Will the EPFO be required to deduct tax at source or will the employee have to calculate the tax and pay it separately?
It is the duty of a tax payer to record all his/her transactions, to explain sources of payments made by him/her and to declare the true income in the returns of income filed every year.
It is high time the Indian government signalled discomfort with the UK providing refuge to those accused of financial crimes in India, states Jaimini Bhagwati.
Income Tax dept to enhance prosecution against large defaulters.
Penalty can be levied at 100-300 per cent of the tax evaded, while tax is imposed at the highest rate of 30 per cent.
In an online chat with readers on July 8, Anil Rego answered their tax queries. Here's the chat transcript in case you missed the chat
Bharatiya Janta Party's prime ministerial candidate Narendra Modi's 'Hoonkar Rally' in Patna on October 27 has come under the scanner of the income tax department in Bihar, officials said on Thursday.
The amnesty scheme is a 'practical and pragmatic' approach to bring back the black money stashed abroad, the chairman of Assocham's Legal Affairs Council R K Handoo said on the sidelines of the release of a study on black money in New Delhi on Friday.
Besides LTCG tax relief, permitting taxpayers to declare two houses as self-occupied brings a huge relief.
The Department of Telecom is believed to have sought a 15-year tax holiday on domestic production of handsets and a lower unifom VAT rate among other relaxations to rejuvenate mobile phone manufacturing in the country.
Soured political relations between India and Pakistan have complicated matters
Instead of only focusing on the tenure for which the best interest rate is available, investors should also focus on their own investment horizon.
Congress president Mallikarjun Kharge on Monday launched the party's crowdfunding campaign in New Delhi, asking people to join the fight against unemployment and rising costs.
"The underlining theme with which we have been working till now is that we trust the taxpayers and from purely an enforcement agency, we are shifting our focus to being a service-oriented department," says CBDT chairman Pramod Chandra Mody.
According to a report by the Association of Democratic Reforms, the ruling party's assets rose to Rs 1,483.35 crore in 2017-18 over its previous financial year's declaration of Rs 1,213 crore.
The government on Thursday clarified that black money declarants using the one-time compliance window cannot pay tax and penalty from undisclosed income to bring down their liability.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Nearly three weeks after Prime Minister Narendra Modi announced junking high denomination 500 and 1000 rupee notes, Finance Minister Arun Jaitley introduced a bill to amend the income tax law.
A day after his dramatic announcement to quit, Terry Walsh decided to continue as India's chief hockey coach after the country's top sports officials assured him that his concerns will be addressed in a fresh contract.
Having a single point KYC that is automatically used across all financial and non-financial entities is a single piece of reform that should be an easy win to achieve, points out Harsh Roongta.
Will Ishan Kishan get Rs 15.25 crore for one year, or for three years? Do the players get their IPL payments, whether it is in full or in part, and what is the payment schedule? Harish Kotian/Rediff.com explains all you need to know about IPL player payments.
RBI Governor Shaktikanta Das kept the red flag on cryptocurrencies flying, warning that the next financial crisis can be triggered by private cryptocurrencies if such speculative instruments are allowed to grow.
Sources said about hundreds of companies, including Facebook and Amazon, could seek tax refund because they import software for sale in India.
Announcing his tax reforms Trump said his policies would benefit working families.
'I think investors see a lot of positives happening in India now.'
Constantly evolving rules and anomalies over tax treatment have constrained corporate programmes in the first year that the government's CSR mandate has been in force.
Keeping patience while making a financial decision is one thing millennials need to learn, says Naval Goel.
Ask your bank to save for you. Plan your taxes. Reward yourself for your addictions... Chartered accountant Shreya Jaiswal's 10 ways to make more money this year.
Don't feel miserable if you missed the cut-off date for filing income tax returns for financial year 2013-14, which was, July 31, 2014. You have another chance to e-file your tax return before March 31, 2015. Don't miss this one.
Income tax at source would be deducted only on 40 per cent of salary arrears to central government employees in the current fiscal on implementation of Sixth Pay Commission recommendations, government said on Tuesday.
Senior citizens should avoid putting their entire retirement corpus in SCSS.
The reward could vary between 1% and 5% of the total tax paid.
Income-tax data released by FinMin after 15 years
Getting US citizenship will in no way affect your right of being able to own or hold the agricultural land in India.
Demand among several pre-Budget representation by BSE Brokers' forum
New ITR form may be simpler, but some changes could stump you.
The first step in your order of priority should be to pay off any high-cost debt you might have incurred.
As per Indian tax laws, bonus in kind paid to the employees could be considered as salary income in the hands of the employees.
I-T officials say many lawyers, CAs, consultants, designers have not filed their TDS
The abolition of wealth tax is again a welcome step.
