The best solution would be the one followed in 2018 -- allow cost indexation until March 31, 2024 -- but exit at any time. The second-best alternative would be to allow time until March 31, 2025 for investors to exit their investments under the old indexation regime, points out Harsh Roongta.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
'If I close my housing loan, are there any investment avenues (the investment should provide liquidity) to save tax?'
Eminent economist Arvind Panagariya has said India is on the cusp of returning to a high growth trajectory and voiced confidence that the country will become the world's third-largest economy by 2027-28. Currently, India is the fifth largest economy "so it's another five years.We are already in (the year) 2023. "So 2027-28, India should be the third-largest economy," Panagariya, Columbia University Professor and former Vice Chairman of NITI Aayog, told PTI in an interview in New York.
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
Taxing the rich will fetch nothing; only votes, argues Debashis Basu.
Akansha Dixit, who works in a firm in Mumbai, tells Rediff.com's A Ganesh Nadar what she would like to see in Finance Minister Nirmala Sitharaman's Budget.
Chanda Kochhar, managing director of ICICI Bank, says the new government must take effective action bringing clarity around tax laws.
Agra has long been known for the Taj Mahal, but it is also a manufacturing hub filled with micro, small and medium enterprises (MSMEs) that make everything from electronic components to metal products, from paints and chemicals to footwear. And five years after the introduction of the Goods and Services Tax (GST), the MSMEs here complain that while the indirect tax regime has been transformative, cutting out the need to file multiple taxes, its biggest drawback has been the delay in credit refunds. Whoever you speak to - MSME owners, tax lawyers, or industry bodies like the National Chambers of Industries and Commerce (NCIC), Agra Footwear Manufacturers and Exporters Chamber (AFMEC) and Agra Shoe Manufacturers Association (ASMA) - they all emphasise that the GST continues to face some key challenges.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
Revenue dept says changes in I-T Act require Parliament nod; new regime to wait till Budget in June-July 2014.
Dwaipayan Bose simplifies the whys and hows of revisiting your financial goals
Nirmala Sitharaman's messaging was clear when she presented a well-balanced Budget with an eye on state elections in nine states followed by a general election next year, observes Ramesh Menon.
A land-owning class, the Jats are a powerful community and account for 28 per cent of Haryana's population. The time, they believe, has now come for them to take revenge.
As the fight reaches its crescendo with the big election day just a few hours away, many political observers billed the unpredictable race for the 47th President of the US as the most consequential one in decades while appearing to project a grim picture for the country's future under a Trump presidency.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Whether it was the MGNREGS or the NFSA or the Aadhaar-based DBT scheme for cash transfer, the Modi government has built on the basic architecture created by the Singh government. Policy makers in the Modi government, instead of discarding them as products of the previous political regime, worked on them, expanded their scope and reach, and used new tools to improve their performance, explains A K Bhattacharya.
The tax department will remain a source of endless nightmares for citizens and 'transparent taxation' will remain an empty slogan and a cruel joke, observes Debashis Basu.
Mahesh Padmanabhan, principal advsior, RelaxWithTax, will answer all your tax-related queries in an online chat on February 5, between 2 pm and 3 pm
'Investors don't have to worry about underperformance in passive funds, which earn market-equivalent returns.'
India's economic image is not affected due to Adani Group's recent decision to pull out Rs 20,000 crore FPO (follow-on public offers) amid allegations of financial wrongdoings, Finance Minister Nirmala Sitharaman said on Saturday.
'It is necessary to have a person at the top who can make strict decisions without hesitation. Modiji has done that.'
The climate for 'doing business' remains forbidding, taxtortion is still rife, corruption at state and district levels has increased, oil prices remain extortive with high taxation, and the continued red tape has kept the enterprise system as stifled as before, points out Debashis Basu.
Work has to be done on a war footing from now to implement the GST regime.
When the landslide hit, Sruthi's house was washed away, along with its inhabitants. She lost her entire family and some relatives. All she had left for a close confidante was her fiance Jenson. Days after the landslide and the loss of her family, Jenson died in a road accident that also left Sruthi with serious injuries. News of the accident and Sruthi's backdrop as the lone surviving member of a family wiped out in the July landslide, was picked up by the media, and people rushed to help.
The avoidable stresses and strains in ties helped in one way. It showed for the entire region how a matured India handled diplomatic relations, especially with a smaller and suspicious neighbour, with practised dignity and patience, unruffled by provocations in word, deed and action, observes N Sathiya Moorthy.
New simplified law should be put in place to replace the over four-decade old Income Tax Act and streamline the direct taxation structure, the Economic Survey said.
The exemption from MAT does not apply retroactively.
'That is the one headline the world is reading about India this week, and it is a potentially damaging story...' 'I don't think a panic mentality has set in, but this story is one that investors and market watchers are absolutely seized with.'
'The promises of netas and babus and new laws, however well-meaning, mean little.' 'What matters is implementation on the ground.' 'Every law is finally implemented by a vast army of offici
'The BJP's real weapons are Hindutva, organisation and finance.'
An analysis of S&P BSE 500 companies suggests that promoters of Indian private-sector companies in particular could end up paying at least 20 per cent more as additional tax on the same dividend income.
Digital commerce operators advertising on global social media, which earlier did not pay Google tax on their operations in Jammu & Kashmir, may now have to cough it up at 6 per cent.
Ironically, rival Tamil Nadu governments expend the most on social welfare schemes, especially targeting women and youth and children, but that money comes only by selling more liquor. There is always the specious plea, which has been peddled very many times in the past, that without licensed liquor, drinkers would go after hooch and there could be more hooch tragedies and hooch deaths. No one is convinced, but no one can dispute it either, comments N Sathiya Moorthy.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Jaitley has managed the difficult feat of sticking to the fiscal correction.
The Income Tax Department on Wednesday raided the homes and offices of Bollywood actor Taapsee Pannu and filmmaker Anurag Kashyap as well as his partners who launched the now shuttered production house Phantom Films, officials said.
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.
The amendment would help check round-tripping of funds and boost the domestic consumption, Jaitley added
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