Otherwise, while filing returns, you may have to pay additional tax.
DHFL has been generating funds through various means and has exited from its subsidiary units to tide over the current financial crunch.
Deloitte had challenged the jurisdiction of the NCLT to ban it, saying section 140(5) of the Companies Act pertains to auditors who are still auditing the company in question while it has already resigned from the service and thus cannot be banned under the given provisions.
The Disciple is an ode to music and a salute to Mumbai. The city can be harsh, but it also lets the voices of struggling classical musicians exist, although often they live on the edge of society, observes Aseem Chhabra.
The fringe benefit tax (FBT) was levied on ESOPs in the Union Budget this year and the IT industry is still grappling with the issue of how to factor in the tax.
Increase in surcharge will adversely impact fund managers planning to shift to India. As a matter of fact several fund professionals based in India could also relocate to other jurisdictions, resulting in a brain drain.
The auditors also said that the company is in the process of monetising its assets and has submitted a draft resolution plan to the consortium of bankers for restructuring its borrowings and also there have been discussions for stake sale by the promoters to a strategic partner with further equity infusion.
'If this first instalment of advance tax is paid by June 30, instead of June 15, then the interest on delayed payment will be levied at 0.75% per month instead of 1% per month,' notes Homi Mistry, a partner with Deloitte India.
From 100% tax deductions for contributions to PM-CARES fund to extending the due date for linking Aadhar and PAN card, the government has provided various tax relief and extensions in deadlines for statutory compliances, says Homi Mistry.
Rejecting the contention of the auditors and others that they cannot be treated as part of the management, which is responsible for managing the affairs of the company and therefore should not be charged as per the said section, the NCLAT said that rules of natural justice are to be followed.
Adjusted for inflation, the earlier scheme would have collected Rs 25,000 crore.
Singapore is the favoured destination as it has traditionally had a stable fund management regime; also, its tax treaty with India is similar to that of Mauritius
'There is a huge tax differential of 15% to 20% depending on income classification.'
Deloitte, MCX's is learnt to have objected to PwC pointing out several irregularities in the exchange's expenditure, donations, etc, in its audit report.
The govt could allow start-ups and e-commerce cos to appropriate initial brand building expenses over several years for accounting benefits
Customers may lose freebies or have to pay a little more for mobile services in the days ahead as operators try to make up for Rs 61,100 crore they have committed to government in the latest spectrum auction.
The norms will affect companies in pharma, energy, manufacturing, software sectors.
The coming Union Budget might give relief to foreign portfolio investors from taxation on indirect transfers.
Auditors raise red flags over Jet Air's robust financial status.
Finance Minister Arun Jaitley is likely to slash corporate tax rate by about one per cent and may put an end date for certain exemptions availed by the industry.
A court ruled in favour of Vodafone on Friday in a long-running dispute with the Indian taxman, a boost for the British telecom group whose tax battles have been seen as emblematic of the troubles facing foreign investors in India.
The tax computation compares the original cost, along with the stock value on January 31, and grants benefit of the higher of the two.
Electricity has also been kept out of the GST ambit.
The new return forms also make life easier for expatriates.
'The web of transactions is so complex that it requires expertise to understand the strategies involved in each fraud.'
The move would help tax authorities get leads on evasion.
It is not advisable to touch retirement corpus if property is being purchased for investment.
You can electronically verify returns and regularise these by August 31.
The onus to explain that the gold jewellery was inherited or bought from known sources of income would be on the owner.
Amid persistent fear of prosecution and penalty, people across income classes are looking for ways to do away with stacks of higher denomination currency.
Once the income has been classified as either business income or capital gains, be consistent.
Withdrawals from EPF and NPS to have same tax rates.
Budget may bring exemption for those backed by Indian securities other than shares
The government has also developed a PAN activity monitoring.
These plans aren't likely to put substantial cash in your hands.
ICDS is silent on the prudence aspect of accounting standards.
The tax imposed on buyback of shares and employee stock options is different in case of listed and unlisted companies, says Sudipto Dey
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