Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The government on Monday proposed income tax benefits for people making payments through credit or debit cards and doing away with transaction charges on purchase of petrol, gas and rail tickets with plastic money.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
With July 31 just around the corner, everyone must be busy with their income tax returns. Filing returns has become convenient since it can now be done electronically.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The specter of how the Munambam issue was exploited during the November by-elections is proof of the price Kerala is paying for its emergent politics. Controversies become the stuff of slow-burn and brinkmanship. The former promises mileage; the latter searches for an advantage, notes Shyam G Menon.
'If the portfolio growth rate is higher, take this loan. If it is lower, liquidate your investments.'
It is important to clarify that availing of an exemption is neither evasion nor tax planning.
Ahead of the first due date of advance tax payment on June 15, the government is likely to release guidelines on what will be covered within the ambit of virtual digital assets (VDA). To remove any ambiguity in the recently established tax framework for asset holders, the Central Board of Direct Taxes (CBDT) is currently preparing guidelines, said government officials in the know. The apex direct tax body will define non-fungible tokens (NFTs) and whether or not they fall within the purview of VDA.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
A day after it received Rs 32,403 crore GST demand, Infosys on Thursday said Karnataka state authorities have withdrawn the 'pre-show cause' notice to the company and directed it to submit further response to the Directorate General of GST Intelligence (DGGI) on the issue. India's second largest IT company had made headlines on Wednesday after GST authorities slapped a Rs 32,403 crore notice on it for services availed by the company from its overseas branches for five years starting 2017.
Younger people, who usually have a longer investment horizon which allows them to handle the interim volatility, may go for them.
'Business families like the Godrej group are increasingly realising that an amicable settlement is better.' 'Else, the wealth of all shareholders gets destroyed.'
In the case of double-income couples, not more than 40 per cent of the net income of one partner should be the EMI for the property.
Every individual has to necessarily file the income-tax returns if the total income, before allowing any deduction, exceeds the exemption limit.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
It accounted for over a third of foreign direct investment flows into India between 2000 and 2015
'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 rules will affect Indian companies that take most decisions about their foreign subsidiaries.
Schemes like the Mukhyamantri Majhi Ladki Bahin Yojana strain fiscal resources amid rising unemployment and prices of food items.
'Banks make money because they take the right credit calls. So they need to focus on risk mitigation rather than risk avoidance.'
Tax planning should not be left for March. If you do so, you could face a severe cash crunch in that month, warns Sanjay Kumar Singh.
The introduction of tax deducted at source (TDS) on income from central government securities and state bonds may not lead to a significant effect on retail participation, according to market participants. The Union Budget proposed that starting October 1, 2024, investors may face a 10 per cent TDS on investments in central government securities and state development loans (SDLs). "Last Budget, TDS on interest on securities was reintroduced.
Finance Minister Nirmala Sitharaman on Saturday said the new tax regime will benefit the middle class as it will leave more money in their hands. Talking to reporters after the customary post-Budget address to the central board of the RBI, she said it is not necessary to induce individuals to invest through government schemes but give them an opportunity to make a personal decision regarding investments. "...the way we allowed for standard deduction and also the rates which have been fixed, tax rates which have been fixed for different slabs, it has actually left more money in the hands of the people, the taxpayer, the household," she said.
If you plan to invest in an FD, go for the 12-15-month tenure. This will allow you to redeploy maturity proceeds at higher rates (if rates rise), advises Sarbajeet K Sen.
Levying buyback tax at a flat rate of 20 per cent (plus applicable surcharge and cess), irrespective of the period for which shares are held will be a dampener for equity shareholders who take inherent risks while investing, says Hitesh D Gajaria, partner and head of tax, KPMG in India.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
In addition to regulatory actions against small and midcaps, tighter liquidity conditions are another headwind that stocks are facing this month. Market observers say advance tax outflows and capital gains-related adjustments will weigh on the markets in the near term.
While using the family to save tax is legal and smart, ensure you use the ones where clubbing income laws isn't a concern, advises Bindisha Sarang.
Tax consultants and chartered accountants have started receiving a flurry of calls from their clients - both corporate and individuals - seeking clarity over changes in the reassessment regime made during the recently concluded Budget Session of Parliament. Tax experts apprehend the amendments may lead to the income-tax (I-T) department sending out more notices. The new provisions, effective from April 1, have extended the scope for tax sleuths to reopen the past assessments.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
In this Budget, too, there were a number of measures aimed at plugging tax leakages and ensuring greater compliance, says Sanjay Kumar Singh.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The Income-Tax (I-T) Department nowadays provides pre-filled forms to make the filing of income-tax return (ITR) easier. Nonetheless, you must have a number of documents handy at the time of filing return so that you can cross-check the data in the pre-filled form. "Filing ITR doesn't require you to upload any document. But in case an assessing officer makes an inquiry, you will need to present documents and certificates as proof," says Deepak Jain, chief executive, TaxManager.in.
Both NRIs and those who make payouts on sale of property need to understand the TDS provisions that are applicable or risk punishment, warns Sanjay Kumar Singh.
The principal commissioner has been made responsible for developing and approving any intelligence, conducting search, and completing investigations and relevant subsequent actions, including at the lower field formations, points out T N C Rajagopalan.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
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