Adhiraj Parthasarathy, a professional from Telangana, tells Rediff.com's A Ganesh Nadar what he would like to see in Finance Minister Nirmala Sitharaman's Budget.
For the convenience of people to pay school fees and municipal taxes and utility bills through an integrated platform, the Reserve Bank on Thursday proposed setting up an "anytime anywhere" bill payment system.
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.
Meanwhile, the Reserve Bank of India too said that it has made arrangements for tax payments beyond banking hours to avoid rush.
Reliance General Insurance Company (RGIC), a subsidiary of Reliance Capital, finds itself in a bind as the Directorate General of GST Intelligence (DGGI) has issued multiple Show Cause Notices (SCNs) amounting to Rs 922.6 crore. This development comes at a time when Reliance Capital is currently undergoing a debt resolution under the National Company Law Tribunal (NCLT) process in which the Hinduja group has emerged the winner. The Hinduja acquisition is currently awaiting the Supreme Court's approval after the Torrent group, the winner of the first round, challenged the second auction conducted by the lenders of Reliance Capital.
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.
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.
Besides urging the Centre for extension of loan moratorium, the hotel and travel industries have also demanded deferment of GST and advance tax payments and waiver of fees for all forthcoming licences and permits.
Follow these simple steps if you want to create a solid retirement corpus and retire young, says Anamika Pareek.
Payment for imports do not require these two forms.
Income-tax payers fear they will receive notices from the government because the annual information statement (AIS) provided by the I-T department in many cases is showing incomes in excess of their earnings. The Central Board of Direct Taxes (CBDT) has dismissed these fears as unfounded. The deadline for filing income-tax returns (ITRs) for the assessment year 2022-23 ended on July 31.
The same day the tax sleuths had raided the house of DMK MP S Jagathrakshakan and some of those linked to him. The MP from Arakkonam has interests in a variety of business sectors.
India's gross tax collections soared to a record high of Rs 27.07 lakh crore in the fiscal year ended March 31, led by impressive growth in corporate tax and customs, taking the tax-to-GDP ratio to an over two-decade high of 11.7 per cent, Revenue Secretary Tarun Bajaj said on Friday.
Has Vijay Shekhar Sharma given up on the bank? For now, he seems to be on a save-OCL mission. The bank will face its logical end, observes Tamal Bandopadhyay.
'We have already given Rs 1.59 trillion to states.' 'So, there is no question of giving them more.'
The Finance Ministry is of the opinion that Vodafone might drag its tax dispute to court.
Maharashtra transport commissioner Vivek Bhimanwar told PTI that the Porsche car was imported in March by a dealer in Bengaluru and from there it was sent to Maharashtra on a temporary registration.
A banker from Jaipur in Rajasthan tells Rediff.com's A Ganesh Nadar what he would like to see in Finance Minister Nirmala Sitharaman's Budget.
Barcelona have given their full backing to Lionel Messi in the Argentina forward's tax fraud case and vowed to fight "external decisions" they say are unfairly targeting the club.
Tax concealment in case of Walmart-owned Flipkart's unit is about Rs 650 crore while the remaining estimation is related to Swiggy.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
'If I close my housing loan, are there any investment avenues (the investment should provide liquidity) to save tax?'
Returns for income earned till FY12-13 can be filed till March 31.
The rising goods and services tax (GST) and personal income-tax collections may bolster the Narendra Modi government's ability to announce new schemes or enhance existing ones.
Continuing our series on how to achieve Financial Independence and Retire Rarly (FIRE), Vatsal Ramaiya emphasises the importance of planning for retirement.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Both NRIs and those who make payouts on sale of property need to understand the TDS provisions that are applicable or risk punishment, warns Sanjay Kumar Singh.
'This year's detection of frauds and probable recovery will be mainly driven by several compliance measures put in place, and amendments made to the GST regime to plug revenue leakages particularly in new-edge sectors.'
Finance Minister Nirmala Sitharaman is likely to step up efforts to boost consumption and rural economy while keeping inflation under check when she presents her sixth straight Budget on February 1. Experts said one way to boost consumption is to put more money in the hands of people, and one of the possible ways of doing it is by reducing the tax burden through tinkering with tax slabs or increasing the standard deduction. Another proposal is related to increasing the funds under the rural employment guarantee scheme MGNREGA and higher payout for farmers.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
India is working towards policies and regulations that would encourage non-cash payments.
'Personal income tax collections have been high on account of impressive advance tax mop-up.'
SBI, LIC and HDFC, have showed double digit growth.
CBDT feels 30% growth in income-tax not feasible.
Insurance companies may soon face goods and services tax (GST) audits as tax authorities plan a "deep dive" into their business practices to check for the possibility of a raft of tax-linked irregularities. Several insurance companies are being probed for wrongly availing of the input tax credit without the underlying supply of goods and services based on fake invoices generated by their channel partners and intermediaries. "We want to deep dive into the overall business and see if there are further taxation issues besides commissions, which are already being investigated," a senior official of the Central Board of Indirect Taxes and Customs said.
I-T department's direct taxes target for the current financial year is Rs 6.36 lakh crore (Rs 6.36 trillion.
'Dear Business Partner, Kindly note and inform your all customers that Digital Cashback has been revised from 0.75 per cent to 0.25 per cent with effect from August 1, 2018 across oil industry for all loyalty customers,' said the text message sent by State-owned oil companies to petrol pump operators.
Downloading songs, movies, books? You may have to pay tax on it.
'We revolutionised the system in a manner so that the chances of leakage will be much lower than it was in the beginning.'
Recent RBI data indicates net addition of credit cards is running strong at 18 per cent year-on-year (Y-o-Y), but growth in credit card limits is ahead of loans outstanding. Growth in lower limit cards is decelerating fastest. The West and South have more usage and online transactions are more popular than offline, with metros leading growth.
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