The revelation that he declared a USD 916 million threatened to put the 70-year-old tycoon's tax records at the centre of the presidential campaign.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
'Credit card debt comes with high interest cost and stringent penalties.' 'If you do not repay on time, the costs balloon.'
'Investors with foreign currency-denominated goals, such as foreign education or foreign travel, should go for US equity funds.'
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Delhi faces a severe financial crunch and the deficit is largely due to numerous welfare schemes without adequate revenue flowing in. The success of welfare schemes and electoral promises will need careful financial planning and out of the box thinking to whip up additional revenue, notes Ramesh Menon.
In another instance of Indian tax authorities adopting a hard-nosed stance to prevent abuse of tax avoidance treaties, the revenue department recently opposed a proposal of a Cyprus-based company to increase its stake in an Indian telecom services company from 40 per cent to nearly 74 per cent.
A prominent Indian Diaspora body, FIIDS, on Monday urged Finance Minister Nirmala Sitharaman to allow non-resident Indians and overseas citizens of India (OCI) card holders to invest in the Indian stock market. Such a move would boost the Indian economy further by attracting investment from the global Indian community, said the Foundation for India and Indian Diaspora Studies (FIIDS) USA. FIIDS is a US-based institute for US-India policy studies and awareness.
'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'
The forms might soon come "pre-filled" and taxpayers won't have to fill details such as income, income sources, and personal details
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
'Ensure that all property-related documents are up-to-date.' 'Relying on outdated documents can create legal complications.'
Long-term tax-saving FDs can also be considered after the PPF limit has been exhausted.
September 15 is the deadline for paying the second instalment of advance tax. This is income-tax (I-T) taxpayers need to pay every quarter, instead of a lump sum at the end of the year. Ashutosh K Srivastava, senior associate, SKV Law Offices, says, "The tax has to be usually paid when income is earned. "Nonetheless, according to the I-T Act, the taxpayer has to estimate his income for the entire financial year. Based on that, he/she pays tax at specific intervals."
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
Donald Trump's exaggerated opinion of his dealmaking capacity can get him into trouble, observes R Sriram.
Failure to do so leads to incorrect filing and under-reporting of income, with adverse consequences, advises Bindisha Sarang.
The existing double taxation avoidance agreements will not be covered by the proposed change, implying that in order to tax Facebook, Google and the like, India will require to renegotiate tax treaties.
Post demonetisation, there has been a hike in collection of personal income tax
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
For those looking for more affordable options, purchasing an under-construction property could be a smart move, as these generally cost less than ready-to-move-in properties.
Marking the end of strict banking secrecy practices, Switzerland earlier this month agreed to automatic exchange of information and mutual administrative assistance in tax matters with overseas authorities.
'For me, if I want to buy a house to stay, I don't care about indexation because I don't want to sell that house.' 'The only thing that matters to me as a buyer is that the home price should be within my reach.' 'Any market, when speculators and investors go out, it will benefit the middle class.'
Ensure the sum insured for the super topup is enough to cover even worst-case scenarios.
Income Tax department have released different tools to help you file your ITR-3 form easily.
Digital commerce operators advertising on global social media, which earlier did not pay Google tax on their operations in Jammu & Kashmir, may now have to cough it up at 6 per cent.
Ahead of the US presidential elections this November, Vice President Kamala Harris and former President Donald Trump are set to face off in their first debate in Philadelphia, Pennsylvania, on Tuesday night ET.
New investors should gradually build a 5 to 10 per cent allocation to gold.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
'They take care of the problem: How can I ensure my child's education and other goals are not compromised, even if I am not around?'
Buying new cellphone could result in a tax inquiry. Here's how you can avoid the tax man's attention.
rediffGURU Samkit Maniar answers readers' personal income tax queries
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Systematic Withdrawal Plan, or SWP, can help you achieve your financial goals. Ramalingam Kalirajan's step-by-step guide on how to effectively use an SWP.
The government introduced new tax rules on Wednesday aimed at reducing litigation with multinational firms over cross-border transactions the government considers tax avoidance schemes.
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
'Rationalising TDS on dividends for FPIs to reduce it to treaty rates ranging from 5 to 15 per cent, depending on the country of residence of FPIs from current rate of 20 per cent will provide a big cash flow relief for FPIs.'
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