Kartik Karkera won the 11th New Delhi Marathon, surpassing the Asian Games qualifying standard, along with two other runners. Over 30,000 runners participated in the event.
Tax consultants and chartered accountants have started receiving a flurry of calls from their clients - both corporate and individuals - seeking clarity over changes in the reassessment regime made during the recently concluded Budget Session of Parliament. Tax experts apprehend the amendments may lead to the income-tax (I-T) department sending out more notices. The new provisions, effective from April 1, have extended the scope for tax sleuths to reopen the past assessments.
No matter how smug they sound on the surface about the potential of the dissenters to disturb the proverbial applecart, the Congress and the BJP know that their electoral calculations are precariously hinged in a seemingly tight contest.
It is not just about archaic limits, there are a number holes which, if plugged, will come to the aid of taxpayers, rues Neha Pandey Deoras
'When a gift is received in cash, it is likely to be questioned, and your father may need to explain its source.'
Individuals and entities, whose accounts are not required to be audited, were mandated to file I-T returns by July 31.
There are judicial precedents where it has been held that if payment is made for temporary disablement, it would be taxable, points out Tinesh Bhasin.
Tax experts said that in FY17 around 80,000 people had reported incomes of over Rs 1 crore
Aadhaar-based electronic verification code will do away with need to send physical ITR-V copies to I-T centre
The point to note is that since the new rebate is up to a taxable income of Rs 5 lakh, if anyone earns even little more (say, even Rs 100 more) than this amount, he would have to pay all the taxes, according to the existing slabs.
In this Budget, too, there were a number of measures aimed at plugging tax leakages and ensuring greater compliance, says Sanjay Kumar Singh.
UTI Mutual Fund has launched UTI-FAMILY (that allows investors to buy mutual fund units in their name, but the returns go straight to a parent's bank account.
The Budget has changed the rules for Indian citizens and persons of Indian origin visiting India. Instead of 182 days, the number of days has been reduced to 120. You will be treated as a resident of India for tax purposes if you stay in the country for more than 120 days in a financial year and 365 days in the past four years. One consequence of the change will be that people of Indian origin who reside outside India will be able to spend a smaller number of days in the country if they wish to keep their non-resident status intact, points out Sanjay Kumar Singh.
Want to know how to claim tax deduction on property income you earn? Do you know how to withdraw unclaimed EPF money?
Whether you give stocks held for more/less than a year, benefits are nominal; donating cash is better.
'The government believes there is still significant scope to bring more people under the tax net and collect the right amount of taxes, in cases where taxpayers are underpaying,' says Kuldip Kumar, partner and leader personal tax, PwC.
In the Budget, the government has banned cash transactions above Rs 300,000. This means that people will have to pay stamp duty and registration charges on the actual cost of transaction.
If the government decides to go back to the old regime where the EPF was not taxed but the NPS was, the latter will become an unattractive product.
If losses from F&O, intra-day trades are below Rs 20,000-30,000, it's best not to claim them and opt for ITR-2.
If your case is picked up for random scrutiny, any of the tricks that you or your financial advisor may have used to avoid tax will be easily detected.
Revised tax forms will be simple; stress on foreign travel and assets has been reduced
You can carry forward losses and revise the returns umpteen times in case of mistakes.
Some of the disclosures in the ITR form, under review at present, increases procedural hassles for expats
'Housewives depositing cash up to a limit of Rs 250,000 need not worry.' 'It is understood that in India housewives save money which they get from their husbands for household expenses.' 'The intent of the government is not to question them.'
Thanks to Budget 2018, seniors can invest more and also save more.
Jaitley has announced increasing the super-rich surcharge to 12%.
The recommendation, if implemented, is likely to face opposition from the government's key support base among Hindu traders and businesspersons.
'The fact that you did not receive the rent through a bank will not take away the taxability of the rent in your hands.'
Besides the thrill of changing cars quite often, a higher tax deduction is available, experts tell Tinesh Bhasin
Within the next two years, verification and scrutiny of returns will happen electronically through anonymised back offices manned by tax experts and officials. It will function without any personal interface between taxpayers and tax officers. Both the taxpayer and the tax officer will not know each other -- who is scrutinising whose return, and at which place, points out Kuldip Kumar, partner and leader personal tax, PwC.
Prepare your replies with expert help, if necessary. Keep relevant documents ready to support your replies.
The new penalty regime could create a fresh set of complications for tax payers.
A salaried individual needs to file returns as a business owner if s/he has a high turnover while trading in stocks or futures & options, reveals Tinesh Bhasin.
If you were deputed abroad, filing income tax can be tricky.
New ITR form may be simpler, but some changes could stump you.
Cooperative societies get more tax benefits as compared to individual house owners.
The proposed ban on cash transactions above Rs 3 lakh may hit luxury goods, jewellery sales and real estate.
FM proposed rationalisation of various tax exemptions.
With filing possible only online, there is no scope for any error.
Taxpayers might face several issues while filing returns this year.
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