While one can file an updated return, there are certain caveats, warns rediffGURU Mihir Tanna.
'Asset allocation should change only if your goals, life situation, or risk profile have changed.'
These mistakes can turn out very expensive and not just in terms of your finances, but also in the time it will take to resort to the conflict at hand. Having a legal hand can save you from any unforeseen troubles, alerts Harshit Malik, entrepreneur, wisdom coach and enrichment guide.
Younger investors with long investment horizons may continue their SIPs.
Tax evasion is an illegal activity which entails not filing income tax returns altogether or misrepresenting the tax payable amount.
Two case studies on how one can use the exemption method or the credit route
A whopping Rs 62,476 crore has been "illegally" transferred by smartphone maker Vivo to China in order to avoid payment of taxes in India, the Enforcement Directorate said Thursday, as it claimed to have busted a major money laundering racket involving Chinese nationals and multiple Indian companies. This money is almost half of Vivo's turnover of Rs 1,25,185 crore, it said without stating the time period of the transaction. The crackdown on the leading Chinese company came after the federal probe agency found that three Chinese nationals, all of whom "left" India during 2018-21, and one other person from that country incorporated as many as 23 companies in India in which they were also helped by a Chartered Accountant, Nitin Garg.
DAP does not consider past I-T returns to match a taxpayer's resources with their expenditures or investments, points out Harsh Roongta.
Here are some mistakes taxpayers make and how to avoid them...
Privately, many bankers admit their immediate goal is not growth but slowing the erosion of Casa deposits, reveals Tamal Bandyopadhyay.
A tax authority has ruled that Mauritius-based companies will have not have to pay capital gains tax in the country, a decision that will encourage global business entities to route investment from the island nation.
'By filing a belated return, you can avoid the consequences of non-disclosure of income.' 'You can also avoid a notice from the I-T department for not filing an ITR.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Downloading songs, movies, books? You may have to pay tax on it.
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Driven by smartphone, electronics exports have reached $22.5 billion in value in the first eight months of the current financial year (FY25), a near 28 per cent growth over the $17.66 billion electronics exports during the corresponding period of FY24.
'Despite rising inflows, many NRIs lack awareness about NRO and NRE accounts and mistakenly use family accounts or invest in a relative's name.' 'Many are unaware of tax implications.'
GST taxpayers will be required to reverse by November 30 the input tax credit (ITC) claimed in the last fiscal in case their suppliers fail to deposit the due tax by September 30, the finance ministry has said. The taxpayers, however, can reclaim the ITC later following the deposit of taxes by the supplier. The ministry has inserted Rule 37A in Central Goods and Services Tax rules to give effect to the new provision.
Widening of the tax base, doing away with cess and surcharge, improvement in compliance and moderation in tax for emerging sectors are some of the suggestions submitted to the Finance Ministry ahead of the Budget by Think Change Forum (TCF). Experts are of the opinion that there is a need to grow tax revenues for the government to drive economic growth and make investments in developmental activities, TCF, the think tank said in a statement. Towards this end, poor compliance was identified as a weak link in achieving targeted collections leading to complex issues like overtaxing, complicated tax structures, rising litigation, among others.
Defying the bearish sentiment in the markets on Monday, ICICI Bank's share price rose by 2 per cent, reaching an intraday high of Rs 1,234.4 per share on the BSE. With a 1.5 per cent gain at the close, the stock emerged as the top performer on both the BSE Sensex and the National Stock Exchange Nifty 50 indices.
A number of US MNCs, including Apple, Google, Amazon and Starbucks have faced criticism for tax avoidance.
'Choose an equity allocation that will allow you to remain invested even if the market falls by 50 to 60 per cent.'
'Earlier there was no provision for considering TCS collected from the taxpayer for overall tax computation.' 'Now, credit will be given by the employer for TCS already collected to consider net tax to be deductible.'
Using credit or debit cards abroad can prove costly.
Amid the heavy downpour in Bengaluru, residents of many flood-affected areas have taken to social media to pour out their woes ranging from waterlogging to complaining about "crumbling" infrastructure.
The Income-Tax (I-T) department has issued around 8,000 notices to salaried employees, self-employed individuals, and companies who made significant donations to charitable trusts. The department suspects potential tax evasion, as records of these donations do not correspond with the income and expenses of those making them. Sandeep Bajaj, managing partner, PSL Advocates & Solicitors, says, "Notices were issued for donations made during the assessment years of 2017-18 through 2020-21."
GAAR will not override the recently revised double taxation avoidance agreements with Mauritius and Singapore.
Two organisations tracking tax violations and money laundering worldwide identify totally different sets of countries for lack of financial transparency.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
A taxpayer who does not revise their return within the stipulated deadline would be stuck with the original return, including its errors.
In addition to interest rates, review the fine print for penalties and repayment terms, and select a reputable lender to avoid harsh recovery practices.
Sri Lankan President Anura Kumara Disanayaka assured Prime Minister Narendra Modi that his country's soil will not be used against India's interests, addressing concerns over China's growing influence in Colombo. The two leaders discussed a range of issues, including a defense cooperation agreement, energy ties, and debt restructuring. They also agreed to initiate a ferry service between Rameshwaram and Talaimannar, and to adopt a "humanitarian approach" to the fishermen issue.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
'Individuals can consider dividing ownership of properties between related persons to ensure that the sale transactions are below the Rs 50 lakh limit and therefore not subject to TDS.'
India may soon have a database for international transactions, particularly those routed through nations with which New Delhi has tax avoidance pacts, to check non-payment of taxes, if a proposal by a government panel has its way.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The Delhi high court has granted bail to Hari Om Rai, the former MD of Lava International mobile company, in a money laundering case involving smartphone-maker Vivo. Justice Manoj Kumar Ohri granted relief to the ex-Lava official, who was in custody since his arrest by the Enforcement Directorate (ED) in October last year.
'Understand how wedding expenses fit into your overall financial situation.' 'Evaluate how different levels of spending will impact other goals like retirement, travel, or housing.'
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