Do you know that you can claim tax benefits on rent paid even while housing rent allowance is not a part of your salary? Get Ahead Tax expert Mahesh Padmanabhan tells you how, how much and under which section you can claim tax benefits.
Bayern Munich president Uli Hoeness, once one of Germany's most admired soccer managers, goes on trial on Monday charged with tax evasion in a case that has shocked the nation and changed attitudes towards paying taxes.
The rules will affect Indian companies that take most decisions about their foreign subsidiaries.
In his tax proposals he announced that there will be no change in the rates of personal income tax. He further announced that there will be no new taxes on income.
You have sold shares and made profits but don't know what the tax implications will be? Will your profits attract short-term or long-term capital gains tax? Get Ahead tax expert Mahesh Padmanabhan answered these and many more queries related to the tax issues on capital gains and ESOPs.
The government introduced new tax rules on Wednesday aimed at reducing litigation with multinational firms over cross-border transactions the government considers tax avoidance schemes.
I-T dept has asked for Rs 5,357 crore ($865 million) alleging the company had suppressed its revenue for FY09 to evade taxes
'If my understanding is correct, one has to file not less than 37 returns per year for every ordinary business, and that too per state.' 'If you are doing businesses in Chennai, Bangalore and Hyderabad, you have to file 37x3 returns every year!' 'The consequence of GST will be chaos, confusion and possibly economic crisis.'
Close on heels of the launch of Gift Nifty (earlier SGX Nifty), domestic exchanges are pushing for extension of trading hours for the onshore derivatives market, said sources. Bourses are waiting for a final approval from market regulator Sebi on the proposal to keep the derivatives market open for longer hours, they said. The move is aimed at attracting more trading members for onshore futures and options (F&O) contracts amid risk that global investors could prefer trading at Gift City given the tax benefits.
There are around 15 lakh diamond workers in Gujarat, including nearly seven lakh employed in units in Surat, which is the largest hub of cutting and polishing of these precious stones.
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The 'in substance' agreement with India under Foreign Account Tax Compliance Act was concluded on April 11, the US Treasury said.
Get Ahead home loan expert Harsh Roongta on tax benefits fo availing a home loan.
Nirmala Sitharaman's messaging was clear when she presented a well-balanced Budget with an eye on state elections in nine states followed by a general election next year, observes Ramesh Menon.
Earlier this month, Sobha Kapoor and Ekta Kapoor, part of the promoter group of Balaji Telefilms, faced shareholder ire when they failed to obtain the requisite votes on resolutions proposing pay increases for them. In recent months, several promoter-directors, including Siddharth Lal of Eicher Motors and Pawan Munjal of Hero MotoCorp, have faced similar situations. Clearly, large institutional shareholders - and public shareholders - are not taking kindly to promoter-directors upping their remuneration takeaways at a time when the prospects of business recovery are clouded by the anticipated third wave of the Covid-19 pandemic.
The new income tax return forms are a bit complicated feels tax expert Mahesh Padmanabhan. However, he suggests ways to overcome your difficulties in filing tax returns for this financial year.
India studied the Malaysian model, which was scrapped on Wednesday, before implementing the GST and borrowed the anti-profiteering clause to ensure GST benefits are passed on to the end-consumer by the industry
The limited availability of flexible (flex)-fuel vehicles in the Indian market and the slow rollout of ethanol-blended petrol by oil-marketing companies (OMCs) remain major obstacles to achieving widespread use of biofuels in the transportation sector in India. Recently, two Union ministers have emphasised India's biofuel potential, arguing that it has the capacity and potential to lead a transition towards widespread biofuel adoption. Road Transport Minister Nitin Gadkari signalled that this transition is well underway and urged car manufacturers to quickly adapt and introduce new biofuel-run vehicles, lest the government resort to taxing diesel vehicles.
'The long maturity of these funds makes them well-suited for long-term financial goals such as saving for retirement or children's education or marriage.'
The government now ends its mandate with reaffirmation in the vote-on-account of the same goals, for which it claims to have a clear line of sight.
An income tax tribunal held that the PoA could not be construed as an instrument of transfer concerning any right, title, or interest in the immovable property.
The govt could allow start-ups and e-commerce cos to appropriate initial brand building expenses over several years for accounting benefits
There will be capital gains tax of 20 per cent with indexation.
The Securities and Exchange Board of India (Sebi) is considering a proposal to allow mutual funds (MFs) to charge a fee based on their performance, said Ananta Barua, whole-time member of the markets regulator. He said the proposal is being reviewed by a working group formed to look into cost structures. "One working group has been set up which is going to review... One of the suggestions is that if any scheme or fund is performing well above the benchmark, it (fee) can be linked to its performance.
You and your spouse are co-borrowers on a home loan account. Your spouse, though, is not a co-owner. Can s/he claim tax benefits? Read on.
After a plethora of mergers and acquisitions, domestic firms are finding the European island a suitable place to set up subsidiaries to carry out global buyouts.
'The real lifting of the economy will happen only if this momentum sustains in the coming months.'
Equity-linked savings scheme, PPF and Sukanya Samriddhi Yojana are recommended instruments.
If you have bought a home along with your family members as co-owners then can they avail of the tax benefit on interest paid? Tax expert Mahesh Padmanabhan answered tax related queries in a chat with Getahead readers on January 9.
The embattled Adani Group on Monday attempted to calm the market as a rout in its shares continued, saying its growth plans are intact, business plans are fully funded and it remains confident of delivering returns to shareholders. Market value of the group's seven listed companies has halved since a January 24 report by US-based short-seller Hindenburg Research alleged that Adani pulled "the largest con in corporate history" using offshore tax havens and stock manipulation. The Group has denied all allegations, calling them "malicious", "baseless" and a "calculated attack on India".
Electricity has also been kept out of the GST ambit.
At Prestige Polygon Towers in Chennai's Teynampet, hectic preparations are on for a mega global investors' meet under the aegis of Guidance Tamil Nadu (the state investment promotion agency) scheduled for January 2024. Asked about the key focus areas of the meet, the agency's managing director and chief executive officer, V Vishnu, said the state was betting big on electric mobility. This is no surprise, given that the state has signed electric vehicle (EV)-related memorandums of understanding (MoUs) with several companies in the recent past that may bring in investments worth around Rs 33,000 crore with the potential to create over 43,000 job opportunities.
The tax holiday awarded by the Union Budget to healthcare and IT sectors has been greeted with enthusiasm. Major hospital chains had already announced plans to expand in tier 2 cities. The tax holiday has proved to be an added incentive. India needs 3.1 million new hospital beds in the next 10 years. The tax-holiday benefits are available for all new hospital projects except the ones coming up in cities like Delhi, Mumbai, Kolkata, Chennai, Hyderabad, Bangalore & Ahmedabad.
Penalties for undisclosed foreign income and assets extend up to 300%.
Public purpose is not defined in any treaty that India has signed.
Experts say the size of the fund shouldn't be a primary criterion for selection.
Questions on the efficacy of the government's drive towards filing of more returns by individuals and on whether raising tax exemption levels has led to reduced compliance in filing of returns by those who go out of the tax net, says A K Bhattacharya.
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