Finance Minister Nirmala Sitharaman said: "This will cover 99.3 per cent of the companies. Now only 0.7 per cent of companies will remain outside this rate."
Contrary to the income tax department's hopes, many taxpayers continue to attach annexures (documents like tax deducted at source certificates etc) with the so-called annexure-less tax return forms introduced from this year.
Finance Minister Nirmala Sitharaman will present the Union Budget for 2023-24 in Parliament on February 1. The Budget is a statement of the government's estimated receipts and expenditures for a fiscal year (April 1 to March 31). It's divided into Revenue and Capital Budget. The Revenue Budget includes the government's revenue receipts and expenditures while the Capital Budget includes its capital receipts and payments.
The telecommunications industry will seek a 10-year tax holiday and an additional depreciation of 15 per cent for telecom equipment in the forthcoming Union Budget for 2007-08.
The Finance Ministry may introduce a proposal in Budget 2008-09 to allow urban cooperative banks to get tax deductions up to a specified limit for the amount they set aside as provisions for bad loans.
Your financial goals are of utmost importance and the tax saving is an added incentive, advises Dwaipayan Bose.
If you lack an emergency fund or it is depleted, use part of your bonus to build or replenish it.
All that you must know about the pros and cons of gift deeds, tax implications, essentials, documents required, conditions, etc...
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.
NPS is a cost-effective instrument with low fund management and other fees. Unlike in mutual funds, investors get the benefit of tax-free rebalancing here.
Interest income from investments in infrastructure bonds for sectors like power and roads among others may be exempted from income tax.
As the name suggests, advance tax is nothing but tax paid in advance during the financial year. Any income that has not undergone tax deduction at source is liable for taxes under advance tax. Advance tax normally arises when there is income through capital gains, interest earned, winnings from lotteries, income from house property or income from business.
Income Tax department has introduced a new facility this financial year 2009-10 (AY 2010-11) for viewing your tax payments made it is called 'Tax Credit Statement' or PAN LEDGER or Form 26AS.
The government on Friday said it has penalised Kingfisher Airlines with a fine of over Rs 26 crore (Rs 260 million) for delay in the payment of tax deduction at source (TDS).
The direct tax collection in India went up by 46.9 per cent in April-July to Rs 71,648 crore (Rs 716.48 billion) from Rs 48,756 crore (Rs 487.56 billion) a year ago.
As the calendar year comes to an end, employees are asked to file investment declarations to their companies.
A step-by-step guide to preparing and registering online for viewing the credit of taxes you paid to the income tax department.
It is always adivsable to file income tax returns on time.
rediffGURU Anil Rego answers readers' personal income tax queries.
Individuals now need to mention a unique transaction number against every tax deducted at source entry.
Companies wanting to consider treaty benefits and deducting tax at a lower rate will have to examine the qualitative factors. They will have to consider whether FPIs are liable to tax and whether they are the beneficial owner of dividend income.
Buyer to pay tax on gains made on undervalued property purchase.
The government expects to collect this much tax from the cricketing event and has already mopped up Rs 110 crore (Rs 1.1 billion) in the first 15 days as tax deducted at source.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Use deductions introduced in the Budget to save additional Rs 24,000 in tax
'I believe the modified scheme is much more beneficial and simpler.'
Ahead of the Union Budget, the banking sector, through the Indian Banks' Association (IBA), has made recommendations to the Union finance ministry on direct tax, including removing Section 194N of the Income Tax Act. According to Section 194N, tax deduction at source (TDS) has to be done if a sum or sums withdrawn in cash by a person in a fiscal year exceed Rs 20 lakh if no income-tax return (ITR) has been filed for the three previous assessment years, and Rs 1 crore if ITRs have been filed in all the three previous assessment years.
DDT is levied at the rate of 20% on dividend paid by cos to shareholders.
'... that it once again shies away from renewing its commitment to strategic divestment,' points out A K Bhattacharya.
The TTC survey collected data from 41 companies out of the 100 which belong to S&P CNX Nifty and CNX Nifty Junior list. These firms have a total turnover and market capitalisation of Rs 6,84,404 crore and Rs 10,718,84 crore respectively. The survey identified a total of 23 taxes at central and state level -- both business taxes paid and collected by a company. Of 41 companies, 16 were from manufacturing sector, 8 from financial sector, 5 from IT and 12 from other sectors.
In a bid to make tax collection paperless and hassle-free, Centre will start E-refund of income tax from April, having put in place E-filing of tax deduction at source and tax information network.
Tax shortfall: Finmin asks banks to deposit March TDS by month end.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
From road transport to health insurance, tax rules have changed from October 1.
Direct Tax collection was up by 23.5 per cent to Rs 48,192 crore (Rs 481.92 billion) till mid December, which works out to 50.4 per cent of the Budget target.
"Since December last year, we started focusing on TDS and regular assessment to increase tax collections, and it has paid off," said a senior revenue department official. According to the latest data, TDS collections increased by 25 per cent to Rs 1,304.56 billion in fiscal 2009, compared to Rs 1,046.95 billion in the previous fiscal. However, advance tax collections under two major heads -- corporation tax and income tax -- dipped by 7 per cent to around Rs 1,680 billion.
To increase the deposit base, the banking industry is likely to press for restoration of tax exemption on interest income, increase in ceiling for tax deduction at source
Taxpayers seeking to save tax from the sale of gold (including inherited) should reinvest the capital gains in residential property to avail of the benefit provided by Section 54F.
