On his 200th birth anniversary, Utkarsh Mishra traces the life, thought, and legacy of Dadabhai Naoroji, the Grand Old Man of India.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
India's pharmaceuticals and medical devices industries are still hopeful that trade negotiations with the US could cut a fairer deal for both sides, after President Donald Trump announced a 25 per cent tariff rate on India on a social networking platform without divulging the finer details.
The Income Tax department has enabled online filing of income tax returns (ITRs) 1 and 4, filed by individuals, professionals and small businesses, for 2022-23 fiscal. In a tweet, the income tax department said, the software/utilities for preparing other ITRs/ Forms will be enabled shortly.
'How can one expect fair elections in such a situation when funds to the tune of Rs 270 crore have been freezed or taken away by the Income Tax authorities from Congress party's accounts'
Seasoned bureaucrat and a stickler for rules Finance Secretary Tuhin Kanta Pandey will be at the helm of capital market regulator, Securities and Exchange Board of India (SEBI), for three years. The 1987-batch Odisha-cadre Indian Administrative Service (IAS) officer, Pandey, would replace Madhabi Puri Buch, whose three-year term ends on Friday.
The income tax department has a steep collection target of Rs 9.8 lakh crore during 2017-18, rising 15.7 per cent from a year ago.
First things first: For those wondering if they need to reapply, the answer is no.
PMO asked income-tax department to submit report on action taken against identified benami owners
Some of his directives had the Supreme Court judges disclose their assets whereas the row over the discovery of cash from a sitting judge's official residence paved way for inquiry.
According to officials, this year there has been a three-fold increase in the total seizure, which was Rs 322 crore in 2021, Rs 347 crore in 2022 and Rs 1,021 crore so far in 2023.
The case dates back to August 2017 when the Income Tax department had carried out searches at multiple premises in Delhi as part of its alleged tax evasion probe against Shivakumar, his alleged business associate and liquor trader Sachin Narayan, another associate Sunil Kumar Sharma who operated a fleet of luxury buses, Karnataka Bhawan (Delhi) employee A Hanumanthaiah and former state government employee and caretaker posted at the Karnataka Bhawan Rajendra N.
The searches over suspected tax evasion began in the morning and it covered multiple premises connected to a prominent leader of the main opposition DMK, based in Tamil Nadu's Tiruvannamalai district.
The gross tax revenues have touched 65 per cent of the Budget estimates at Rs 17.81 lakh crore during the first eight months of the current fiscal till November, propelled by corporate and personal income tax mop-up, according to the Economic Survey 2022-23 presented in Parliament on Tuesday. The survey, authored by Chief Economic Advisor V Anantha Nageswaran, said the 'substantial reforms' in India's taxation ecosystem post-2014 and policy reforms have removed the distortionary incentives from the economy. Reforms like GST, reduction in corporate taxes, exemption of sovereign wealth funds and pension funds from taxes, and removing Dividend Distribution tax have reduced the tax burden on individuals and businesses.
Adani Group chairman Gautam Adani has reaffirmed Adani Enterprises' ambitions for aggressive expansion, committing to invest up to $20 billion annually over the next five years. "Our capital investment across businesses is set to break all records.
An Indian commerce ministry team will soon visit Washington for another round of talks on the proposed trade agreement with the US to iron out differences in sectors, like agriculture and automobiles, a government official said on Thursday.
During 2023-24, while the BJP received over Rs 723 crore worth of donations from Prudent Electoral Trust, it also got over Rs 127 crore from Triumph Electoral Trust and over Rs 17 lakh from Einzigartig Electoral Trust.
Almost all verification and assessments of returns selected for scrutiny are being done electronically through an anonymous back office, manned by tax experts and officials, without any personal interface between taxpayers and officers.
United States President Donald Trump said a 'very big' trade deal is on cards with India, hinting at significant progress in the negotiation process of a long-awaited bilateral trade agreement between the two countries.
The suspected undisclosed income in these cases could reach as much as Rs 15,000 crore.
The levy of retrospective tax on the UK's Cairn Energy Plc is a tale of bizarre twists and turns that saw its attached shares being sold in May 2018 amid the passing of the baton from a full-time finance minister to interim one and the talks at the highest level to resolve the dispute, to claims that levy of back taxes was a result of an investigation into Panama Papers leak. The government late last month refunded about Rs 7,900 crore it had collected from selling residual shares of the British firm in its erstwhile India unit, seizing dividend and withholding tax refunds, to settle an eight-year-old dispute that had tarred the country's reputation as an investment destination. But, this did not come about easily. For seven years, the establishment vehemently justified in courts and outside seeking of Rs 10,247 crore in back taxes plus interest and penalty from a firm that gave India its biggest onshore oil discovery.
Trump made it clear he had no plans to speak with Musk anytime soon, stating, "I'm too busy doing other things," and added, "I have no intention of speaking to him," NBC News reported.
The Budget announcement of taxing 'virtual digital assets' or crypto currencies will help the income-tax department measure the "depth" of this trade in the country, know the investors and the nature of their investments and it does not "attach any legality" to these transactions, Central Board of Direct Taxes chairman J B Mohapatra said.
The period of assessment of these defaulters range from 1989-90 to 2013-14.
The Board of Control for Cricket in India may now have to shell out more than Rs 100 crore, as the income tax department is set to penalise it for concealing details of its commercial activities.
The Enforcement Directorate on Monday raided the premises of former Chhattisgarh chief minister and senior Congress leader Bhupesh Baghel as part of a money laundering investigation against his son in the alleged liquor scam case and seized about Rs 30 lakh apart from some documents, official sources said.
'By filing a belated return, you can avoid the consequences of non-disclosure of income.' 'You can also avoid a notice from the I-T department for not filing an ITR.'
Ironically, the IT raid has happened at a time when Nadiadwala's least unsuccessful film Tamasha is in the theatres.
The Samajwadi Party (SP) said through a post on its official Twitter handle that the premises of its MLC Pushpraj alias Pampi Jain in Kannauj, Uttar Pradesh, have been raided.
To offer additional support at the low end of the income ranges, the Centre will consider a large-scale jump in exemption rates under the old income-tax regime in the vote on account, or interim Budget, according to a senior official in the know. Those will include an extension of the income tax exemption rates close to Rs 7 lakh and additional measures for women farmers.
The Bombay High Court has dismissed Vodafone petition challenging the show cause notice issued by income tax department asking them to pay over $2 billion tax on the multi-crore Hutchinson takeover deal.
The last two I-T teams left the premises, one each in Odisha and Jharkhand, carrying with them a number of seized "incriminating documents" and data cloned from electronic gadgets in the early morning hours.
Data since 2005 show that the five years with the highest rainfall saw average market returns of 8.98 per cent, while the five driest years returned 25.7 per cent on average.
The interest rate on these schemes have remained unchanged for over a year now.
The Delhi High Court has directed Customs officials to ensure that old and personal jewellery of travellers, including ornaments being worn by them during travel, are not unnecessarily detained at airports and they are not harassed. The court was hearing a batch of more than 30 petitions raising issues on the procedure for detention of goods belonging to the tourists travelling to India, of both Indian and foreign origin, by the Customs department.
Rahman had received Rs 3,47,77,200 from Libra Mobile during 2010-11 in his individual capacity as an artiste which must have been considered for taxation and this was not considered by the Assessing Officer in the reassessment order.
The United States Department of Homeland Security has threatened to revoke Harvard University's ability to enrol foreign students if it failed to provide by April 30 records on its international student visa holders' 'illegal and violent' activities.
The cabinet also gave its nod to a proposal to amend the Madhya Pradesh Minister (Salary and Allowance) Amendment Bill, 2024, and make a provision for state ministers to deposit their income tax instead of the government bearing such burden.
The marathon raids against Boudh Distillery Private Limited, its promoters and others entered the fifth day on Sunday.
The income-tax department has detected "unaccounted" transactions and investments worth more than Rs 100 crore after it raided two Jharkhand Congress MLAs, their alleged associates and linked coal and iron ore businesses across the state last week.
