rediffGURU Vivek Lala answers your income tax and personal finance queries.
'The government believes there is still significant scope to bring more people under the tax net and collect the right amount of taxes, in cases where taxpayers are underpaying,' says Kuldip Kumar, partner and leader personal tax, PwC.
rediffGURU Kanchan Rai, founder, Let Us Talk, offers advice on how to navigate problems in a relationship.
The high court's order, which says refunds paid on service inputs can be restricted, runs contrary to Gujarat HC verdict and could complicate matters.
For women, it is important to build an emergency fund and a financial independence fund independent of the couple's joint goals and plans.
Petrol prices on Thursday crossed Rs 73 a litre mark, the highest level since the BJP government came to power in 2014, while diesel touched a record high of Rs 64.11 a litre.
Finance Minister Arun Jaitley is likely to slash corporate tax rate by about one per cent and may put an end date for certain exemptions availed by the industry.
Continuing the upward trend, GST collections rose 10 per cent to about Rs 1.64 lakh crore in December compared to Rs 1.49 lakh crore in the same month a year ago. During the April-December 2023 period, gross Goods and Services Tax (GST) collection witnessed a robust 12 per cent growth, reaching Rs 14.97 lakh crore against Rs 13.40 lakh crore mopped up in the same period of the previous year, the finance ministry said in a statement on Monday. The average monthly gross GST collection of Rs 1.66 lakh crore in the first nine-month period this year represents a 12 per cent increase compared to the Rs 1.49 lakh crore average recorded in the corresponding period of FY23, it added.
Business subsidies may attract tax
Layoffs, corporate restructuring, governance and most importantly profitability: The 14 Indian startups that plan IPOs this year are pulling out all the stops to ensure successful market debuts.
The new restriction will be challenging for businesses, as they will have to do regular follow-ups with their suppliers.
The Narendra Modi government's alacrity in promoting ease of tax administration, a critical component in the ease of doing business index, has set in motion several incremental policy and administrative reforms, says Mukesh Butani.
DTC task force also favoured doing away with Dividend Distribution Tax by suggesting taxing dividends in the hands of shareholders.
'The introduction of a tax on LTCG will be a deterrent for foreign investors and could potentially result in a movement of trading activity away from India to other offshore jurisdictions such as Singapore, which offer better tax rates and sophisticated financial products.'
The BJP is the preferred choice because it offers what the Mughals and later British offered in their time: A stable polity and an environment in which business could function, explains T N Ninan.
To decide whether capital gains on surrender of call options are taxable
The Income Tax return form seeks wealth information from professionals; experts feel the salaried should have been included.
In signs of acceleration in economic activity, India's tax collections on goods sold and services rendered returned to over Rs 1 lakh crore in July after the second wave of Covid-related restrictions caused a blip in the previous month. Goods and Services Tax (GST) mop-up grew 33 per cent year-on-year in July to over Rs 1.16 lakh crore, indicating that the economy is recovering at a fast pace. In July 2020, the collection was Rs 87,422 crore. This is the second highest collection so far this fiscal after a record Rs 1.41 lakh crore mop-up in April.
There have been demands from a section of stakeholders that the long-term capital gains tax on equities be reimposed.
Travelling and studying will become more expensive. Even your stock portfolio is likely to suffer.
Miss the March 31, 2018 deadline to file belated tax return for FY16, and risk an I-T notice and a hefty fine.
Every bank offers a different slab of minimum balance to customers, based on which 'free services' are provided
'There is a huge tax differential of 15% to 20% depending on income classification.'
Keep track of your foreign remittances to avoid giving incorrect declarations as these could be held against you.
The govt could allow start-ups and e-commerce cos to appropriate initial brand building expenses over several years for accounting benefits
The development is expected to pave way for greater transfer pricing cooperation between the two countries, enhance investment flow
If a house is sold and the proceeds are used to buy another, whoever contributed to the purchase of the first house can claim exemption on capital gains tax
CBDT circular issued last month had raised multiple taxation concerns.
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.
A taxpayer filing ITR electronically without digital signature has to verify it using either Aadhaar OTP, or logging into e-filing account through net banking, or by Electronic Verification Code or by sending a duly signed physical copy of ITR-V through post to CPC Bengaluru within 120 days of uploading the ITR.
With filing possible only online, there is no scope for any error.
Among the bigwigs are Union ministers Amit Shah (Gandhinagar), Jyotiraditya Scindia (Guna), Mansukh Mandaviya (Porbandar), Parshottam Rupala (Rajkot), Pralhad Joshi (Dharwad) and SP Singh Baghel (Agra).
Overhaul of the goods and services tax (GST) structure, including possible changes in the tax slabs, may now be taken up only after the 2024 Lok Sabha elections, given the number of states that are going to the polls in its run-up. "No major overhaul of tax rates is expected in GST until the end of next fiscal year. One major reason for this is that some members of the group of ministers (GoM) - mandated to look at rate rationalisation by the GST Council - are from poll-bound states. Later, this may lead to reconstitution of the panel," a senior government official told Business Standard. Besides, both the Centre and states are not in favour of frequent changes in the tax rates amid inflationary uncertainties; they believe any major change should be brought in after extensive deliberations, according to the official.
'Non-par plans returns are not market-linked. Hence, they can offer guaranteed returns.'
The revenue collection in the same month a year ago stood at Rs 94,442 crore.
Experts said this will mean that companies, which have offices in multiple states, will have to raise Goods and Services Tax invoice for functions performed by employees in head office that has helped branches in other states.
Supplying food to schools under mid-day meal scheme, pre-schools and anganwadis is exempt from GST, the Central Board of Indirect Taxes and Customs (CBIC) has said. Issuing a set of clarification on certain decisions taken by the GST Council in its 43rd meeting on May 28, the CBIC said it had received representations regarding applicability of GST on the issues as to whether serving of food in schools under mid-day meals scheme would be exempt if such supplies are funded by government grants and/or corporate donations. Under the goods and services tax (GST), any catering service, including mid-day meals, provided to an educational institution is exempt from the levy.
The recent ruling by the Authority of Advance Rulings making back-office services provided by a company to global firms taxable under GST, has sent shockwaves through the information technology and business process outsourcing industry.
Expanding investigation into allegedly wrongful claims of input tax credit by insurance companies, the tax authorities are probing a section of automobile dealers who have supposedly generated fake invoices without providing any service, which is a punishable offence under goods and services tax (GST) law. The authorities are learnt to have questioned the car dealers to explain the services they provided general insurance companies. The investigators suspect car dealers pitched for insurance schemes that give them commissions in excess of those insurance regulations permit.
GST collection grew by 12 per cent in April to Rs 1.87 lakh crore, the highest monthly mop-up since the rollout of the indirect tax regime. The gross GST revenue collected in the month of April 2023 is Rs 1,87,035 crore of which CGST is Rs 38,440 crore, SGST is Rs 47,412 crore, IGST is Rs 89,158 crore (including Rs 34,972 crore collected on import of goods) and cess is Rs 12,025 crore, the finance ministry said in a statement. The previous high collection of Rs 1.68 lakh crore was in April last year.
