In a statement, the CBDT, which is the apex policy making body for direct tax policies, said it has never asked IRS Association or these officers to prepare such a report and no permission was sought by them before making the report public. 'It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report.
Marico's January-March quarter (Q4) results were slightly better than consensus. Revenue was up by 1.7 per cent year-on-year (Y-o-Y) to Rs 2,280 crore. Ebitda grew by 12.5 per cent Y-o-Y to Rs 440 crore. Adjusted PAT was up 10.3 per cent Y-o-Y to Rs 320 crore.
The new tax regime will be optional and the taxpayers will be given the choice to either remain in the old regime with exemptions and deductions or opt for the new reduced tax rate without those exemptions.
'I am shocked that the BJP makes so many commitments. What did they deliver as the NDA?'
Measures may include tax slab and rate revisions for individuals, companies.
The rates of interest on various small savings schemes for the third quarter of financial year 2018-19, starting October 1 and ending on December 31, 2018, has been revised, the finance ministry said while notifying the rates.
In an hour-long chat on Monday, Mahesh Padmanabhan from RelaxwithTax replied to many tax-related questions.
There was no smooth surge in middle class prosperity for foreign businesses to tap into because of the Indian economy was mismanaged, argues Debashis Basu.
'Comparing the rates of interest with PSU banks, the three- and five-year time deposit rates of the post office are more favourable.'
Which is the best investment option when inflation is inching up? Should you put your money in gold, mutual funds or buy a house? How can buying a house help you in saving tax? Can you save tax by renting a property?
'Investment creates capacity and reduces inflation. Income, employment, and savings rise.'
Even if interest rates go down, they may continue to offer better returns than fixed deposits.
rediffGURUS Hardik Parikh, Tejas Chokshi, Mihir Tanna and Sanjeev Govila answer your tax related queries.
There is more to tax savings than Section 80C. These six can help you optimise your tax savings.
Joe Biden, seeking a second term in the White House, stumbled in his first televised presidential debate with his predecessor Donald Trump, setting off alarm bells among top Democrats about whether the incumbent President can stay atop in the gruelling months ahead of the elections.
Check out the best of Get Ahead for the week ending December 1.
The stakes are significant for the BJP in this round as the party had in 2019 won an overwhelming majority of these seats, including all in Gujarat, Chhattisgarh, Bihar and Madhya Pradesh, that will go to polls on May 7.
'If this first instalment of advance tax is paid by June 30, instead of June 15, then the interest on delayed payment will be levied at 0.75% per month instead of 1% per month,' notes Homi Mistry, a partner with Deloitte India.
In a major relief to tax payers, the Union Budget for 2005-06 on Monday altered income tax brackets.
The UK's prime ministerial race frontrunner, Rishi Sunak, spoke of his pride in what his Indian parents-in-law -- Infosys co-founder Narayana Murthy and Sudha Murty -- had achieved, as he fought back over media commentary around wife Akshata's family wealth.
'The barbell strategy says that the best way to strike a balance between risk and reward is to invest at the extremes of the risk spectrum.'
The Institute of Chartered Accountants of India has shortlisted the changes it hopes to see in Budget 2017.
From 100% tax deductions for contributions to PM-CARES fund to extending the due date for linking Aadhar and PAN card, the government has provided various tax relief and extensions in deadlines for statutory compliances, says Homi Mistry.
'Somebody was using somebody to make statements that will stir the stock market and lead to a surge.' 'A sudden surge and a sudden crash is always an ideal situation for people to make illicit gains and then siphoning off the money.'
The government's step could push investors to choose riskier equity, or to fall back on bank deposits, thereby negatively impacting the debt market which actually needs to grow, points out T N Ninan.
'If you do quick back-of-the-envelope calculation, someone earning Rs 10 lakh can get a benefit of anywhere between Rs 35,000 and Rs 45,000, even if s/he is availing exemptions.' 'A large proportion of people do not avail full exemptions as they don't have money to invest in those schemes.'
'The BJP is racing against its opponents by putting a chain on their legs.'
rediffGURU Kirtan A Shah answers your personal finance queries.
'Tax cuts will have only marginal effects in the short run and significant positive effects in the medium term,' says Shankar Acharya, former chief economic adviser to the Government of India.
Levying buyback tax at a flat rate of 20 per cent (plus applicable surcharge and cess), irrespective of the period for which shares are held will be a dampener for equity shareholders who take inherent risks while investing, says Hitesh D Gajaria, partner and head of tax, KPMG in India.
Per capita income has more than doubled to Rs 1.97 lakh in around nine years. Indian economy has increased in size from being 10th to 5th largest in the world in the past nine years. Seven priorities of the Budget, 'Saptarishi', are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector.
These funds can fetch double-digit returns over the long term which debt tax-saving products can't.
Polling is scheduled in all 20 seats of Kerala, 14 of the 28 seats in Karnataka, 13 seats in Rajasthan, eight seats each in Maharashtra and Uttar Pradesh, six seats in Madhya Pradesh, five seats each in Assam and Bihar, three seats each in Chhattisgarh and West Bengal, and one seat each in Manipur, Tripura and Jammu and Kashmir.
Tax Guru Anil Rego answers your personal income tax queries
In an online chat with Rediff.com readers, personal finance expert Anil Rego answered queries about the new tax regime announced in the Union Budget.
'I suggest a cut in the GST rates and an infusion of Rs 1.2 trillion into the economy in six months.'
Missing the deadline for filing Income Tax returns can lead to consequences.
10 per cent for those who earn up to Rs 30 lakh a year and 25 per cent for those who earn more, suggests T C A Srinivasa-Raghavan.
Break the chains of debt, invest in your future, and wave the flag of financial independence high. Freedom awaits, comrades. Let's conquer this battlefield together this Republic day, exhorts Vatsal Ramaiya.
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