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.
The abolition of wealth tax is again a welcome step.
I-T officials say many lawyers, CAs, consultants, designers have not filed their TDS
Jaitley said a 10 per cent tax long on capital gains exceeding Rs 1 lakh made from the sale of shares has been introduced but those made till Janaury 31 would be grandfathered. A 10 per cent tax on distributed income by equity oriented mutual funds has also been proposed in the budget.
'Our passionate love for our nation as seen in our anger at slogan shouters does not extend to caring for the nation in other ways. We are one of the dirtiest people on earth and even our holiest river the Ganga can only be cleaned if the Supreme Court orders it, and even then with difficulty,' says Aakar Patel.
Be mindful that each instrument is governed by a different set of gifting rules and is also taxed differently.
The Department of Telecommunications (DoT) has initiated discussions with banks to address financial stress in the telecom sector, particularly Vodafone Idea Ltd (VIL) that urgently requires fund infusion to stay afloat. There was a meeting of DOT officials and senior bankers on Friday on the issue of Vodafone, sources said, adding that banks have been asked to look for a solution within the prudential guidelines. According to sources, senior officials from the country's biggest lenders State Bank of India and Bank of Baroda were also present among others in the meeting. More such meetings are expected to take place in the coming days, they said.
The apex court has settled the long-pending dispute between companies such as Samsung, IBM, HP & others and the tax department.
The cancellation of over a million duplicate or multiple permanent account numbers belonging to the same person or entity may have led to the disappearance of many of those who used to file returns earlier, but now no longer exist, says A K Bhattacharya.
The Bureau of Indian Standards has certified 33 hallmarking centres in the country to act as collection and purity testing centres for the gold monetisation scheme.
'Is taxable amount above 1 Lac is also to be shown as income from other sources?'
Granting partial relief to foreign companies operating in the country, the Supreme Court on Thursday reversed the judgment of the Karnataka high court that there was an obligation in each and every case of remittance made to foreign payees to deduct tax at source and only the issue of proportionality of the tax could be decided by the revenue department under Section 195 (2) of the Income Tax Act.
Increase in taxes on luxury cars will not have any effect on the demand
The income tax department has moved the Supreme Court stating that private telecom service providers are liable to deduct tax at source for the payments made to state-owned BSNL and MTNL for inter-connectivity.
Unless they have capital gains or assets abroad, most individuals will need to file ITR-1 or ITR-2A.
Financial Intelligence Unit data show many of these societies have become the biggest draw for laundering money. Subhomoy Bhattacharjee reports.
BCCI has approved 10-team IPL from 2022 edition and are backing ICC's bid for cricket's inclusion in 2028 Olympics after some clarifications from IOC.
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Jet Airways made a stand-alone profit of Rs 87.5 crore (Rs 875 million).
A senior Central Board of Direct Taxes official told Business Standard the Income Tax department had decided to intensify its vigil on the non-payment of TDS on interest earnings and non-disclosure of such income in the tax return.
With real estate -- NRIs's favourite investment vehicle in the past -- unlikely to do well in the near future, there is a strong case for NRIs to shift to equity and debt mutual funds, says Prateek Mehta.
There are seven items on the agenda and right at the top of the list is domestic cricket, which also includes junior and women's categories.
The scheme was to have come into force from the new year. However, the finance ministry has not ruled out the possibility of introducing a new identity number like UTN from the next fiscal, in addition to the permanent account number to ensure prompt verification and granting of tax credits to tax payers.
The chief operating officer said that the carrier will surmount the present crisis very soon.
High volatility in the stock market coupled with falling inflation has brought back fixed deposits as an attractive investment avenue for the investors who are looking for fixed returns.
The government has lost its appeal in the English High Court against a $111 million arbitration award in favour of Reliance Industries Ltd and Shell in a cost recovery dispute in the western offshore Panna-Mukta and Tapti oil and gas fields. High Court judge Ross Cranston on June 9, 2022 ruled that the government should have brought its objections over the arbitration tribunal not meeting the required thresholds, when issuing the 2021 award earlier, two sources with knowledge of the matter said. Rejecting the government's arguments, the court said the objections are barred by an English law principle whereby a party cannot raise matters in new proceedings that could have been raised in earlier proceedings.
If you have just begun your financial life as an income tax payer you must know these facts about filing your returns.
TDS on health insurance claim payments reimbursed to hospitals should be NIL
Tax rules that could land you in trouble
Here are the key highlights of the Interim Budget 2019-20 presented by Finance Minister Piyush Goyal in the Lok Sabha on Friday.
Section 195 casts an obligation on the person responsible for payment to non-resident to deduct tax at source at the time of payment or at the time of credit of the sum to the account of the non-resident.
The government has permitted scheduled banks, including state-owned ones, to issue "zero-coupon bonds" to meet long-term capital requirements, according to the Budget documents.
'The professional or the freelancer needs to pay taxes from his pocket first and then wait for payments from his clients.'
For the first time in the history of Budget-making in India, a single Budget will touch 65 crore Indians, says Shailesh Haribhakti.
Life insurance offers dual benefits: financial security to your family in case of the policyholder's death as well as helps you save tax, says Alok Patnia.
