Quoting an incorrect PAN during property registration can invite penalties and prosecution.
Salaried persons whose liability is fully deducted as tax deducted at source by their employer need not worry about advance tax payments, unless they have other sources of taxable income.
Taxpayers seeking to save tax from the sale of gold (including inherited) should reinvest the capital gains in residential property to avail of the benefit provided by Section 54F.
Maytas Infra has requested the government-appointed directors on its board -- O P Vaish and Ved Jain -- to furnish their consent and declarations.
Investors can sell a part of the stocks, mutual funds, exchange-traded funds, and other securities held in their portfolios at a loss and use this loss to offset tax on the capital gains made on the sale of other securities.
'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.'
'The adjustments (of tax slabs and standard deduction) will reduce the tax burden for salaried individuals with an income of around Rs 20 lakh by approximately Rs 18,000.' 'For non-salaried individuals with the same income level, the savings will be around Rs 10,000.'
In fact, the ministry of corporate affairs announced that role of directors and auditors at Satyam will be scanned by ICAI and the apex body of company secretaries.
In a filing to the Bombay Stock Exchange, Maytas Infra said a meeting of the board of directors of the company will be held on Thursday to appoint Vaish and Jain as directors of the company in accordance with the order of the Company Law Board. Former ICAI president Ved Jain and noted tax lawyer O P Vaish were named as new board members of Maytas Infra following CLB directing the government to appoint four nominee directors, including a chairman, on the company's board.
An individual can avail tax deduction on the amount spent during the year on a deferred annuity for self, spouse, or child.
Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
The chartered accountants regulator ICAI on Thursday said KMPG cannot audit Satyam's books, but the global auditor said it does not require to register with the regulator to restate the IT company's accounts.
The Institute of Chartered Accountants of India is in the process of clarifying the procedure for accounting of these peculiar transactions for which there is no precedence."We will issue explanations and clarifications as to how to record certain transactions which are innovative in nature," ICAI President Ved Jain told PTI.
The government decided to withdraw its two nominees from the Maytas Infra board following the Company Law Board order handing over the reins of Maytas Infra, promoted by kins of disgraced founder of Saytam, R Ramalinga Raju, to IL&FS.
This is to ensure that the amount paid by its customers was not used for other purposes, according to customers who have invested in company projects. The customers wanted the company to execute the Maytas Hill County project at the earliest. The delay was causing inconvenience to them due to soaring interest rates, they said, adding that a lot of people had paid the amount in full.
Since KPMG is not registered in India, it cannot undertake auditing work or restate accounts of beleaguered Satyam Computer Services, said Ved Jain, president of the Institute of Chartered Accounts of India.
"We will ensure that, to any person who has not worked according to our standards and our expectationsm severe punishment be given," ICAI President Ved Jain said after the financial wrong doings by India's fourth largest IT company were unearthed. He added that that under the Indian Penal Code any person party to a fraud or cheating can be convicted.
At a time when professionals charge hefty sitting fees, the government-appointed directors who worked long-hours to revive crisis-hit Maytas Infra worked for free.
The newly appointed (by the government) board members, O P Vaish and Ved Jain, said the company and its lenders were expected to reach an agreement in this regard by March 25. The board met in Hyderabad under the chairmanship of Vaish and sought information on the state of the company and the various projects it was implementing and negotiating. Vice-Chairman B Teja Raju and Additional Director B Narasimha Rao were present.
Within hours of Company Law Board orders, the government on Thursday appointed its nominees on the boards of Maytas Infra and Maytas Properties, the companies promoted by the kin of disgraced founder of the Satyam Computer Services B Ramalinga Raju.
Chartered accountants body ICAI on Saturday served a showcause notice on auditor PriceWaterhouse and asked it to submit balance sheets of Satyam Computer audited by it in the last five years.
PwC's comments are still awaited. Following a letter from the Satyam chairman, who accepted that he had misrepresented facts in the company's balance sheet, role of auditors and accountants for the company has also come under scanner.
Taxpayers with old, outstanding taxes will benefit from the CBDT's new scheme.
What many don't realise is that including their spouse and children in their tax planning can enable them to reduce their tax burden legally.
Begin by creating a household budget. Involve all family members in the exercise and cut costs wherever possible.
Donations to NGOs and charitable institutes are likely to be exempted from fringe benefit tax, a leading member of chartered accountants body ICAI said on Saturday.\n
It is important to have the necessary documents on hand to verify the information in the form.
Non-compliance can also result in legal complications and disputes with the tax authorities.
A new schedule has been added to report income from cryptocurrencies and other Virtual Digital Assets.
'If taxpayers have not filed a belated ITR, they will be allowed to file an updated ITR from April 1, 2024.'
The Income-Tax (I-T) department has issued around 8,000 notices to salaried employees, self-employed individuals, and companies who made significant donations to charitable trusts. The department suspects potential tax evasion, as records of these donations do not correspond with the income and expenses of those making them. Sandeep Bajaj, managing partner, PSL Advocates & Solicitors, says, "Notices were issued for donations made during the assessment years of 2017-18 through 2020-21."
'Business families like the Godrej group are increasingly realising that an amicable settlement is better.' 'Else, the wealth of all shareholders gets destroyed.'
'The number of leave accumulated sometimes goes up to 300.' 'The encashed amount is equivalent to almost 10 months' salary.'
Observing secularism means to 'live and let live', the Supreme Court on Tuesday said regulating madrasas was in the national interest as several hundred years of the nation's composite culture could not be wished away by creating silos for minorities.
'By filing a belated return, you can avoid the consequences of non-disclosure of income.' 'You can also avoid a notice from the I-T department for not filing an ITR.'
'Individuals can consider dividing ownership of properties between related persons to ensure that the sale transactions are below the Rs 50 lakh limit and therefore not subject to TDS.'
The Allahabad high court on Tuesday heard both the Hindu and Muslim sides on the Gyanvapi mosque committee's appeal challenging the Varanasi district court order allowing Hindu prayers in a cellar of the mosque.
The Allahabad high court on Friday did not give any immediate relief to the Gyanvapi Masjid committee which had challenged the order of the Varanasi court allowing Hindu prayers in a cellar of the mosque.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
Rau's felt the need to be where the action was.
The institute that once drew largely elite students also decided to expand its base and cater to a wider pool.
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