Nikunj Saraf, Vice President Choice Wealth, answers your queries.
'There is a huge tax differential of 15% to 20% depending on income classification.'
The Central Board of Direct Taxes (CBDT) has proposed a new common income-tax return (ITR), with greater focus on disclosing income from virtual digital assets or crypto assets and foreign equity and debt instruments held by resident Indians. For non-resident Indians, the draft ITR seeks exhaustive details ranging from nature of business, permanent establishment (PE), business connection, whether the entity has significant economic presence (SEP) in India, along with the number of users in India. The ITR protocol for NRIs could widen the scope of the SEP principle that was introduced in the Finance Bill 2018-19, and the explicitly defined 'business connection' to include provision of download of data or software, if aggregate payments from such transactions exceed a prescribed amount, or if a multinational's interaction is with a prescribed number of users.
This will not affect the tax exemption provided to the amount received on the death of a person insured. It will also not affect insurance policies issued till March 31, 2023
The Vivad Se Vishwas scheme provides for settlement of disputed tax, disputed interests, disputed penalty or disputed fees in relation to an assessment or reassessment order on payment of 100 per cent of the disputed tax and 25 per cent of the disputed penalty or interest or fee.
The sources said questioning revolved around accounts of IDS Tunisia and remittances received by it.
The impact of currency depreciation can also be mitigated by holding a portion of your investment portfolio in dollar-denominated assets.
Sounds like Obama might need to reconvene his all-star economic brain trust sooner than expected.
Does a doctor need to pay GST and other queries...
Justice Yashwant Varma issued notice on the challenge to the CIC order by the Income Tax Authority and sought the stand of the RTI applicant Girish Mittal, saying that "the matter requires consideration."
The Himachal Pradesh government's Excise and Taxation Department inspected an Adani Group company, scrutinising records and checking the stock at the Adani Wilmar warehouse in Parwanoo, officials said on Thursday. The officials were apparently investigating possible GST violations by the company, a 50:50 joint venture between the Adani conglomerate and Singapore-based Wilmar. The inspection on Wednesday evening in the Congress-run state comes at a time when the group finds itself in the middle of a political row at the Centre, triggered by a scathing report by US-based Hindenburg Research.
New-age tech tools and 'mystery shoppers' are helping the country's top bourse stay ahead of the curve against dabba trading platforms and entities dolling out unsolicited investment tips. In the past one month, the National Stock Exchange (NSE) has issued close to two dozen warnings and advisories against such activities. "We saw a rise of dabba trading or illegal trading platforms after the pandemic.
'I'm pitching India for the strengths we offer, including the English language, engineers, doctors, nurses, professionals, innovative talent of startups.'
A relatively muted tax filing growth will create further headwinds in an already stressed fiscal space, the report said, adding the commitment of cash transfers in the budget can take the fiscal math on a "slippery slope" unless there is expenditure rationalisation.
The government on Wednesday imposed a limit of Rs 10 crore for deduction on long-term capital gain tax for reinvestment in residential properties under Section 54 and 54F of the Income Tax Act. These two sections deal with reinvestment of proceeds from sale of long-term assets (housing or other capital assets) to buy residential properties. "For better targeting of tax concessions and exemptions, I propose to cap deduction from capital gains on investment in residential houses under sections 54 and 54F to Rs 10 crore," Finance Minister Nirmala Sitharaman said in her Budget speech.
If Sasikala wants to stay in active politics, she will have to go to EPS crawling, reports Aditi Phadnis.
Responding to a question, he said, "It may also deal with fake news, though there is no specific mention in this regard."
No, the savings as a result of preferential taxation are marginal but a concession would acknowledge the significant contribution of women to economic growth
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