Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
Jaitley said the cap on cash transactions is being reduced to curb generation of black money and the move to introduce electoral bonds is for cleansing the political funding
The disclosure comes hours after Cameron admitted that he could have handled the tax row arising out of the Panama Papers leak "better", saying he will imminently publish details of his personal tax affairs.
The people of Indian descent account for a vast majority (about 70 per cent) of Mauritius population.
'We are going to need more technical people in government.' 'You can't expect a generalist to understand the complicated world of financial engineering.' 'I regret to say that most of our politicians have no competence to deal with these things. Nor is there a willingness to learn.'
Panel has suggested that GAAR provisions should not be invoked to examine the genuineness of the residency of entities in Mauritius.
The ministry said it was an anti-abuse provision amid growing instances of NRIs shifting their stay in low or no-tax jurisdiction to avoid tax payment in India.
Use forms 15G and 15H to avoid tax at source.
Within the next two years, verification and scrutiny of returns will happen electronically through anonymised back offices manned by tax experts and officials. It will function without any personal interface between taxpayers and tax officers. Both the taxpayer and the tax officer will not know each other -- who is scrutinising whose return, and at which place, points out Kuldip Kumar, partner and leader personal tax, PwC.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
New-age tech tools and 'mystery shoppers' are helping the country's top bourse stay ahead of the curve against dabba trading platforms and entities dolling out unsolicited investment tips. In the past one month, the National Stock Exchange (NSE) has issued close to two dozen warnings and advisories against such activities. "We saw a rise of dabba trading or illegal trading platforms after the pandemic.
Bought or sold property? There is a good chance the Income Tax (I-T) department will raise queries about it. While the possibilities of illegal transactions abound in such deals, the department's scope for availing documentary evidence through registrars and builders is also quite high. Therefore, a mismatch in the information filed could give rise to your account being scrutinised.
If you are overweight on fixed-income instruments, go for ELSS, and vice versa.
Do not keep a large portion of your long-term portfolio in FDs.
Greater Chennai Corporation said the actor paid Rs 6,56,000 towards property tax for his marriage hall at Kodambakkam. The Rs 6 lakh plus tax for 2020-21 first half year includes 'late pay penalty' of Rs 9,386, the civic body said, adding it was paid by way of a cheque.
'Those trying to use these funds for quick gains should avoid them due to risk of being late to the party.'
German automotive giant Volkswagen (VW) has said it will focus on the premium sedan/sport utility vehicle (SUV) segment and avoid the mass hatchback segment. "Customers don't expect anything less than a premium product from VW. "Customers expect a certain level of quality and driving dynamics. We have to stay true to that DNA. "The day we go mass, customers will reject us," says Ashish Gupta, brand director, VW India.
IPOs inherently carry more risks than stocks that have been listed on the exchanges for some time.
'India's emergence as a top crypto market comes despite a regulatory and tax environment that can be challenging for the industry to navigate.'
The G20 in 2013 had unanimously agreed to a 15 point action plan to check BEPS
UK Chancellor of the Exchequer Rishi Sunak has written to his boss, Boris Johnson, to be referred to one of the British Prime Minister's independent advisers to review all his ministerial declarations of interest amid a row around his family's tax affairs. The Indian-origin finance minister, who has been fighting back attacks over wife Akshata Murty's tax arrangements in India and also Opposition allegations around his own finances, said in a Twitter post on Sunday that he is confident the independent review by House of Lords peer Christopher Geidt, the Independent Adviser on Ministers' Interests, will provide "further clarity". "My overriding concern is that the public retains confidence in the answers they are given and I believe the best way of achieving this is to ensure those answers are entirely independent, without bias or favour," Sunak states in his letter to Johnson.
Mihir Tanna, Associate Director, S K Patodia & Associates, a chartered accountants firm that offers consultancy, audit and tax services, will answer your queries.
'If you are investing in a Ulip for returns, go for a type I Ulip.' 'If you are investing for insurance cover as well, type II is better.'
The recommendation, if implemented, is likely to face opposition from the government's key support base among Hindu traders and businesspersons.
A portfolio can be rebalanced by either selling a portion of the outperforming asset class or by buying more of the underperforming asset class.
In order to cripple and check the activities of wilful tax defaulters, the Income Tax department has decided to "block" Permanent Account Number (PAN) of such entities, get their LPG subsidy cancelled and take measures to ensure that they are not sanctioned loans.
As much as Rs 47,810 crore was spent on share buybacks by 48 companies in 2023 -- the highest amount since 2017. This surge in value was largely driven by a few large-sized issues, including those by Tata Consultancy Services (Rs 17,000 crore), Larsen & Toubro (Rs 10,000 crore), and Wipro (Rs 12,000 crore). In 2022, 58 companies had repurchased shares worth Rs 38,305 crore, according to data from Prime Database.
The income tax department on Monday released rules for equalisation levy - a tax on online advertisements that would come into effect from June 1.
'Tax dodging through tax havens is one of the ways multinational corporations and the super-rich in India are using to evade taxes.'
Follow these simple steps if you want to create a solid retirement corpus and retire young, says Anamika Pareek.
'If equities perform well in a year, withdraw money from equities. If the equity market is down, shift withdrawal to the debt portion.'
The London high court has ruled that Sir Elton John was not libelled by the Times, London, in a series of articles about tax avoidance. The 65-year-old pop star had complained about two articles on 'The secrets of tax avoiders' published by the British newspaper this June. According to him, they implied that he had been advised to engage in "immoral" schemes, the BBC reported
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Besides, dollar selling by banks and exporters amid euro strengthening the American currency overseas after the European union reaffirmed its commitment to use its bailout funds flexibility also supported the rupee.
Anamika Pareek explains the advantages of investing in tax-saving options like the equity-linked savings schemes.
In case of a physically handicapped person, he gets a threshold deduction of Rs 50,000 from the taxable income. Further if such disability is more than 80%, the limit of Rs 50,000 increase to Rs 75,000. Thus in your case you will be starting paying tax only when your income exceeds Rs 1,60,000.
Only 300 assessees came forward with disputed tax liabilities amounting to Rs 10,000 crore
Kamala Harris and Donald Trump have sparred over all major issues, including United States foreign policy, economy, border security and abortion, during their first presidential debate that could alter the course of the race for the White House.
'Young investors with limited funds should ensure that investing in NPS does not crowd out their other, more liquid, investments.'
Jaitley also dismissed criticism that lower taxes were aimed at helping corporates.
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