Billionaire Anil Agarwal's mining group Vedanta on Monday said it has withdrawn cases in the Delhi high court as well as before an international arbitration tribunal to settle a Rs 20,495 crore retrospective tax dispute with the government. Post slapping of a Rs 10,247 crore tax demand on UK's Cairn Energy Plc for alleged capital gains made on a 2016 internal reorganisation prior to the listing of its India business, the Income Tax Department had sought Rs 20,495 crore in taxes (including penalty) from Cairn India for failing to deduct tax on capital gains made by its British parent. Cairn India was in 2011 bought by Agarwal's group and subsequently, the firm was merged with Vedanta Ltd.
The income-tax department may make a permanent account number (PAN) mandatory for cryptocurrency investors, in line with the demat account rules for stock market transactions, according to two people privy to the discussion. At present, disclosure of crypto holdings and related gains is voluntary. If tax authorities go ahead with the PAN mandate, crypto exchanges will have to furnish a statement of financial transactions (SFT) before the income-tax department.
One of the most effective methods of lowering the incidence of income tax is by means of legal transfer of your sources of income among as many family members as possible, so that each family member enjoys the basic personal income tax exemption limits.
The top court said it cannot order a roving inquiry into purchase of electoral bonds on the assumption that it was quid pro quo for award of contract.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
When calculating liability, check the not-so-obvious sources of income, too.
A fresh PIL was filed on Thursday in the Supreme Court seeking a probe by multiple central government agencies under the supervision of a panel or a former apex court judge against the Adani Group of companies following allegations of fraud and share price manipulation made by the US-based Hindenburg Research.
'Generating employment requires a shift in policy.' 'If not, the country will face economic, social and political challenges in the coming years.'
Agra has long been known for the Taj Mahal, but it is also a manufacturing hub filled with micro, small and medium enterprises (MSMEs) that make everything from electronic components to metal products, from paints and chemicals to footwear. And five years after the introduction of the Goods and Services Tax (GST), the MSMEs here complain that while the indirect tax regime has been transformative, cutting out the need to file multiple taxes, its biggest drawback has been the delay in credit refunds. Whoever you speak to - MSME owners, tax lawyers, or industry bodies like the National Chambers of Industries and Commerce (NCIC), Agra Footwear Manufacturers and Exporters Chamber (AFMEC) and Agra Shoe Manufacturers Association (ASMA) - they all emphasise that the GST continues to face some key challenges.
Have a query regarding tax planning or tax filing? Maybe we can help. Drop us a line and our expert, Anil Rego of Right Horizons, will answer it. Got a question for Anil Rego? Please write to us at getahead@rediff.co.in with the subject line as 'Tax query'.
Extending the deadline for the third time, the government on Wednesday allowed individuals to file income tax returns for 2019-20 fiscal till January 10. The deadline for companies and individuals who need to get their accounts audited too have been extended by 15 days till February 15, the finance ministry said in a statement. The due date for filing income tax return (ITR) by individuals and companies was December 31, 2020, and January 31, 2021, respectively.
Maharashtra Chief Minister Eknath Shinde on Wednesday claimed that the protest at Badlapur in Thane district over the alleged sexual abuse of two kindergarten girls was politically motivated and aimed at maligning the state government.
'Banks may find small ticket size lending economically unviable due to the cost of branch operations.'
Besides income and deductions, it is mandatory to mention some other specific details in your individual returns.
Through a revised return, you can make changes to your ITR and even end up paying lower tax.
Filing income tax returns in a hurry without adequate information about the procedure could add to your woes.
Senior citizens of 75 years and above having pension income and interest from fixed deposit in the same bank would not be required to file income tax returns for the financial year beginning April 1.
The government on Friday extended he deadlines for various income tax compliances and said the amount paid by an employer to employees for Covid-19 treatment would be tax exempt.
With the deadline for filing returns just four months away, familiarise yourself with the processs so that you can avoid last-minute rush
The complaint against CM's son Vaibhav Gehlot and a man described as the younger Gehlot's business associate seeks action under the Prevention of Money Laundering Act.
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.
The CBI had registered a preliminary enquiry in 2016 which was later converted into a regular case, they added.
As controversy grew, BJP leaders, actors also joined the discourse against him.
Now, more pieces of information about your transactions and income, such as remittances received from overseas, will be uploaded in Form 26AS by the income-tax (I-T) department. This will help the taxpayer file I-T return (ITR) correctly and assist the department in detecting discrepancies, if any, in the ITR. Besides foreign remittances, these new items are interest on I-T refund, dividend from mutual funds (MFs), and purchase of MFs, among others.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
In the era of e-filing, small mistakes lead either to delayed or complete denial of income tax refunds. So, avoid these 5 common mistakes that could lead to delay in refunds.
Having observed variations in capital gains tax computation, the revenue department is working on a mechanism to analyse futures and options (F&O) trade data and pre-initial public offering (IPO) transactions. "The directorate of I-T systems is working on certain risk-assessment parameters to access the data, which could be on the basis of buying and selling prices of shares in F&Os, variations in margins, fair market value versus IPO prices, etc. "The idea is to segregate and process the voluminous data on equity derivatives for effective use," said a senior government official privy to the plan.
Experts say only three per cent individuals pay taxes.
Electronic filing of service tax will be made compulsory in the next two months," CBEC member Y G Parande told reporters on the sidelines of a PHD chamber seminar.
The income-tax department is set to launch a screen-based automated reconciliation system for plugging mismatches between returns filed by taxpayers and information processed by the department.
Billionaire Mukesh Ambani on Thursday unveiled the next phase of growth at Reliance Industries Ltd, with retail and telecom worth over $100 billion each, doubling revenues and pre-tax profit in 3-4 years, new energy business becoming profitable by 2031, and core oil and chemical business continuing to be the robust growth engine. The sprawling conglomerate with interests in refining, oil and gas, petrochemicals, telecom, retail, and media is on track to more than double in size before the end of the decade, Ambani, chairman and managing director of Reliance, told company shareholders.
Cairn files notice against India in $1.6 billion tax dispute.
Mauritius-based Hinduja group firm IndusInd International Holdings (IIHL) has informed the administrator of Reliance Capital that it is ready with its equity contribution of Rs 2,750 crore in cash to acquire the bankrupt firm, but it wants certain conditions to be met in accordance with the resolution plan before transferring the amount. IIHL has also filed an application with the Mumbai Bench of the National Company Law Tribunal (NCLT), seeking directions for the administrator and the committee of creditors (CoC) to complete all pending activities to close the transaction and not let the lenders invoke the bank guarantees provided by the firm earlier.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Taxpayers often get confused regarding how to file their income tax return with multiple Form 16s. Here's some help.
Will Annamalai's attacks on the DMK revert the anti-BJP feeling in Tamil Nadu, asks N Sathiya Moorthy.
All categories of taxpayers can now file their income returns on October 29 and 30.
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