If your case is picked up for random scrutiny, any of the tricks that you or your financial advisor may have used to avoid tax will be easily detected.
Searches were also conducted at the residential premises of top company officials, the source said.
Demat of TDS certificates is likely to be deferred by a year or at least six months.
Senior advocate Harish Salve, appearing for the telecom major, informed Justice Manmohan that the company in its response to the high court's August 22 notice has said it is not acceding to jurisdiction of the Indian courts in the matter.
If you plan it out, instead of rushing it in the last moment, you will realise how much you have saved and the difference it makes to your personal wealth.
The government has increased the tax exemption limit under the Senior Citizen Savings Scheme, 2004, to Rs 10,000 from Rs 5,000
Exemption limits, standard deduction on radar.
Can't believe you can file your income tax return without Form 16? Read this...
If the gift is received from a relative, there is no tax implication. But if the gift is received from a non-relative and exceeds Rs 50,000 in value during a financial year, the entire value of the gift is taxable.
Many salaried taxpayers hold the misconception that they don't need to disclose any other income since TDS is deducted from their salary.
The manner in which India has allowed the rule of law to be subverted for over eight years is tragic, notes former additional solicitor general of India Bishwajit Bhattacharyya.
British telecom giant Vodafone Group plc on Friday won an arbitration against the Indian government over a demand for Rs 22,100 crore in taxes using retrospective legislation.
If not, an assessee might be charged interest for not paying TDS on time.
The new office will have its base in the national capital.
'Investing abroad helps mitigate currency risk for foreign-currency denominated goals, such as children's higher education and international travel.'
Retail depositors are earning negative returns on their bank deposits and hence, there is a need for reviewing taxes on interest earned, economists at the country's largest lender SBI have said. If not for all the depositors, the taxation review should be carried out for at least the deposits made by senior citizens who depend on the interest for their daily needs, the economists led by Soumya Kanti Ghosh said in a note, which pegged the overall retail deposits in the system at Rs 102 lakh crore. At present, banks deduct tax at source at the time of crediting interest income of over Rs 40,000 for all the depositors, while for senior citizens the taxes set-in if the income exceeds Rs 50,000 per year.
Some of the top cricketers are contemplating terminating their central contracts with the Pakistan Cricket Board after some were refused NOCs to go and play in foreign T20 leagues.
The market players were expecting that if long-term gains are taxed, the STT would go. But this has not happened, says Debashis Basu.
Sources said I-T deparment has sent a notice to Vodafone for not paying capital gains tax, arguing that the company should have deducted tax at source while making payment to Hong Kong-based Hutchison Telecom International Ltd.
The 66-year-old leader's income for the year 2019-20 was Rs 10,34,370.
The deduction of Securities Transaction Tax on trade in equities will come into force in major bourses from October 1.
Decoding four important provisions in the Finance Bill 2018.
With digital technology, the I-T department's ability to catch tax evaders has increased many times.
Assessees whose tax is deducted at source now can file their returns in the current assessment year without quoting a proposed tax number, UTN, as the government deferred its introduction."Taxpayers filing their income tax returns for assessment year 2009-10 or any other earlier AY, may continue to file their returns without mentioning the Unique Transaction Number (UTN)," the Central Board of Direct Taxes said in a statement issued on Tuesday.
rediffGURUS Hardik Parikh, Tejas Chokshi, Mihir Tanna and Sanjeev Govila answer your tax related queries.
Even after filing your income tax return online, your job won't still be over! Here is a six-point checklist for taxpayers to be observed after e-filing of ITR.
The Income Tax department has notified forms for filing I-T returns for 2020-21 fiscal, the Central Board of Direct Taxes said on Thursday. "Keeping in view the ongoing crisis due to COVID pandemic and to facilitate the taxpayers, no significant change has been made to the ITR Forms in comparison to the last year's ITR Forms. "Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been made," the Central Board of Direct Taxes (CBDT) said in a statement. The Income Tax returns (ITR) forms ask taxpayers if they are opting for a new tax regime.
Tinesh Bhasin explains the tax liabilities that accompany receiving a gift.
The airline has paid the TDS but mostly after the scheduled date.
Changes in threshold not to have a significant revenue impact, say officials
The provisions of deduction of tax at source apply to both but in some cases it is possible to save tax through proper tax planning.
The price of bitcoin, the bestselling cryptocurrency, has shrunk nearly three times this year to mark the fate of such digital assets. Crashing prices, regulatory uncertainty and taxes have put Indian crypto exchanges in troubled waters. Finance Minister Nirmala Sitharaman's budget for FY23 announced a 30 per cent tax on any income from the transfer of virtual digital assets.
If the sum assured is less than 10 times premium, the proceeds will be taxed.
If you have recently had a salary hike and a corresponding increase in your tax outgo then you must seek your company's co-operation to structure a tax-friendly salary.
Even if you don't come in the filing bracket, it is the only way to claim refunds, get visa to some countries.
In a measure that will have far-reaching impact on foreign investment and the Vodafone case having a tax implication of Rs 11,000 crore (Rs 110 billion), the government proposed amendment in the Income Tax Act retrospectively from April 1, 1962.
'If you miss the deadline, you can still file a belated tax return till March 31, 2021, with a fee under Section 234F, which could be up to Rs 10,000, in addition to an interest under Section 234A and 234B of the Act.'
