Prime Minister Narendra Modi on Wednesday underscored tax reforms of the past six years to say India has moved from tax terrorism to tax transparency. Speaking at the inauguration of an office-cum-residential complex of the Income Tax Appellate Tribunal at Cuttack, Modi highlighted the reduction in the corporate tax rate, simplified rate structure for individual taxpayers, faceless appeals and quick refunds.
The onus to explain that the gold jewellery was inherited or bought from known sources of income would be on the owner.
After a prolonged winter, the Indian edtech sector seems to be witnessing some signs of a thaw. The sector has received $608.8 million of funding across 68 deals in 2024 so far - 153 per cent more than the $240.9 million across 106 deals during the same period last year - according to data from market intelligence platform Tracxn.
Don't let income tax come in the way of your long-term financial planning, says Ashish Vohra, Senior Director and Chief Distribution Officer, Max Life Insurance
'Business families like the Godrej group are increasingly realising that an amicable settlement is better.' 'Else, the wealth of all shareholders gets destroyed.'
Anamika Pareek explains the advantages of investing in tax-saving options like the equity-linked savings schemes.
Finance Minister Nirmala Sitharaman will present the Union Budget for 2023-24 in Parliament on February 1. The Budget is a statement of the government's estimated receipts and expenditures for a fiscal year (April 1 to March 31). It's divided into Revenue and Capital Budget. The Revenue Budget includes the government's revenue receipts and expenditures while the Capital Budget includes its capital receipts and payments.
'They take care of the problem: How can I ensure my child's education and other goals are not compromised, even if I am not around?'
'Stars have made stacks of wealth at the cost of the rest of the film industry.'
New investors should gradually build a 5 to 10 per cent allocation to gold.
'Understand how wedding expenses fit into your overall financial situation.' 'Evaluate how different levels of spending will impact other goals like retirement, travel, or housing.'
The controlling shareholders of smaller and mid-sized companies are reducing their stakes at levels seldom seen since the 2008 global financial crisis. Over 20 per cent of companies listed on BSE MidCap and BSE SmallCap have seen a decline in promoter holdings for five consecutive quarters, reveals data from DSP Mutual Fund, shared with Business Standard. In the latest June quarter, the figure stood at 22.6 per cent.
India's top oil and gas producer ONGC wants the government to scrap windfall profit tax levied on domestically produced crude oil and instead use the dividend route to tap into bumper earnings resulting from surge in global energy prices. The firm also favours a floor price for natural gas at $10 per million British thermal unit -- the current government-dictated rate -- to help bring deposits in challenging areas to production, two sources aware of the matter said. State-owned Oil and Natural Gas Corporation (ONGC) management during discussions with government officials stated that levying windfall profit tax on domestic oil producers, while at the same time reaping rich savings from buying discounted oil from Russia was unfair.
Under the existing provisions, wealth tax is charged on 'every individual, Hindu undivided family and company at the rate of one per cent' of the amount by which their net wealth exceeds Rs 15 lakhs (Rs 1.5 million). However, finance minister Pranab Mukherjee on Monday proposed to amend the relevant section of the Wealth Tax Act.
Amid slowing economy, the gross direct tax collection has risen only by 13.18 per cent to Rs 3.68 lakh crore during the April-November period of 2013-14 fiscal.
Finance Minister Arun Jaitley is unlikely to heed economists' suggestion that an inheritance tax be introduced in Budget 201415 as an additional revenue stream.
Finance Minister Arun Jaitley is unlikely to heed economists' suggestion that an inheritance tax be introduced in Budget 201415 as an additional revenue stream.
Systematic Withdrawal Plan, or SWP, can help you achieve your financial goals. Ramalingam Kalirajan's step-by-step guide on how to effectively use an SWP.
Do not keep a large portion of your long-term portfolio in FDs.
Rediff.com, one of India's pioneering internet companies, on Tuesday announced the appointment of Mr Vishal Mehta as its new Chairman and Managing Director. This key leadership change follows Infibeam Avenues Ltd's acquisition of a majority stake in Rediff.com.
The wealth of India's richest 1 per cent increased by over Rs 20.9 lakh crore during 2017.
'This fall is nothing. We could see worse if everybody hits the panic button.'
Releasing a report titled 'Profiting from Pain' in Davos, the rights group further said as the cost of essential goods rises faster than it has in decades, billionaires in the food and energy sectors are increasing their fortunes by $1 billion every two days.
FM proposed rationalisation of various tax exemptions.
The startling report comes at a time when many analysts are concerned over almost all the key indicators heading south or even contracting, forcing the government to offer massive tax giveaways.
'There are 725,000 Indians here without proper papers. They are subject to deportation immediately under this (Trump's immigration plan). Immediately!' 'They want to prevent new immigration, get the people who are already here out of here, and only allow population increases in the white population.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The Budget kept away from mood dampeners such as an increase in taxes (capital gain taxes) and even the much-feared introduction of Covid cess and wealth taxes, says Nimesh Kampani, chairman, JM Financial.
It will take a female domestic worker 22,277 years to earn a top CEO of a tech company makes in one year.
All pre-election opinion polls indicate a strong majority for the Opposition Labour Party, forcing the incumbent Sunak-led Conservatives on the back foot to caution voters against handing a "supermajority" to the Keir Starmer-led Labour.
'If you are investing in a Ulip for returns, go for a type I Ulip.' 'If you are investing for insurance cover as well, type II is better.'
In a statement, the CBDT, which is the apex policy making body for direct tax policies, said it has never asked IRS Association or these officers to prepare such a report and no permission was sought by them before making the report public. 'It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report.
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
Experts say only three per cent individuals pay taxes.
'All my wealth I earned in the US. It is all money earned transparently. I have paid all taxes.'
Congress wants to change the Constitution and rob Dalits, OBCs of quota benefits for religion-based reservation, Modi said.
'It is crucial to understand that the ultimate goal of your investments isn't to pay lesser tax, but to create long-term wealth for you and your family,' says Satyen Kothari, founder and CEO, Cube Wealth.
Finance Minister Nirmala Sitharaman on Thursday presented her sixth Budget in a row, equalling the record of former Prime Minister Morarji Desai.
Deposit a minimum 500 grams of gold to a selected SBI branch, specify the tenure and deposit the metal. The interest rate for a 3-year deposit is 1 per cent, for four years it is 1.25 per cent and for a five-year tenure it is 1.5 per cent. And, on top of it, the income from this deposit is tax-free. "This is possible because when you deposit the gold, SBI gives you a gold bond. And there is no wealth tax on gold held in paper or electronic form," said CA Kanu Doshi.
Using credit or debit cards abroad can prove costly.
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