In yet another setback to Finnish handset maker Nokia, the Tamil Nadu government has slapped on it a Rs 2,400 crore (Rs 24 billion) tax demand notice related to the devices sold from its Chennai factory.
If a couple is registered as joint owners of a property, the tax authorities expect both of them to show their income or capital gains from the house in their tax returns, says Arvind Rao, a chartered account and certified financial planner
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Cooperative societies get more tax benefits as compared to individual house owners.
Individuals often postpone tax planning till the end of the financial year. As the deadline for showing proof of investments draws near, they invest randomly in any product that will help them save tax for that year. Later, they realise that it is not suited for them, so they abandon it. Tax planning should not be a standalone, one-off activity, but should be in sync with your overall financial plan, says Sanjay Kumar Singh.
If you live in Delhi, the last date to pay your property tax is October 31.
The government has become used to accounting for TDS as its income even though it knows a significant portion needs to be returned as refund
Wants to end hostile relationship between I-T dept and taxpayers.
Claim could be over fee for guarantees given for loans to acquire Novelis.
The Vivad Se Vishwas scheme provides for settlement of disputed tax, disputed interests, disputed penalty or disputed fees in relation to an assessment or reassessment order on payment of 100 per cent of the disputed tax and 25 per cent of the disputed penalty or interest or fee.
If an ITR is not filed or the tax due is not paid on the deceased person's behalf, there can be penal consequences.
Observing that review under the garb of reassessment was not permissible in law, the Bombay High Court has granted relief to mega star Amitabh Bachchan by dismissing an appeal filed by the Income Tax Commissioner who reopened the actor's assessment proceedings for 2002-03.
The dispute over the tax payable for its purchase in 2007 of the 67 per cent stake in Hutch is on an amount of Rs 11,200 crore (Rs 112 billion).
Advance tax needs to be paid by all - individuals, consultants, businessmen and salaried.
The Delhi high court on Monday refused to quash an Enforcement Directorate money laundering case against media baron Raghav Bahl, saying the plea was "premature".
If you have missed your tax filing deadline, there is not much to fret if your tax dues are fully paid, says Anil Rego
I-T dept has asked for Rs 5,357 crore ($865 million) alleging the company had suppressed its revenue for FY09 to evade taxes
Learn about the best tax saving investments and options for the assessment year 2010-11).
With less than a week to go for the mandatory permanent account number requirement for all new investments in mutual funds to take effect, Securities and Exchange Board of India on Tuesday extended the deadline by another six months to December 31
The official added though this would be the last batch of letters this year, more PAN card holders would receive such notices from the income tax department next year.
The current 3-page form is simplified version of an income tax return form after removing mandated disclosure of foreign trips and dormant bank accounts introduced two years back.
The Income Tax Department has put on its Web site the list of tax refunds that could not be sent to salaried taxpayers for want of correct address.
'Non-par plans returns are not market-linked. Hence, they can offer guaranteed returns.'
Central tax return processing centres being set up in five major cities.
I-T officials are also looking into the finances of candidates who contested state elections in Uttar Pradesh, Punjab, Gujarat, and Karnataka, reports Shrimi Choudhary.
Taxing SoftBank, the largest shareholder in Flipkart with a little over 20 per cent stake, however, will be easier.
On the face of it, there could be a bump up in tax filings, but its impact on tax collections is not that straightforward
'ESG is actually a concept which cannot be applied effectively in the very short run.'
You don't need to be intimidated by the thought of filing tax returns
The real requirement for the finance minister's explanatory speech is to explain the measures taken in the Budget to influence inflation and growth not just through the announcement of a deficit goal, but more broadly through the impact on money supply, consumer demand, foreign trade and investment, explains Nitin Desai.
Clarity on the roadmap necessary to assess its likely impact on near-term fiscal health and investment.
According to the NIPFP, there is the possibility that even if the banking system matures over time, some transactions could bypass the system so as not to pay the BTT.
Ahead of the Budget, Finance Minister Arun Jaitley on Tuesday underlined the need for tax reforms and quick decision making to ensure stability in policy regime.
Official sources say scrutiny of returns filed by companies, brokers and individuals active in the stock markets and in possession of shares revealed wide use of this mechanism to evade tax.
Under the I-T Act, if a person has more than one property, one of them may be treated as given on rent even if it is vacant
