Your employer has deducted more tax than was due to you. Here's how you can claim your tax refund now.
The bench, which said that Sahara group must refund the amount by August 31 or face personal appearance, however, refrained from passing orders as the counsel for Roy pleaded that no such order be passed without hearing him and posted the case for hearing on July 24.
The bench directed the companies to place before it their 2010-11 balance sheets and statements of accounts for November 2011 by January 8, the next date of hearing.
Complying with a directive from the Telecom Regulatory Authority of India, Bharti Televentures, which operates AirTel mobile services, has refunded Rs 32.73 crore (Rs 327.3 million) it levied from subscribers for migrating to revised tariff plans.
GST officers can now launch prosecution against offenders in cases where the amount of evasion or misuse of input tax credit is more than Rs 5 crore, the finance ministry has said. However, this monetary threshold will not be applicable in the case of habitual evaders or in cases where arrests have been made at the time of investigation. "One of the important considerations for deciding whether prosecution should be launched is the availability of adequate evidence," the GST investigation wing under the finance ministry said, while issuing instructions for launching prosecution.
The company which had sold tickets worth 85 million for the 50 -date concert tour 'This Is It' that was to be held in London's famed O2 Arena from July 13. AEG will now have to refund the amount to approximately 750,000 people across the globe, reported Los Angeles Times.
The Supreme Court on Wednesday dismissed Sahara group's plea for review of its verdict directing its two firms to refund around Rs 24,000 crore to their investors with 15 percent interest per annum.
The group also lauded 'Sebi's active cooperation' in the matter.
'At the policy's maturity, the total premium is refunded.'
Gross collection of tax on corporate and individual earnings jumped nearly 24 per cent so far in the current fiscal year that started on April 1, the tax department said on Sunday. The gross collection of taxes on corporate earnings rose 16.74 per cent during April 1 to October 8, while personal income tax collection jumped 32.30 per cent, the tax department said in a statement. Direct tax collection came at Rs 8.98 lakh crore between April 1 to October 8, 2022, 23.8 per cent higher than the gross collection in the corresponding period a year ago.
'Don't wait until the last minute. Instead, cultivate the habit of monitoring your Form 26AS throughout the year.'
The delivery of Freedom251 smartphones is expected to start in April after which the company will start the second round of bookings.
Students who work in an NGO for a year, too, could get a part-waiver of their fees.
The order, concerning debentures issued by two group companies, is subject to Supreme Court clearance
If retrenched workers are unable to reskill within a fixed period of time, they will have to return the money given to them by the government. Moreover, they may be asked to pay back an interest on the sum transferred.
With investors asking for a change in the board structure at Byju's, the edtech giant's founder and chief executive officer (CEO), Byju Raveendran, is now asking them to put $300 million into the company for more control. The company has rung up $5.8 billion from investors such as General Atlantic, Sofina, the Qatar Investment Authority, Sumeru Ventures, Vitruvian Partners, BlackRock, Chan Zuckerberg Initiative, Sequoia, Silver Lake, Bond Capital, Tencent, and Tiger Global.
The government on Saturday imposed a minimum export price (MEP) of $800 per tonne on onion exports till December 31 this year with a view to increase availability of the vegetable in the domestic market and contain prices. The decision will come into effect from October 29. Besides, the government has also announced the procurement of additional 2 lakh tonnes of onion for the buffer, over and above the 5 lakh tonnes already procured.
Persons and entities who have faced search or survey proceedings by the income tax department "in any previous year" will no longer be allowed to file updated tax returns. Earlier, it was proposed that an updated tax return cannot be filed, in case of search or survey proceedings in the relevant financial year and the preceding one.
No-frills carrier Go First filing for insolvency proceedings and cancelling flights is bad for the airline industry as the move will reduce capacity and could push airfares in certain routes, travel agents' grouping TAAI said on Wednesday.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
If you disagree with the notice, be ready to explain.
Germany's flag carrier Lufthansa Airlines has cancelled 800 flights globally due to a one-day pilots' strike, resulting in around 700 passengers being stranded in T3 terminal at Delhi's Indira Gandhi International Airport (IGIA).
While managing rising EMIs can be challenging, the right strategy can help individuals can ease their financial burden, says rediffGURU and financial planning expert, Colonel Sanjeev Govila (retd).
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Heavy rains continued to pound Chennai and nearby districts on Monday under the impact of a cyclonic storm, which is likely to cross the coast in Andhra Pradesh on December 5.
The Securities and Exchange Board of India's (Sebi's) proposal to re-introduce "hard underwriting" is seen as step to boost India's moribund initial public offering (IPO) markets. The regulator has proposed that in case an IPO fails to garner full subscription, the investment banker or a third-party can buy the unsubscribed shares. This practice was common during fixed-price issues prior to 1999. However, under the new book building regime, underwriting is allowed only to the extent of shortfall due to technical rejection of bids - this is referred to as "soft underwriting" and is rarely invoked.
I stumbled upon shares worth around Rs 300,000 in my late father's name, which are currently with the Investor Education & Protection Fund, points out Harsh Roongta.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
Twitter users in India looking to avail the blue tick mark for their accounts will have to shell out Rs 900 under the monthly plan for mobile phones, an update from the microblogging platform said on Thursday. The social media platform has priced Twitter Blue at Rs 650 for web and Rs 900 per month for mobile app users. "Blue subscribers with a verified phone number will get a blue checkmark once approved," Twitter said.
Around 1,000 passenger complaints have been received against Air India during the last three months related to various issues, including refund of fares, overbooking of flights, and staff behaviour, Minister of State for Civil Aviation V K Singh said on Monday. The Tata Group on January 27 took control of Air India after winning the bid for the airline on October 8 last year. "Ministry of Civil Aviation has been receiving grievances related to air transport, including Air India, on the various issues such as refund of fares, flight issues, staff behaviour, baggage issues, overbooking of flights, etc," Singh said in his written reply to a question in Rajya Sabha.
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The Indian government has paid Cairn Energy Plc Rs 7,900 crore to refund taxes it had collected to enforce a retrospective tax demand, ending a seven-year-old dispute that had tarred the country's image as an investment destination. The company, which is now known as Capricorn Energy PLC, in a statement said it has received "net proceeds of $1.06 billion", of which nearly 70 per cent will be returned to the shareholders. The tax department had used a 2012 legislation, which gave it powers to go back 50 years and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India, to seek Rs 10,247 crore in taxes from Cairn.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The incident was reported on January 30, and it came to light after the United States-based traveller, identified as Meenakshi Sengupta, lodged a complaint against the flight attendant.
Flipkart claims that over one billion customers visited its platform during the eight-day-long The Big Billion Festival. Amazon's Great Indian Festival 2022, which will go on for a month, is throwing discounts at customers that can hardly be ignored. But some of the stories that are coming out from these sales are not so great.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Missing the deadline for filing Income Tax returns can lead to consequences.
Insurance companies may soon face goods and services tax (GST) audits as tax authorities plan a "deep dive" into their business practices to check for the possibility of a raft of tax-linked irregularities. Several insurance companies are being probed for wrongly availing of the input tax credit without the underlying supply of goods and services based on fake invoices generated by their channel partners and intermediaries. "We want to deep dive into the overall business and see if there are further taxation issues besides commissions, which are already being investigated," a senior official of the Central Board of Indirect Taxes and Customs said.
The government has notified a host of procedural changes in the GST rules, including levy of interest for wrongful utilisation of ITC and turnover threshold for filing annual returns for the 2021-22 fiscal. The changes were vetted by the Goods and Services Tax (GST) Council at its meeting last week. With the amendments notified by the Central Board of Indirect Taxes and Customs (CBIC), businesses have also been allowed to make tax payments on the GSTN portal by using IMPS and UPI payment modes.
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