The immediate revenue loss could worsen the Centre's fiscal deficit, from the budgeted 3.3 per cent of gross domestic product (GDP) to 3.7 per cent of GDP -- a massive 40-basis-point increase. It was stabilised at 3.4 per cent since 2016-17, report Abhishek Waghmare and Dilasha Seth.
Direct tax collections grew by a meagre 6.6 per cent during April-July of the current financial year against the Budget target of 14.4 per cent for 2018-19. Corporation taxes, in particular, grew at just 0.57 per cent, the lowest in the first four months in at least seven years.
Calculate the tax already paid via TDS, and accordingly arrive at your tax liability for the year.
'How come the BJP won even in the Muslim belt? I am 100% sure that the BJP would not win in the Muslim belt.'
I-T dept will soon issue a unique number to address your refunds and grievances. But the traditional route is still better.
'Somebody was using somebody to make statements that will stir the stock market and lead to a surge.' 'A sudden surge and a sudden crash is always an ideal situation for people to make illicit gains and then siphoning off the money.'
Taxing SoftBank, the largest shareholder in Flipkart with a little over 20 per cent stake, however, will be easier.
Tax experts are hopeful Finance Minister Pranab Mukherjee will increase the income tax exemption limit to Rs 2 lakh (Rs 200,000) per annum from Rs 1.6 lakh (Rs 160,000) to bring the rates in line with the Direct Taxes Code.
Jaitley said inflation has been under control for long and is likely to remain so on the back of good monsoon and unlikely spike in oil prices.
Finance Minister Arun Jaitley on Monday did not change tax slabs but offered a relief of Rs 3,000 to the salaried with income below Rs 5 lakh per year.
Questions will be raised over why those changes take place and whether non-economic factors are at play, says A K Bhattacharya.
The mutual fund industry continued with the positive momentum in the September quarter, attracting Rs 34,765 crore, although it was a massive reduction as against the Rs 1.85 lakh crore inflow in the preceding quarter, primarily due to withdrawal from debt segment. Most of the asset classes saw net inflows during the July-September period of the current financial year barring the fixed-income or debt segment, which witnessed net outflows. Overall, flows started on a strong note during the quarter under review, with net inflows of Rs 82,467 crore in July, which dipped to Rs 16,180 crore in August and ended with a disappointing Rs 63,882 crore of net outflows in September, according to a report by Morningstar India.
Seeking to lift investor sentiments, the government on Monday said that it will not wait for the Budget, which is due in February, to address the issues concerning retrospective amendment to Income Tax laws.
The wise pay their taxes on time and plan for it before time. That does not mean one has to necessarily go through the big fat books on taxes! Knowing a couple of hacks for saving tax can have it sorted for you.
Now that income tax returns can be filed online, should you go for it? Tax expert Mahesh Padmanabhan answered this and other tax-related queries in a chat with Get Ahead readers.
rediffGURU Kanchan Rai, founder, Let Us Talk, offers advice on how to navigate problems in a relationship.
Panel formed to simplify return-filing process, take feedback from stakeholders, experts
The new ITR forms have shifted the entire onus on the taxpayers to prove their claim for deductions, expenses or exemptions.
The economy may grow by around 7 per cent this financial year as estimated by the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), say economists with various organisations. The first advance estimates for 2023-24 will be released on Friday by the National Statistical Organisation (NSO), an exercise done for calculating ratios such as the fiscal deficit. The interim Budget will be presented on February 1.
Taxpayers might face several issues while filing returns this year.
The challenge is to enhance opportunities for people to generate livelihoods through entrepreneurship, both big and small, argues R Jagannathan.
Direct tax expert Vikas M Gandhi answers readers' queries.
False and acrimonious debates such as Modi versus Manmohan might allow for victories that are political and partisan. But the real loser is the nation, India and Bharat, notes Arvind Subramanian, former chief economic advisor to the Modi government in its first term.
'There is a huge tax differential of 15% to 20% depending on income classification.'
Any company resident in a country has to pay both indirect taxes as well as Income Tax.
A panel of Union ministers held a fourth round of talks with farmer leaders in Chandigarh on Sunday over their demands, including a legal guarantee of MSP, as thousands of protesting farmers camped at the Punjab-Haryana border.
You pay the mediclaim insurance premium of your brother's policy from your salary. Will you be eligible for tax deduction? Will your bonus and ex gratia be tax exempt?
How should you plan your taxes and dervive optimum returns from them? Should you buy a house, go for a loan in the current economic situation?
With exporters' claim for over five months still pending, liquidity has been wiped out and the process of finalising new contracts has been held up.
The change in the latest Budget will impact the sale and rent of SEZ units of companies like Adani Port, which has large SEZs in Mundra.
If the government decides to go back to the old regime where the EPF was not taxed but the NPS was, the latter will become an unattractive product.
The recommendations by Shome are significant as they have been made at a time when two major tax reforms, the Goods and Services Tax and the Direct Taxes Code, have made no headway.
For the Mizo people, tribal and family identity are important. But so are jobs, farmers' access to markets, roads, and health facilities for a young population where drugs are a big affliction.
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