'We have a plan to plough back a 'This year in the first half we had profits of more than Rs 31,000 crore.' significant amount of profits this financial year.' 'We have seen this organic plough back of profit is one of best ways to support the equity of the bank.'
The high value transactions that will be under the I-T Department scanner include the purchase of property, vehicles, shares and bonds, fixed deposits in banks and post offices, etc.
The claim relates to assessment year 2008-2009.
The Central revenue department is inquiring into the payment of service tax by the event management firm which had organised the controversial Thinkfest on behalf of the Tehelka magazine.
Both prime ministers believed in crafting schemes to help the common man. Modi used quite effectively the instruments Dr Singh introduced. In assessing Modi's success with many schemes, Dr Singh's fundamental work should not be ignored, points out A K Bhattacharya.
The government has no plans to increase the income tax ceiling on home loan interest payments, though there was a demand from the urban development ministry in this regard.
The form, introduced by the Central Board of Direct Taxes in April, is supposed to make filing tax returns easier.
False and acrimonious debates such as Modi versus Manmohan might allow for victories that are political and partisan. But the real loser is the nation, India and Bharat, notes Arvind Subramanian, former chief economic advisor to the Modi government in its first term.
Cairn said it had initiated arbitration.
The country's largest realty player, DLF, on Thursday said it might have to pay additional tax of up to Rs 400 crore (Rs 4 billion) following a special audit of its income for the fiscal 2005-06, by the income-tax authorities.
Pharma body wants all excisable goods used for R&D purposes should be exempted from central excise duty.
The letters contain summary of information about financial transactions along with customised response sheet with a view to know why the person has not filed the income tax return.
Stock to watch: Shipping Corporation and Great Eastern Shipping
'The tax avoidance in India is done as much by the wealthy as the lower class.' 'There is no difference in ethics and culture and morality, and no difference in tax-paying behaviour between various Indian classes, whether educated or not,' says Aakar Patel.
The department has calculated and arrived at the figure and may raise two separate demands.
Instead of only focusing on the tenure for which the best interest rate is available, investors should also focus on their own investment horizon.
Investments of up to Rs 100,000 in tax-saving funds are eligible for deduction under Section 80C of the Income Tax Act. This has opened up a new spectrum for investors while conducting their annual tax-planning exercise.
An NCD's credit rating will tell you whether risk possibility is high or low. Instruments rated below AA are regarded as high-risk.
The finance ministry has decided to bring in greater clarity in transfer pricing norms.
Higher levy on dividends earned by individuals also on radar.
Apart from its enforceability through courts due to it being part of the I-T Act, two other factors will help ensure the taxpayers' charter is implemented, at least in letter (if not in spirit) this time around, points out Harsh Roongta.
Ahead of the second instalment of advance tax, the revenue department is scrutinising entities that have registered negative growth in their tax deducted at source (TDS) payments, even when they reported healthy advance tax payments. According to sources, taxmen have observed a mismatch in TDS payments from at least 60-65 small to mid-sized companies. Officials said it is unusual for TDS to not increase, given the improved turnover and profits - if higher advance tax payments are any indication.
NITI Aayog has not said what the reasons were for having achieved or not having achieved what was sought to be achieved, or what lessons can be learned for the future, points out Aakar Patel.
The Income tax department to come down heavily on errant taxpayers from India Inc.
The norms will affect companies in pharma, energy, manufacturing, software sectors.
Experts say only three per cent individuals pay taxes.
Cap on bank withdrawals to be reviewed after Dec 30, says finance secy.
I-T department's direct taxes target for the current financial year is Rs 6.36 lakh crore (Rs 6.36 trillion.
About Rs 1,282 crore has been levied as tax in 159 cases pertaining to concealment of tax due to the government
A major fire broke out in Britannia Industries' Pantnagar manufacturing plant on Sunday destroying thousands of tons of biscuits. However, no one was killed or injured in the fire which broke out around 1230 hours in the biscuit division of the factory, Senior Superintendent of Police (SSP) Udhamsingh Nagar (district) Manjunath T C told Business Standard after the firefighters put the fire out. "With the help of 15-20 fire tenders, we were able to control the fire which was very major," Manjunath said.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
Dubbing as 'manufactured crisis,' the sharpest fall of the Sensex, Finance Minister P Chidambaram sought to woo back FIIs, saying no FII has been assessed as a trader for tax purposes.
'In Eastern Ladakh the Chinese attempted salami slicing.' 'Our response has been superb. Our military has responded magnificently.'
The government has decided to provide the tax defaulters another chance to prove their loyalty to the IT department, by implementing a single time amnesty scheme.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
'Quite a few notices have been issued in both black money and benami transactions.'
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
Face Rs 1,000-cr minimum alternate tax demand
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The court observed that the Sales Tax Department ought to have given an opportunity to Nokia and heard its objections over the Rs 2,400-crore tax dispute.
The promise of a less suspicious government is surprising. What about the disconnect between the new business stance and earlier push to dictate the narrative in politics and public life, wonders T N Ninan.
