'If my understanding is correct, one has to file not less than 37 returns per year for every ordinary business, and that too per state.' 'If you are doing businesses in Chennai, Bangalore and Hyderabad, you have to file 37x3 returns every year!' 'The consequence of GST will be chaos, confusion and possibly economic crisis.'
A large number of rich farmers, who earn more than salaried employees in the cities, get away with paying no tax at all in view of the government's lack of will to consider an agricultural income tax
We attempt to demystify for the salaried class the two main ITR forms applicable in their case, i.e. Forms ITR-1 and ITR-2.
The government has sent notices to 18 Indians who have stashed away unaccounted money in Liechestein's LGT Bank, asking them to pay Rs 24.66 crore (Rs 246.6 million) as taxes.
The Supreme Court collegium headed by Chief Justice D Y Chandrachud has recommended the names of three advocates for appointment as judges of the Bombay high court.
'If because of El Nino, the monsoon is affected adversely in the current year, naturally it will affect income projections and consequently Budget numbers.'
'In terms of semiconductors, challenges do remain in the pan industry, but I think we are much better than where we were a year or so back.'
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.
At least 200 investors have to furnish financial statements
'There is a misconception that the Centre gives money for the development of Delhi'
The Institute of Chartered Accountants of India has shortlisted the changes it hopes to see in Budget 2017.
Many salaried taxpayers hold the misconception that they don't need to disclose any other income since TDS is deducted from their salary.
Real estate sector cheers reforms in the Budget.
A court in Chennai on Tuesday adjourned to June 9 the income tax return cases against Tamil Nadu Chief Minister J Jayalalithaa and her aide Sasikala for their appearance.
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After setting up a committee under N Rangachary last year to look at taxation issues regarding the sector, the government has issued several notifications in the last eight months.
The Finance Ministry is of the opinion that Vodafone might drag its tax dispute to court.
The Parthasarathy Shome committee gives its second reform report to finance ministry.
Here's a simple primer to what actually Form 16 is and what must be done with it.
However, the department has not changed ITRs significantly, considering Covid-19 crisis.
The pending amount for current fiscal so far is Rs 68,032.21 crore.
Currently, if the IT department finds out that some income has been missed out by the assessee, it goes through a lengthy process of adjudication, and the new proposal would repose trust in the taxpayer.
There have been demands from bankers and insurers to hike the tax exemption limit from Rs 100,000 per annum to encourage household savings.
A total of 635 declarants have filed declarations declaring undisclosed foreign assets worth Rs 4,160 crore.
FY16 GDP growth was seen at 7.5%, against 8.1-8.5% earlier.
As these forms are quite elaborate, their early notification will give assessees more time to get the documentation and paperwork ready, and hence make complete disclosures while filing their returns.
The Budget has levied a pollution cess on petrol, diesel cars and SUVs and offered a one-time compliance window for domestic black money holders slapping a tax and penalty of 45 per cent.
Cairn tax demand has not reduced investors' enthusiasm: Jaitley
In a landmark verdict concerning telecom services, the Supreme Court on Thursday stayed the action of state governments to recover sales tax from all service providers including Bharat Sancahr Nigam Ltd.
Amendments to RBI Act likely soon
Not declaring the black money under the scheme now, but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty. In case the disclosure is not made either using the scheme or in return, a further 10 per cent penalty on tax will be levied followed by prosecution.
Tax incentives are given to encourage savings / investments. Savings form part of your overall financial plan which in effect means tax planning is a subset of financial planning. Your financial plan will set objectives for you based on your aspirations, your life style, your age group, size of family, et cetera.
If the surge in tax collections is sustainable, the finance minister has the elbow room to shoot for a fiscal deficit
The FM has been making efforts to make the taxation laws simpler.
At the customary post-Budget media interactions, Finance Minister Nirmala Sitharaman and her topmost bureaucrats touched upon a number of issues. The minister said the government taxing income from digital virtual assets did not give them legitimacy and that issue was being dealt separately in the planned cryptocurrency Bill. She also expressed confidence that the Budget targets were achievable.
The prime minister was speaking at an event to mark golden jubilee of the Aditya Birla Group's presence in Thailand.
With Goods and Services Tax (GST) officers under pressure to exceed the Rs 1-trillion collection mark per month, industry has faced a barrage of recovery notices and summons issued over the last one month across sectors, according to company executives. Industry bodies have claimed harassment by field officers, blocking of input tax credit, cancellation of GST registration, threats of arrest and steep penalties, impacting their working capital and operations. Company executives pointed at an atmosphere of apprehension and fear due to such notices and summons.
While analysts assessed One97 Communications (Paytm) Q1FY24 results as in-line with guidance, the market was disappointed and the stock fell by around 5 per cent. Paytm reported a net loss of Rs 360 crore, but revenue grew 39 per cent year-on-year (YoY) to Rs 2,340 crore. It was supported by strong growth in gross merchandising value (GMV), higher disbursements and the addition of subscription devices.
The CBDT had extended the last date for filing of I-T returns for assessment year 2013-14, both manual and e-filed, because of pressure on the computer servers.
