Missing the deadline for filing Income Tax returns can lead to consequences.
There were certainly qualities adhering to the Tata Group, which emanated from the persona of Ratan Tata. Most notable of these would be the low profile he maintained, which sharply contrasted the in-your-face celebrity status, celebration of wealth and pursuit of importance many of liberalised India's rich, love, notes Shyam G Menon.
China became the 56th signatory to the agreement by signing the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. With this all the G20 nations, including India, have become official partners to combat the menace of tax crimes and evasion across international borders.
In a scathing attack on Prime Minister Narendra Modi, Congress president Mallikarjun Kharge on Thursday said when the elections are over, people will only remember him as the PM who indulged in 'divisive and communal speeches filled with lies' to avoid an inevitable defeat.
More than 900 entities have been banned from the capital markets by Sebi
Incomes such as dividend, interest on tax-free bonds, eligible gifts, etc should also be reported even though they are tax exempt, suggests Sanjay Kumar Singh.
Supposed to be one of the top-paid stars in Tamil cinema, actor Vijay is known for his big-ticket hits and commands good box-office opening.
Dwaipayan Bose simplifies the whys and hows of revisiting your financial goals
While it's important to work towards saving your marriage, you must also be willing to accept that the outcome may not be what you hope for, says Dr Ashish Sehgal.
During the first US presidential debate, moderator Chris Wallace asked Trump about The New York Times report which revealed that Trump paid $750 in federal income taxes in 2016 and 2017 and also he had paid no income taxes at all in 10 of the previous 15 years starting in 2000.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Statements of five 'Angadiya' firm operators have also been recorded by the ED to establish the "money trail" of this alleged Rs 45 crore bribe amount.
Tax strategies for the next year; let's get ready now!
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
Investors looking for a fixed-income product that is free of credit risk may invest in these bonds.
The avoidable stresses and strains in ties helped in one way. It showed for the entire region how a matured India handled diplomatic relations, especially with a smaller and suspicious neighbour, with practised dignity and patience, unruffled by provocations in word, deed and action, observes N Sathiya Moorthy.
Tax-saving investments should not be made with the sole purpose of saving tax, but should also help an individual grow his wealth, suggests Archit Gupta, founder and CEO, ClearTax.
Crypto assets should not be granted official currency or legal tender status, the much-awaited synthesis paper by the International Monetary Fund (IMF) and Financial Stability Board (FSB) has said ahead of the G20 leadership summit under India's presidency. However, the report has argued against a blanket ban on activities linked to crypto assets, explaining that such a move can be costly as well as technically demanding to enforce. Central banks should avoid holding crypto assets in their official reserve as they pose a risk to monetary and global financial stability, according to the synthesis paper.
The result is often sub-optimal, neither benefiting the taxpayer nor the chartered accountant preparing the tax returns - in fact, due to the sheer paucity of time, often one may end up underpaying or actually paying more tax than what was actually due.
Your high expectations and attachment to certain property can make you buy property which is not financially suitable.
Fresh PoEM guidelines will affect pharma, energy, automobiles, manufacturing and software companies.
The bulk of an investor's portfolio should be in shorter-duration funds of up to one year portfolio duration.
Only investors with a higher risk appetite should enter these funds.
Introduced in 2012, the General Anti-Avoidance Rules, were aimed at companies routing money through tax havens such as Mauritius, but implementation was delayed after an uproar from investors who feared harassment from tax authorities.
rediffGURU Ashwini Dasgupta offers tips on how to navigate job interviews.
Mauritius wanted extension of the benefits limitation clause in India's treaty with Singapore, which we were quite willing to extend, for our price
Acknowledging that effective taxation of mobile income is a key challenge, G20 leaders including Prime Minister Manmohan Singh on Friday vowed to take steps to change rules to tackle tax avoidance, harmful practices and aggressive tax planning.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
Foreign portfolio investors (FPIs) who invest from Mauritius into Indian companies that dole out bonus debentures will get impacted by the tax avoidance provisions on bonus stripping. The FY23 Budget has extended these provisions - applicable only to MFs, so far - to shares and units of REITs, InvITs and AIFs. The move will especially affect large institutional investors who sell original units within nine months after the record date because the loss arising from sale of original units would have to be ignored for the purposes of computing taxable income and cannot be set off against any other capital gain.
Through a revised return, you can make changes to your ITR and even end up paying lower tax.
Former United States president and Republican presidential nominee Donald Trump on Thursday refused to debate with his Democratic rival and Vice President Kamala Harris until the Democrats formally decide on their nominee, whereas the latter said that she is ready for a debate.
The windfall tax on oil produced within India and fuel exported overseas will make up for more than three-fourths of the revenue that the government lost when it cut excise duty on petrol and diesel to cool soaring inflation, industry sources said. India on July 1 joined a select league of nations globally that have taxed windfall gains accruing to oil companies from soaring energy prices. The government slapped a Rs 6 per litre tax on the export of petrol and jet fuel (ATF) and Rs 13 a litre on the export of diesel effective July 1. Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically.
Plan these investments well rather than just doing random investments at the beginning of the year or rushing in at the end, advises Harshad Chetanwala, co-founder, MyWealthGrowth.
Since MAAFs invest across multiple asset classes, they offer diversification.
US proposal to raise the global corporate tax rate to 28% from 21% might face resistance from countries unwilling to give up their edge and compete with America on its terms.
It is very important to maintain your tax record even if you are not in the taxable income bracket as tax return papers are required when applying for a loan
If you disagree with the notice, be ready to explain.
rediffGURU Jinal Mehta answers readers' financial planning and health insurance queries
Evaluate recurring investment products and do the numbers before making any investments.
Viewing with concern the spurt in fictitious and unauthorised e-mails landing in personal Internet addresses of many people, the department is adding a word of 'caution' at the end of each mail sent by them.
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