A few days back, Finance Minister Nirmala Sitharaman urged the start-up community and public to deal in cryptocurrency with caution because everything that was floating around was not currency. In the first week of August, the country's top nine crypto exchange platforms were summoned by the Directorate of Enforcement (ED) in Hyderabad. The exchanges were questioned for money laundering, especially over a number of Indian non-banking financial companies and their fintech partners for predatory lending practices in violation of the Reserve Bank of India (RBI) guidelines and by using tele-callers who misuse personal data and use abusive language to extort high interest rates from the loan takers.
The I-T department's app is useful for those looking for information, grievance redress, and resolving PAN- or TAN-related issues.
The warning came after Nokia Chairman and interim chief executive officer Risto Siilasmaa met Commerce Minister Anand Sharma and tax authorities in a bid to resolve the Rs 21,153-crore (Rs 211.53 billion) liability it faces.
Amendments to RBI Act likely soon
The industry employs about 10 million workforce.
'The first year of the Modi government's second term has laid the roadmap for the future and we will embark on it with gusto,' promises Gopal Krishna Agrawal, the BJP's national spokesperson on economic affairs.
7 key areas that the Budget must address to re-energise the infrastructure sector, suggests Vinayak Chatterjee.
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The government is likely to file an appeal against the Cairn arbitration award contesting its sovereign rights to tax, sources said.
The CBI had sought the sanction of the government to prosecute the international human rights organisation because of mandatory clause of Section 40 of the FCRA.
The PMGKY will not allow declarants to use claims made for refunds for advance taxes paid, tax deducted at source and tax collected under the scheme.
The Income Tax Return Form-1 (Sahaj) will replace the 7-page form, removing a plethora of columns on deductions from income claimed.
Senior policymakers say it is a tough task and the finance ministry may resort to the time-tested method of carrying forward part of the subsidy payment burden to the next fiscal year.
Ulhas Joshi, Head -- Sales, Rank MF, a mutual fund investment platform, answers your queries.
REITs, a new investment avenue in India on the lines of one in developed markets like the US, UK, Japan.
'In the long run, I don't foresee major ramifications [about Trudeau's allegations].' 'There's just enough hypocrisy among Western nations for India to douse the outrage.'
FDI is a major driver of economic growth and a source of non-debt finance for the economic development of the country. The government has put in place an investor-friendly policy on FDI, under which investment up to 100 per cent is permitted on the automatic route in most sectors/ activities. At $ 64.37 billion, FDI in 2018-19 is the highest ever investment received for any financial year.
The retrospective tax decision reversing the January 2012 Supreme Court verdict in the Vodafone case has often been cited as the reason for foreign investors losing confidence in India as an investment destination.
Cos can apply for PAN card number online through e-Biz portal.
Not declaring the black money under the scheme now, but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty. In case the disclosure is not made either using the scheme or in return, a further 10 per cent penalty on tax will be levied followed by prosecution.
Breather for FIIs: MAT assessments, fresh notices put on hold.
The Reserve Bank of India's (RBI) new rules for credit and debit cards came into effect from October 1. These include tokenisation, one-time password (OTP) for activation after 30 days, written permission for enhancement of credit limit, and greater clarity on interest calculation.
CBDT recently lowered threshold for this to Rs 8,333 a month. If you don't furnish this, a higher tax will be deducted at source from your income.
The provision provided for tax at a concessional rate.
I-T officials say many lawyers, CAs, consultants, designers have not filed their TDS
Sandeep Shanbhag, a chartered accountant and director of Wonderland Consultants, a tax and financial advisory firm, discussed the impact of Budget proposals in a chat with Rediff.com's readers.
Can't believe you can file your income tax return without Form 16? Read this...
Insurance companies are seeking a separate deduction limit of Rs 1 lakh for insurance premium payment under Section 80C of the Income Tax Act in the upcoming Union Budget to bring in more people under the ambit of insurance. The insurers also want reduction in the goods and services tax (GST) rate of 18 per cent currently applied on health insurance products to 5 per cent to make such products more affordable to common people. Finance Minister Nirmala Sitharaman will present the Union Budget for 2022-23 on February 1.
Paytm founder and chief executive officer (CEO) Vijay Shekhar Sharma will receive his stock grants only after the company's market capitalisation (m-cap) stabilises at its initial public offering (IPO) level, the financial technology (fintech) major said on Wednesday. Paytm's stock price has been in free fall since its IPO at Rs 2,150 apiece, with m-cap at around Rs 1.4 trillion - plunging 76 per cent to a lifetime low of Rs 520 on March 23, when m-cap dropped below Rs 34,000 crore. Since then, the company's share price on the BSE has recovered some value and closed at Rs 637 on Wednesday.
Be mindful that each instrument is governed by a different set of gifting rules and is also taxed differently.
Sandeep Shanbhag offers tips on post Budget taxation rates.
According to experts, declarations can be made with regard to capital gains or business income, which have escaped assessment
There are tell-tale signs of a slide in the quality of Budgets presented by the current administration, says Parthasarathi Shome.
Did you know that annual premium-paying option is cheaper than a monthly premium paying option?
With wages rapidly rising in China, all is still not lost. Wage costs in India are significantly lower and this fact could still help us turn the tide in our favour.
The tax portal problem is a goof-up by both sides, and making Infosys the only villain in the story is quite unfair, argues Shyamal Majumdar.
The Central Board of Direct Taxes is set to rationalise I-T rules.
Expressing the government's commitment to continue with reforms, Finance Minister Nirmala Sitharaman on Thursday assured India Inc that it is ready to do everything required to revive and support economic growth hit by the COVID-19 pandemic. Stressing that there is a need to promote growth as it helps bring down poverty, she however said it would not be at the cost of inflation. RBI has been mandated to keep inflation at 4 per cent, with tolerance level of 2 per cent on either side.
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Net profit grew 25.4% in Q4 but revenue growth, lower at 8.5%, suggests lack of volume expansion.
The Securities and Exchange Board of India (Sebi) has just released a proposal to alter the regulations pertaining to the sponsor system for mutual funds. One of the reasons for the proposed changes is that there are two conflicting regulations that need to be clarified. The other reason is that the sponsor system may itself be outdated as it stands, and the proposed changes would allow new entities such as private equity funds and portfolio management services to enter this space.
According to the Reserve Bank of India's data, cash still accounts for 90 per cent of all monetary transactions in India.
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