The reimbursement components of your salary require you to furnish bills before they become tax-exempt. Producing them may be difficult this year.
But, majority might be left out, as only those investing in entities recognised by the government could qualify
Searches are being conducted in connection with a case of alleged tax evasion.
The CBI has lodged an FIR against three persons and unidentified officials of the Central Board of Film Certification (CBFC) over the allegations of actor Vishal that he had to pay Rs 6.5 lakh to get a certificate for his film Mark Antony, officials said on Thursday.
Justice Beevi was admitted to the private hospital a few days ago due to age-related ailments and breathed her last on Thursday afternoon around 12.15 pm, an official source said.
The federal probe agency has also called for documents and the recording of statements of some company executives under provisions of the FEMA, they said.
Officers have been particularly urged to ensure that during field enforcement drive and visits, no taxpayer is overreached or troubled.
Some of the top cricketers are contemplating terminating their central contracts with the Pakistan Cricket Board after some were refused NOCs to go and play in foreign T20 leagues.
After bumbling for years since 2014, the Modi government seems to believe that massive government expenditure will lead us to prosperity supported by 'seat-of-the-pants' decision-making, observes Debashis Basu.
'Somebody was using somebody to make statements that will stir the stock market and lead to a surge.' 'A sudden surge and a sudden crash is always an ideal situation for people to make illicit gains and then siphoning off the money.'
The reduced growth is largely because of consumption slowdown and tax rate cuts.
'Our objective is to reach a localisation rate of 50% in the span of five years.'
At least 120 insurance intermediaries and aggregators from across the country are under scrutiny, mainly from Mumbai, Gurugram and Bengaluru.
The new provision under the Income-Tax Act may enable the authorities to seize trustees' personal assets if there's a breach of objectives governing registered charitable trusts.
Lok Sabha on Friday passed the Finance Bill 2023 with 64 official amendments, including the one that seeks withdrawal of long-term tax benefits on certain categories of debt mutual funds and another for setting up the GST Appelate Tribunal. The Finance Bill that gives effect to tax proposals for fiscal year starting April 1 was passed without a discussion amidst ruckus by opposition members demanding a JPC (Joint Parliamentary Committee) probe into the allegations against the Adani group of companies. While moving the bill for passage and consideration, finance minister Nirmala Sitharaman also announced the setting up of a committee under finance secretary to look into pension issues of government employees.
Ahead of the second instalment of advance tax, the revenue department is scrutinising entities that have registered negative growth in their tax deducted at source (TDS) payments, even when they reported healthy advance tax payments. According to sources, taxmen have observed a mismatch in TDS payments from at least 60-65 small to mid-sized companies. Officials said it is unusual for TDS to not increase, given the improved turnover and profits - if higher advance tax payments are any indication.
Prime Minister Narendra Modi on Friday announced a Rs 100 per cylinder cut in cooking gas LPG price to ease financial burden on households. Non-subsidised cooking gas price will be cut to Rs 803 per 14.2-kg cylinder in the national capital with effect from midnight of Friday/Saturday, official sources said. Prices vary from state to state depending on the incidence on local taxes.
Every bank offers a different slab of minimum balance to customers, based on which 'free services' are provided
Which entrepreneur would willingly part with her or his hard-earned money for grasping, self-serving politicians? asks Debashis Basu.
A whirlwind trip of the dark underbelly of global finance, covering everything from tax law changes to aiding criminals to decamp with money from bank accounts.
The thinking at the Centre is that since the RBI has ramped up purchases of government bonds, the interest earned on them will be transferred to the exchequer as dividend.
The dispute arose after Nissan alleged that Tamil Nadu hadn't paid certain incentives under a 2008 agreement to set up a car plant at Oragadam, near Chennai.
Indians having undisclosed property abroad will have to pay tax and penalty.
It aims at tackling issues such as child labour, mistreatment of workers, and denial of basic wages, among others. There will also be penalties for non-compliance.
The net profit of the listed Adani group companies more than doubled year-on-year (Y-o-Y) in the first half of 2023-24 (H1FY24), even as their revenue declined in this period. The nine firms posted a 107.7 per cent jump in net profit at Rs 23,929 crore in April-September compared to the year-ago period. Net sales, on the other hand, were down 14 per cent to Rs 1.49 trillion in H1FY24, data collated by Business Standard showed.
The Income Tax Department on Tuesday also raided 20 premises linked to Gitanjali Gems promoter Mehul Choksi and suspected shell firms in connection with an alleged tax evasion case against them, official sources said.
As per the latest data, the number of taxpayers getting refunds is up by 62 per cent from 1.22 crore refunds in the corresponding period of the last fiscal.
Collection will have to rise by 30 per cent in the remaining period of the financial year to achieve the Budget estimate.
Direct tax collections grew by a meagre 6.6 per cent during April-July of the current financial year against the Budget target of 14.4 per cent for 2018-19. Corporation taxes, in particular, grew at just 0.57 per cent, the lowest in the first four months in at least seven years.
A search operation was launched in the office block and a room used by jailed and deposed All India Anna Dravida Munnetra Kazhagam leader V K Sasikala
Downloading songs, movies, books? You may have to pay tax on it.
Several politicians said they were not even aware of the provision in the UP Act.
The MPs suspended on Tuesday include National Conference's Farooq Abdullah and Congress leaders Shashi Tharoor and Manish Tewari.
The existing double taxation avoidance agreements will not be covered by the proposed change, implying that in order to tax Facebook, Google and the like, India will require to renegotiate tax treaties.
Service tax accounts for one-third of the total indirect tax collection in the country and the government expects to raise Rs 1.8 lakh crore (Rs 1.8 trillion) through the levy this fiscal.
GST authorities have detected GST fraud of Rs 55,575 crore over the last two years and arrested over 700 persons for causing loss to the exchequer, an official said on Thursday. Over 22,300 fake GST identification numbers (GSTIN) were detected by the officers of the Directorate General of GST Intelligence (DGGI). The government on November 9, 2020, launched a nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit (ITC) fraudulently by issuing fake/bogus invoices, thereby evading Goods and Services Tax (GST).
The Pakistan Cricket Board has started clearing the dues of national team players, which were held up for the last few months because of issues relating to new central contracts.
As the debate on revealing names of those who had stashed money abroad was hotting up, a Parliamentary panel grilled finance ministry officials on why the confidentiality clause was put in tax treaties in the first place.
E-sports experts say the burgeoning sector will not be affected by the Goods and Services Tax (GST) Council's recent decision to levy a blanket 28 per cent tax on online gaming, which is being viewed by the industry as a death blow to gaming companies.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances