The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
The Enforcement Directorate has filed its first charge sheet in connection with its money laundering probe against Chinese smartphone maker Vivo-India and some others, official sources said on Thursday. The prosecution complaint was filed before the court of Special Judge Kiran Gupta in New Delhi on Wednesday under the criminal sections of the Prevention of Money Laundering Act and Vivo-India has been named an accused apart from those arrested in this case, the sources told PTI. The judge posted the matter for consideration on December 13.
'Many non-resident taxpayers faced issues in filing Form 10F since the portal didn't allow those who didn't have PAN to file the form.'
Tax Guru Anil Rego answers your personal income tax queries
Events proved that on every count the RBI had accurately predicted both the damage and the lack of benefit. What the RBI was hiding was the fact that Modi had ignored its concerns -- all of which turned out to be true -- and gone ahead anyway, asserts Aakar Patel.
During a series of hectic talks between Cairn Energy and the Indian government over the $1.2-billion arbitration award in favour of the former last week, a slew of options was proposed by the two sides, including computation of capital gains and participation in the Vivad se Vishwas (VsV) dispute resolution scheme. The government is likely to go ahead and appeal against the arbitration award by a Permanent Court of Arbitration at The Hague before March 21, indicated finance ministry officials. Cairn Energy Plc on Sunday said it was hopeful that an acceptable solution to its tax dispute with the Indian government could be found to avoid prolonging and exacerbating the 'negative issue' for all parties.
At present, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, covers only resident Indians. The Finance Bill has expanded the definition of assessees to include NRIs.
One common mistake investors commit during profit booking is not having a plan for the redeployment of the money that comes into their account.
While the tax-to-GDP ratio of 9.88 per cent has been assumed for FY21, the same as last year, when it touched a decadal low, for FY22 a ratio of 10.7 per cent has been assumed, an average of the last five years.
DDT is levied on dividends that a company pays its shareholders out of its profits. It is currently charged at the rate of 20.55 per cent, including a surcharge and education cess. Government may instead tax the shareholders receiving dividends, in a bid to help improve investor sentiment by addressing the multiplicity of taxes and bring down the effective tax rates for companies.
The US launched an investigation, focusing on whether the tax in India and other countries discriminated against American companies, were retroactive, and reflected unreasonable tax policy.
rediffGURU Jinal Mehta answers readers' financial planning and health insurance queries
The government said that far from targeting any US entity, the purpose was to ensure fairness, healthy competition, and to exercise the ability of governments to tax businesses having a nexus with the Indian market through digital operations.
These plans are best suited for individuals with a lower risk appetite as they provide guaranteed benefits.
If you were deputed abroad, filing income tax can be tricky.
Niranjan Upadhye, general manager, fraud risk management, Worldline India, tells you how to quickly spot a scam and save yourself from grief.
With Some exceptions, tax has to be paid on getting a gift; check out the rules before taking or giving one.
The government on Friday announced that no tax will be charged on overseas spending of up to Rs 7 lakh in a year using debit or credit as it looked to douse backlash from its earlier decision of levying TCS on all spending. The government had earlier this week brought overseas credit card spending under Liberalised Remittance Scheme (LRS). This meant that any spending using credit cards overseas would attract a 20 per cent tax from July 1.
A robust dispute settlement system would help the government unlock tax revenues, and also aid ease of doing business.
Those just starting their careers should avoid adding to their liabilities, especially if they already have an education loan. They should think hard before taking a car or home loan.
The minimum threshold to come under GAAR will be Rs 3 crore.
Former Spanish tennis star Arantxa Sanchez Vicario has been given a suspended jail term for fraud, a court in Barcelona said on Wednesday.
When looking at fund returns, avoid looking at just the past 12 months' performance, says Sanjay Kumar Singh
Longer-tenure FDs generally give higher returns. Nonetheless, going for a tenure higher than two to three years is not advisable.
Without accounting for refunds, however, the collection contracted 5.4 per cent, indicating muted economic activity as the Covid-19 pandemic and subsequent curbs paralysed most sectors.
The panel's recommendations will be aimed at making a predictable and non-adversarial tax regime in the economy.
Whether it was the MGNREGS or the NFSA or the Aadhaar-based DBT scheme for cash transfer, the Modi government has built on the basic architecture created by the Singh government. Policy makers in the Modi government, instead of discarding them as products of the previous political regime, worked on them, expanded their scope and reach, and used new tools to improve their performance, explains A K Bhattacharya.
A bench comprising Justices Sanjiv Khanna and Dipankar Datta took note of the submissions of lawyer Prashant Bhushan, appearing for NGOs 'Common Cause' and the Centre for Public Interest Litigation, that the plea needed to be listed for hearing at the earliest.
A whirlwind trip of the dark underbelly of global finance, covering everything from tax law changes to aiding criminals to decamp with money from bank accounts.
Their downside is that the donor relinquishes all control over the transferred property, and certain tax implications may also arise.
Business success often involves a combination of planning, implementation, and continuous learning, says rediffGURU Harsh Bharwani.
A look at a few important questions on GAAR and their answers.
If an ITR is not filed or the tax due is not paid on the deceased person's behalf, there can be penal consequences.
Selling property below market value can lead to litigation. Tinesh Bhasin offers tips on how to avoid it.
Joe Biden, seeking a second term in the White House, stumbled in his first televised presidential debate with his predecessor Donald Trump, setting off alarm bells among top Democrats about whether the incumbent President can stay atop in the gruelling months ahead of the elections.
Enhancing your credit score is the key to improving loan eligibility and securing a favourable interest rate.
The Narendra Modi government's alacrity in promoting ease of tax administration, a critical component in the ease of doing business index, has set in motion several incremental policy and administrative reforms, says Mukesh Butani.
Mauritius is biggest route for investment into India.
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