The Income-Tax (I-T) Department has detected widespread tax evasion involving cryptocurrencies and, according to media reports, has issued emails to thousands of defaulting taxpayers seeking transaction details. Investors must understand the tax rules governing crypto assets and respond promptly to these emails.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Deductions missed in Form 16 can still be claimed while filing ITR.
rediffGURU Yogendra Arora answers readers' personal income tax queries.
Many affluent young people are first-generation wealthy. They have limited financial literacy, lack quality financial guidance or role models, and often fall prey to mis-selling. This makes them hesitant to invest in high-return assets like equities.
Some individuals opt for the new regime without a comparative analysis of the tax liability under the two regimes.
Implementation of sports bill in 6 months, regulation of participation standard safeguard: Mandaviya
'Most tax notices arise not from wrongdoing, but from unintentional mismatch or ignorance.'
Patel emphasised that one of the most important features of the bill is the establishment of a dedicated tribunal for resolving disputes, reducing the burden on the judiciary and ensuring quicker justice.
Manas Sood, a Class 12 student from the Delhi Public School, has distributed 2,650 boxes of Tax City Education and empowered over 12,000 students from 52 schools across India. His aim? To help young Indians understand taxes and become financially literate.
Ask rediffGURU and PF, MF and insurance expert Purshotam Lal your mutual fund, insurance and personal finance-related questions.
The tax department has created many circular traps -- flawed reporting formats, penalties for those who point out the flaws, and faceless assessors with no accountability. The result: Millions of taxpayers face needless harassment and procedural dead ends, highlights Harsh Roongta.
The national association of software and service companies in India has sought partnership with chartered accountants in the areas of information security and data privacy.
'We have been with Team India since the first session and today is the fourth. Shreyas bhai is really joyful around the field.'
Ask tax gurus Mihir Tanna, Samkit Maniar, Vivek Lala, Anil Rego, T S Khurana and Mahesh Padmanabhan your Budget-related tax questions
A veterans' cricket match involving India and Pakistan in the World Championship of Legends in London on Sunday has been cancelled after Indian players, including Shikhar Dhawan, refused to be a part of it citing the Pahalgam terror attack in April.
Review your family emergency fund and replenish it if needed. Revisit financial goals to see if there is any change in timeline or the corpus required.
'India is a big market for StanC, and it is also fastest growing economy in the world.'
India's Permanent Representative to the UN Ambassador Parvathaneni Harish said that the Indian sub-continent offers a "stark contrast" in terms of progress, prosperity and development models.
On his 200th birth anniversary, Utkarsh Mishra traces the life, thought, and legacy of Dadabhai Naoroji, the Grand Old Man of India.
Salient features of the National Sports Governance Bill that promise to overhaul several aspects of sports governance and the grievance redressal system for athletes and administrators alike in the country.
The Institute of Chartered Accountants of India has written to 150 firms seeking information on various issues including on agreement or contract for usage of name of multinational entity, Corporate Affairs minister Salman Khurshid said in the Lok Sabha.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
The National Financial Reporting Authority (NFRA) will invite public comments on the revised International Standard on Auditing 600 (ISA 600) proposed to be adopted by publicly listed companies and non-public-sector banks, sources close to the development told Business Standard. The decision to take this "graded approach" for the adoption of the ISA, which is meant to rein in auditors often found hiding behind the audit reports signed off by subsidiary companies, was taken at a meeting of various financial sector regulators at NFRA's board meeting on Monday (August 26). The idea behind upgrading the Standards of Audit 600 currently followed by Indian auditors to ISA 600 is to plug current gaps, which have led to major audit lapses in the recent past.
In a heinous terror attack, two Indians were killed while one was abducted in the Dosso region of Niger, as noted by the Indian Embassy in Niger.
The Bhartiya Janata Party will pressure the United Progressive Alliance government in the upcoming Parliament session to act on a 23-point charter formulated by its 'task force' for following constitutional, legal, political and geo-political measures to unearth and bring back the Indian monies illegally stashed abroad.
Anna Sebastian Perayil, a Keralite who passed her CA exams in 2023, worked at EY Pune office for four months before she succumbed on July 21.
EY said it would continue to improve and provide a healthy workplace in its offices throughout the country.
rediffGURU Yogendra Arora answers readers' personal income tax queries.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Market downturns or regulatory shifts can reduce liquidity, making it harder to buy or sell assets when needed.
Scores of chartered accountants, company secretaries and cost accountants are currently under the regulatory scanner for alleged violations of the companies law with respect to setting up of certain Chinese companies and their subsidiaries in India, according to officials. The apex bodies of chartered accountants and company secretaries, ICAI and ICSI, have together received around 400 complaints on the issue and necessary actions have been initiated. The Institute of Cost Accountants of India has also initiated action against some of their members in the matter.
Currently, ICAI cannot take action against any chartered accountant who has indulged in professional misconduct or any other misdeed if he is not a registered member of the institute. The accounting body is also planning to set up a serious fraud detection cell to assist regulators like the Reserve Bank of India and Securities and Exchange Board of India to prevent Satyam-like scams.
The Pune office of Ernst & Young (EY), in news after the death of a woman CA, was functioning since 2007 without a license under the Shops Act, which stipulates employees' welfare among other conditions, an official said on Wednesday. This is a violation of norms. A notice will be issued to the firm and based on its response, further action will be initiated, the official from the Maharashtra labour department said.
'The incentives to switch to the new tax regime... are viewed as a negative due to potential loss of customers who buy policies for saving tax.' 'The tax-saving value proposition for the sector reduces.'
A day after lambasting e-commerce players for predatory pricing, Union Commerce Minister Piyush Goyal on Thursday said he is not against online platforms but India wants such entities to be "fair and honest" in their conduct. Speaking with reporters in the financial capital, the outspoken Union minister said the rule of the law should be followed in letter and spirit, and made it clear that consumer preferences should not be influenced by algorithms.
In his address, Singh said there should be "no double standards" in combating terrorism and urged the SCO member nations to condemn the menace with unity.
Bhutto, who served as the Foreign Minister earlier, addressed a briefing at the UN Headquarters in New York and sought reconciliation with India, making a plea for talks and Intel sharing between the two neighbours.
The need for a manufacturing policy, reining in food inflation and raising investment in the country were among key suggestions given by economists who met Finance Minister Nirmala Sitharaman and senior ministry officials in the first round of pre-Budget consultations on Friday.
'Tom Curran went to the airport, but heard that the airport was closed.' 'Then he started crying like a little child. It took two or three people to handle him.'
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