiscal year.
Think that you are a tax expert? Take this simple tax quiz and find out.
Tax consultants and chartered accountants have started receiving a flurry of calls from their clients - both corporate and individuals - seeking clarity over changes in the reassessment regime made during the recently concluded Budget Session of Parliament. Tax experts apprehend the amendments may lead to the income-tax (I-T) department sending out more notices. The new provisions, effective from April 1, have extended the scope for tax sleuths to reopen the past assessments.
In an hour-long chat on Thursday, direct tax expert Vikas M Gandhi offered some valuable tips on how to save tax.
In an hour-long chat on rediff.com on Thursday, direct tax expert Vikas M Gandhi offered many valuable tips.
The sentence could go up to three years if the evasion exceeds Rs 50 lakh (5 million).
Direct tax expert Vikas Gandhi offers some valuable tips on tax saving and investments.
Company analysts and tax experts say neither the foreign direct investment nor the portfolio investment by large institutions will be affected.
If you have one and attach digital signature while e-filing, there is no need to submit a hard copy. However if you file without a digital signature, then you will have to submit a hard copy of ITR-V (generated on the e-filing) within 15 days of e-filing, says Vikas Gandhi
In an hour-long chat on rediff.com on Thursday, direct tax expert Vikas M Gandhi offered some valuable tips.
States are on track of fiscal consolidation with their total borrowings reaching Rs 5 trillion till October, which is 60 per cent of the projected borrowings of Rs 8.38 trillion till December 2024, according to data from official sources. Government officials said the lower-than-projected borrowings by states were a sign of prudent fiscal management by them. States announce their borrowing plans every quarter.
Direct tax expert Vikas M Gandhi offered some valuable tax-saving tips.
Direct tax expert Vikas M Gandhi offers some valuable tips.
Direct tax expert Vikas M Gandhi offers some valuable tax-saving tips.
If growth reverts to the pre-Covid level, a lot of people may have to temper their rosy optimism, points out Debashis Basu.
'File all the supporting documents in response to the allegation since there is a possibility of the proceedings getting dropped at that stage if the reply is satisfactory.'
Investors with a long-term horizon and high-risk appetite seeking capital appreciation can consider investing in ELSS.
After a stellar 2023, the mutual fund industry sustained its growth momentum in 2024 with an impressive Rs 17 lakh crore surge in assets, driven by buoyant equity markets, robust economic growth, and increasing investor participation. Experts are predicting the positive trend will extend into 2025.
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