The employees said in a joint memorandum that they are feeling "demotivated due to shortage of manpower in lower cadres and huge stagnation in officers cadre right at this moment".
Buying makes sense for those planning to stay in a city for at least 7 to 10 years. Financial preparedness is crucial.
The Delhi high court on Friday dismissed petitions by Congress leaders Sonia Gandhi, Rahul Gandhi and Priyanka Gandhi Vadra against the income tax department's decision to transfer their assessments to the Central Circle, which is mandated to check tax evasion, instead of an ordinary assessment in a matter related to fugitive arms dealer Sanjay Bhandari.
The government has sacked these officers ranging from the ranks of principal commissioner to assistant commissioner, some of whom were already under suspension.
'Tax is not required to be deducted from specified payments if a recipient files a self-declaration with the deductor for no deduction of tax.'
The Enforcement Directorate (ED) has alleged that some Congress leaders pressured individuals to donate funds to the Young Indian and Associated Journals Limited (AJL) on instructions from senior party functionaries. The ED's chargesheet in the National Herald case claims that these individuals made payments to the company "under the influence" from senior leaders who promised them "certain favours" in party politics. The chargesheet, filed on April 9 before a local court, names Sonia Gandhi and Rahul Gandhi as accused, along with five others, under the Prevention of Money Laundering Act (PMLA). The agency alleges that these donations were not made voluntarily but in expectation of political benefits. The ED also found that YI and AJL received funds from various entities through "quid pro quo" arrangements, where individuals were asked to make payments for advertisements in the National Herald in exchange for past favours from Congress leaders.
Don't solely focus on tax-saving alone.
Targets should avoid panicking and hang up. 'Disconnecting stops the scammers from building psychological pressure.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
September 15 is the deadline for paying the second instalment of advance tax. This is income-tax (I-T) taxpayers need to pay every quarter, instead of a lump sum at the end of the year. Ashutosh K Srivastava, senior associate, SKV Law Offices, says, "The tax has to be usually paid when income is earned. "Nonetheless, according to the I-T Act, the taxpayer has to estimate his income for the entire financial year. Based on that, he/she pays tax at specific intervals."
'Comparing the rates of interest with PSU banks, the three- and five-year time deposit rates of the post office are more favourable.'
What is worrying is that this year, angel investments and seed funding deals have fallen by 40 per cent, ringing alarm bells in the start-up community in India.
First things first: For those wondering if they need to reapply, the answer is no.
Through a revised return, you can make changes to your ITR and even end up paying lower tax.
Reels often induce the FOMO-'Act now!' mentality. But sound investing is about consistency, diversification and a long-term horizon.
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.
Balakrishnan refused to react to the India Inc criticism of growing incidents of tax terrorism following Siddhartha's letter. Appearing unfazed, he said, "I only believe in doing my job well."
Or impolite behaviour of tax officials or other issues related to the income tax department? The Tax Ombudsman can help you.
'The protection of secrecy and anonymity gets lost with this linking.'
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.
This is important because he is to be seen as a sure winner before criss-crossing the state to campaign for candidates of the party or an alliance, highlights N Sathiya Moorthy.
The Supreme Court on Tuesday gave a stern message to the CBI that none of the senior IPS officers in the team supervising the investigation in the coal block allocation scam will be allowed repatriation to their parent cadre without completing the task.
The searches at the Tamil television channel were conducted over alleged tax evasion.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Most taxpayers will benefit from being in the old tax regime, assuming they optimise their salary for tax benefits and claim the deductions available to them.
The Enforcement Directorate (ED) has filed a money-laundering case against Kerala Chief Minister Pinarayi Vijayan's daughter Veena Vijayan and her IT firm for receiving 'illegal payments' from a Kochi-based private firm, official sources said on Wednesday.
Tax Guru Anil Rego answers your personal income tax queries.
A taxpayer paying rent to his/her spouse is entitled to claim HRA benefit under relevant sections and within prescribed limits.
'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.'
Having observed variations in capital gains tax computation, the revenue department is working on a mechanism to analyse futures and options (F&O) trade data and pre-initial public offering (IPO) transactions. "The directorate of I-T systems is working on certain risk-assessment parameters to access the data, which could be on the basis of buying and selling prices of shares in F&Os, variations in margins, fair market value versus IPO prices, etc. "The idea is to segregate and process the voluminous data on equity derivatives for effective use," said a senior government official privy to the plan.
Income-tax payers fear they will receive notices from the government because the annual information statement (AIS) provided by the I-T department in many cases is showing incomes in excess of their earnings. The Central Board of Direct Taxes (CBDT) has dismissed these fears as unfounded. The deadline for filing income-tax returns (ITRs) for the assessment year 2022-23 ended on July 31.
'Given that debt AIFs, by nature, target a higher portfolio return, it is likely to attract investors like HNIs, family offices, etc, looking for a higher yield debt product.'
A bench of Justices Surya Kant and JK Maheshwari set aside the pre-arrest bail granted to Indian Revenue Service officer Santosh Karnani on an appeal by the Central Bureau of Investigation.
Have you planned to file your income tax return? But, did you check Form 26AS before tax filing? If you haven't verified it, you could be looking at trouble
Companies wanting to consider treaty benefits and deducting tax at a lower rate will have to examine the qualitative factors. They will have to consider whether FPIs are liable to tax and whether they are the beneficial owner of dividend income.
Prompt refunds have been made for small amounts. For larger amounts, time has been sought till March 2018
The income-tax (I-T) department is working on integrating the new e-filing portal with stock exchanges to help tax authorities track trade transactions, including futures and options. The integrated system will look at discrepancies between the data disclosed by an assessee and match it with data fetched from stock exchanges, using artificial intelligence, said two officials in the know. This will help detect and red-flag such matters, particularly those related to non-filers of income-tax return (ITR).
The Central Board of Direct Taxes has asked all Chief Commissioners of Income Tax across the country to make special arrangements and keep open the I-T offices and receipt counters on March 29 (Saturday), March 30 (Sunday) and 31st (Monday) for the normal duration of office hours.
The Enforcement Directorate on Monday raided the premises of former Chhattisgarh chief minister and senior Congress leader Bhupesh Baghel as part of a money laundering investigation against his son in the alleged liquor scam case and seized about Rs 30 lakh apart from some documents, official sources said.
