Your employer has deducted more tax than was due to you. Here's how you can claim your tax refund now.
Flight AI173 from Delhi was diverted to Magadan in Russia on Tuesday owing to an engine glitch, the Tata Group-owned private carrier said in a statement.
The interest charged on an inter-state loan given to a credit card holder without the use of a plastic card would not be subject to the integrated goods and services tax (IGST), a two-judge bench of the Calcutta high court has ruled. In this connection, it recently set aside a ruling by a single judge of the high court. The issue was a loan of Rs 650,000 granted by Citi Bank with an EMI of Rs 58,056 for 12 months and inclusive of integrated GST (IGST) on each installment of interest.
The bid document can be bought for a non-refundable fee of Rs 5 lakh and last date of purchase of will be June 26.
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.
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.
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.
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.
Direct tax collection, including personal income tax, rose by 35.46 per cent to Rs 6.48 lakh crore in the current fiscal up to September 8, reflecting an uptick in the economy. The country recorded a GDP growth of 13.5 per cent during the first quarter ended on June 30, 2022. Direct tax collection, net of refunds, stands at Rs 5.29 lakh crore which is 30.17 per cent higher than the net collections for the corresponding period of last year, according to the data released by the Income Tax Department.
The group also lauded 'Sebi's active cooperation' in the matter.
The delivery of Freedom251 smartphones is expected to start in April after which the company will start the second round of bookings.
The investor education and protection fund authority (IEPFA) has reached out to top hundred companies to reduce the documentation required for individuals trying to claim their shares, according to a senior government official. Recently, the Supreme Court-appointed expert panel on the Adani-Hindenburg case had raised issues such as capacity constraints faced by IEPFA in clearing these claims which are over Rs 5,000 crore. "Our immediate priority is to ensure that claims of those investors whose application was approved a year ago but the transfer has not gone through yet are settled first.
The government on Friday announced that no tax will be charged on overseas spending of up to Rs 7 lakh in a year using debit or credit as it looked to douse backlash from its earlier decision of levying TCS on all spending. The government had earlier this week brought overseas credit card spending under Liberalised Remittance Scheme (LRS). This meant that any spending using credit cards overseas would attract a 20 per cent tax from July 1.
Students who work in an NGO for a year, too, could get a part-waiver of their fees.
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 order, concerning debentures issued by two group companies, is subject to Supreme Court clearance
The contribution from asset management companies (AMCs) has surpassed the Rs 3,000 crore target for the creation of a Rs 33,000 crore backstop facility for debt mutual funds (MFs). The initial corpus for the Corporate Debt Market Development Fund (CDMDF) is nearly Rs 3,100 crore, according to multiple government officials and AMC executives. "The fund is operational now. "The required corpus has been raised by AMCs and the remaining part (Rs 30,000 crore) is in the form of a guarantee from the government which will be activated only in case of a credit event," explained D P Singh, joint CEO and deputy MD, SBI MF.
'If taxpayers have not filed a belated ITR, they will be allowed to file an updated ITR from April 1, 2024.'
The BJP lost 15 of the 80 Lok Sabha seats in 2019. Union ministers have been deployed in all 15, tasked with turning the result around.
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.
In a landmark judgment that delivered a big blow to the government, the Supreme Court on Thursday annulled the electoral bonds scheme, saying it violates the constitutional right to freedom of speech and expression as well as the right to information.
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.
'At the policy's maturity, the total premium is refunded.'
'Don't wait until the last minute. Instead, cultivate the habit of monitoring your Form 26AS throughout the year.'
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.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
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).
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.
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.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
If you disagree with the notice, be ready to explain.
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.
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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 income tax queries.
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).
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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