Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Goods and services tax (GST) collections from mobile device companies, amounting to Rs 1.82 trillion between 2020-21 (FY21) and 2023-24 (FY24), have already generated more than five times the revenue for the government compared to the Rs 34,149 crore allocated under the production-linked incentive (PLI) scheme for mobile devices over six years ending 2025-26 (FY26). Currently, the GST on mobile devices stands at 18 per cent.
If the refund is wrongly adjusted against any past tax liability, immediately clarify it online
Apart from the many old rules, you need to be aware of a number of new ones to be able to claim your deductions well.
On Thursday, the bench, after perusing the plea copy, noted that Wankhede had approached the Central Administrative Tribunal, too, against the notices issued to him by the NCB.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
From 100% tax deductions for contributions to PM-CARES fund to extending the due date for linking Aadhar and PAN card, the government has provided various tax relief and extensions in deadlines for statutory compliances, says Homi Mistry.
A robust dispute settlement system would help the government unlock tax revenues, and also aid ease of doing business.
Individuals and entities, whose accounts are not required to be audited, were mandated to file I-T returns by July 31.
"Mr Robert Vadra not only renovated the aforesaid property at 12 Bryanston Square, London through Sumit Chadha but also stayed in the same," it said.
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The Indian government has paid Cairn Energy Plc Rs 7,900 crore to refund taxes it had collected to enforce a retrospective tax demand, ending a seven-year-old dispute that had tarred the country's image as an investment destination. The company, which is now known as Capricorn Energy PLC, in a statement said it has received "net proceeds of $1.06 billion", of which nearly 70 per cent will be returned to the shareholders. The tax department had used a 2012 legislation, which gave it powers to go back 50 years and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India, to seek Rs 10,247 crore in taxes from Cairn.
Why has the BJP taken such great interest in the film? Not to put too fine a point on it, a possible reason is its propaganda value. Since the film shows the plight of the Kashmiri Pandits during their exodus from the Valley, Muslims are depicted in a poor light, observes Amulya Ganguli.
Believe it or not, it's really not all that tough. All you need to do is to get a bit proactive and collect some important documents, something you would need to do anyway, even if you use the services of a professional.
The central government's clarification on the 2 per cent equalisation levy on foreign digital operators in the Budget, which considerably expands the scope of the levy, might be challenged in court, with several companies contemplating filing a writ petition in the coming few weeks. The writs might be filed on the grounds of the levy's alleged extra-territorial overreach, as it aims to cover those entities that do not have a physical presence in India, going against international taxation rules.
Adani Enterprises Ltd, the flagship incubator of billionaire Gautam Adani's conglomerate, on Thursday reported a 37 per cent drop in March quarter net profit, bogged down by one-time past airport dues and commercial mining losses. Its consolidated net profit of Rs 450.58 crore in January-March - the fourth quarter of fiscal year 2023-24 - compares to Rs 722.48 crore net profit in the same period last year and Rs 1,888.45 crore earning in the preceding quarter, according to a stock exchange filing by the company.
While the declarations under the scheme have to be filed by December 31, 2020, the government had in October extended the deadline for making payment by three months till March 31, 2021, in view of the ongoing Covid-19 pandemic.
Anamika Pareek explains the advantages of investing in tax-saving options like the equity-linked savings schemes.
Supposed to be one of the top-paid stars in Tamil cinema, actor Vijay is known for his big-ticket hits and commands good box-office opening.
In an online chat with Rediff.com readers, G Srikanth, partner, GSV Associates, chartered accountants, Chennai and member of the Institute of Cost and Management Accountants, answered queries about the new income tax proposals mooted in the Union Budget 2020-2021.
Coal behemoth CIL on Thursday reported a 26.2 per cent rise in consolidated net profit to Rs 8,682.20 crore for the March quarter on the back higher supplies of the dry fuel. The company's consolidated net profit stood at Rs 6,875.07 crore in the year-ago period, Coal India Ltd (CIL) said in a regulatory filing. Its consolidated income in the January-March period declined to Rs 39,654.50 crore from Rs 40,371.51 crore a year ago.
Mr Modi should be conscious that it was his choice to slash the number of tax-payers from 60 million to 15 million, notes T N Ninan.
Transactions were allegedly not reported correctly in the tax returns for FY20.
Shalini Gupta, a freelance writer from Pudicherry, tells Rediff.com's A Ganesh Nadar what she would like to see in Finance Minister Nirmala Sitharaman's Budget.
If you think that revenue officials are going berserk, acting on their own, while the government chants the mantra of 'ease of doing business', you would be wrong. These moves appear to have full official backing, points out Debashis Basu.
Are you scared of the penalties that will be levied if you fail to file your IT returns before the July 31 deadline? Can't you file your returns after July 31? If yes, then what are the penalties? Tax expert Mahesh Padmanabhan offers some advice.
Filing your income tax return will be easier this financial year (FY) 2009-10. Want to know how? Read on.
Disclose foreign assets, redesignate NRO a/c and open a Resident Foreign Currency a/c to park forex earnings
Experts pointed out the move will only help taxpayers temporarily, as the tax liability remained the same and the date for advance tax has not been extended.
The government is exploring legal options, including bringing an Ordinance, to tackle the problem of income-tax litigation on reassessment notices under old, time-barred norms, according to official sources. This has come in the wake of writ petitions filed by companies and individuals in recent weeks to challenge the validity of the notices issued by the tax department between April 1 and June 30 and under the old norms.
Dwaipayan Bose simplifies the whys and hows of revisiting your financial goals
This has affected all political activity of the party, Maken said at a press conference.
Those evading taxes could soon find tax officials at their doorstep, with a rather insightful account of their big purchases.
The Election Commission (EC) had, in 2019, flagged its concerns in the Supreme Court on the changes made in several laws relating to political funding to facilitate the electoral bonds scheme, saying it will have 'serious repercussions' on transparency.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Linking businesses with account aggregator (AA) network -- a financial data sharing platform -- will help small entrepreneurs get easy access to credit and create millions of jobs, Infosys Technologies co-founder and chairman Nandan Nilekani said on Tuesday. He made the remarks during a session at the 'GSV + Emeritus India Summit' event in Gurugram. In the Budget for FY24, the government said that the GST system could join the account aggregator network, which means that every company in the GST system can ask for its data back which includes their tax filings and invoices, Nilekani said.
Disfavouring 'blunt' steps like search and seizures, Finance Minister P Chidambaram on Wednesday invited 582 top corporates to avail a single-window tax payment facility
Wankhede, a 2008-batch Indian Revenue Service (IRS) officer of the Customs and Indirect Taxes cadre, has moved the Bombay High Court seeking protection from any coercive action by the anti-money laundering agency.
CBDT chief also set a monthly target of disposing of pending appeals by sending communication through the e-filing portal and or through emails only.
The government on Thursday brought a bill in the Lok Sabha to withdraw all back tax demands on companies such as Cairn Energy and Vodafone and said it will refund the money collected to enforce such levies.
