Oil-marketing companies (OMCs) are set to significantly expand the sale of flex fuel (E85) across India, with plans to reach 5,000 outlets in major cities by the end of next year, according to Petroleum Minister Hardeep Singh Puri. This move aims to boost ethanol demand, reduce crude oil imports, and cut carbon emissions, coinciding with the launch of India's first flex-fuel vehicles by Maruti Suzuki and Hero MotoCorp.
Instead of conceding the demand for a cut in personal income-tax rates, Finance Minister Nirmala Sitharaman should phase out many exemptions in both personal and corporation taxes, suggests A K Bhattacharya.
Anil Rego, CEO, Right Horizons lists out the important things, of course, apart from the IT exemption limit, that the salaried class must be looking forward to in the Union Budget 2015-16 that Finance Minister Arun Jaitley will present tomorrow morning
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Some of the policy measures announced are expected to go a long way in removing current challenges on financing faced by businesses and also increasing economic activity, especially in areas of construction and manufacturing.
This article tries to strip off the jargon and present the contents of the current act with respect to the punishments and penalties applicable to various offences as defined by the tax man.
WhatsApp is finally letting you hide your phone number behind a custom username. While it's a massive win for privacy, cybersecurity experts warn it could unleash a wave of identity scams. Here is what you need to know.
Is the parabolic rise in silver running out of steam or just getting started? Ramalingam Kalirajan offers his take on if you should invest in silver now?
The Reserve Bank has asked the public to pay their income tax dues well in advance so as to avoid standing in long queues and stated that 29 agency banks are also authorised to accept such payments.
Building on last year's clearance of 172K cases, I-T department is pushing for faster appeal disposals, penalty reforms and system-driven processes to curb litigation and boost tax certainty.
Have a query regarding tax planning or tax filing? Maybe we can help. Drop us a line and our expert, Anil Rego of Right Horizons, will answer it. Got a question for Anil Rego? Please write to us at getahead@rediff.co.in with the subject line as 'Tax query'.
Here is a quick guide to help you understand the typical documents and forms required for filing returns. A clear understanding helps you to file your returns correctly and accurately.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
West Bengal Chief Minister Mamata Banerjee announced that the TMC will support the women's quota bill but opposes the delimitation bill introduced by the Modi government in the Lok Sabha. She also criticised the central government over central agency raids on TMC candidates.
The tax is collected by brokers on behalf of the government and forms a key component of the Centre's tax revenues.
The primary objective should be to figure out a way to grow at 7 to 7.5 per cent with inflation around 4 per cent. Any policy that can help us get there must be experimented with. Those that work should stay. Those that do not should go, suggests Karan Bhasin.
Police in Belagavi, Karnataka, have arrested the operator of Shivam Associates, accused of running a multi-crore Ponzi scheme that promised high returns to depositors. The case has been registered under the BUDS Act and KPID Act, and will be transferred to the CID for further investigation.
The Indian government is set to accelerate reforms, including measures to enhance foreign direct investment, speed up divestment, and boost asset monetisation, to maintain economic growth despite rising fuel and fertiliser import costs driven by the West Asia crisis.
The Supreme Court has sought responses from the Centre and others on a plea challenging the validity of a provision of the Income Tax Act that allows political parties to receive "anonymous" cash donations below Rs 2,000.
Indian liquor brands are increasingly focusing on Hindi heartland states like Uttar Pradesh, Rajasthan, and Haryana as the next major growth engine for premiumisation, driven by expanding luxury portfolios, craft spirit launches, and upgraded retail experiences, as state governments embrace reforms.
Kanpur Police busted an IPL betting racket, arresting five individuals and seizing Rs 3.91 crore in cash and betting equipment. The accused operated through an illegal website and mobile app, using master IDs to facilitate online gambling.
RIS Steady Life Cycle begins with an equity allocation of 35 per cent at age 60, which gradually reduces. Between ages 75 and 85, it remains constant at 10 per cent.
rediffGURU T S Khurana answers readers' personal income tax queries
US President George W Bush and his wife reported a taxable income of $727,083 for the last year and paid $227,490 in federal income taxes, the White House said.
It is always adivsable to file income tax returns on time.
The Delhi High Court has upheld a trial court's order declaring UK-based arms consultant Sanjay Bhandari a 'fugitive economic offender' in a money laundering case, allowing the Enforcement Directorate to proceed with confiscating his assets.
"The CBDT extends the 'due date' for filing of ITRs as well as reports of Audit (which were required to be filed by the said specified date) from September 30, 2018 to October 15, 2018 in respect of the said categories of taxpayers," the CBDT said in a statement.
Priyank Kharge accused the RSS of money laundering, demanding transparency in their financial dealings and questioning their exemption from laws applicable to other organizations.
A potential US-Iran peace deal, expected to be signed on June 19, is anticipated to ease geopolitical stress and benefit various sectors, particularly in India, with analysts suggesting investors await finer details before making significant moves.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
CPI(M) leaders have strongly criticised the ED raids on former Kerala CM Pinarayi Vijayan and others, alleging political motivation and a conspiracy by the BJP and Congress. They claim the raids are an attempt to intimidate the party and its leaders, and have vowed to fight back against what they see as a politically fabricated case.
The company said Valcambi was the engine driving the group's business, but Valcambi's audited accounts showed revenues that were only a fraction of what the group reported. That raised a major red flag.
Why would a country that requires close to $90 billion in net foreign capital annually to create jobs, build productive capacity, and sustain rapid growth permit $30 billion of capital to flow abroad, thereby contributing to pressure on the rupee? asks Debashis Basu.
'The original provision will be restored. AMT is meant only for those claiming deductions, not for firms earning regular income like capital gains,' a senior government official said.
The Reserve Bank of India (RBI) is anticipated to make its highest-ever dividend payment to the government this year, providing a significant fiscal boost to address challenges, including those stemming from the ongoing Middle East crisis.
C J Roy, founder and chairman of real estate firm Confident Group, died by suicide in Bengaluru. The incident occurred amidst ongoing Income Tax searches at his premises. Family alleges pressure from a central agency may have contributed to his death.
Police in Karnataka have arrested an individual running a firm accused of operating a multi-crore deposit scam, attracting investments with promises of high returns. The case involves Shivaanand S Neelanavar and his firm Shivam Associates, also known as Acumen, who allegedly failed to return money to depositors after promising a 36 per cent annual return.
The department notified ITR 1-Sahaj and ITR 4-Sugam in January against the usual practice of notifying returns in April, with disclosure requirements related to cash deposits, spending on foreign travel, and electricity. The notification of the returns followed Budget announcements making income-tax return filing mandatory for certain persons even if their income was below the taxable limit.
Taxpayers might face several issues while filing returns this year.
LAMF allows investors to access liquidity while staying invested.
