'We went from zero to about 10 million users in three months. Paytm came out with the wallet play and we came out with the UPI play.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Finance Minister P Chidambaram on Wednesday said the current liquidity tightening, which has pushed up call money rates to nine-year high on Tuesday, will ease in a few days as departments start spending money.
Sitharaman added that no Union finance minister can play with the Finance Commission's recommendations.
About 82 per cent of the total income from unknown sources declared by national political parties in 2022-23 came from electoral bonds, according to a poll rights body.
British oil firm Cairn Energy Plc on Tuesday said it has identified Indian sovereign assets overseas, which it can seize in the event of New Delhi failing to return over USD 1.7 billion that an international arbitration tribunal has ordered after rescinding a retrospective tax demand.
'If taxpayers have not filed a belated ITR, they will be allowed to file an updated ITR from April 1, 2024.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The government is also looking to earn 8 paise for every rupee from Union excise duty and 3 paise from customs duty. While, income tax will yield 14 paise to every rupee collection.
Large capital flows and increased tax payments by corporates in the last five six months has made liquidity management difficult, Reserve Bank Deputy Governor Rakesh Mohan said on Wednesday.
Giving a relief to exporters community, the government on Thursday said it will release Rs 56,027 crore to exporters against pending tax refunds under different incentive schemes for outbound shipments. The amount will be disbursed to more than 45,000 exporters. Briefing the media about the decision, Commerce and Industry Minister Piyush Goyal said that the Rs 56,027 crore, which is being released under various export promotion schemes, is over and above duty remission of Rs 12,454 crore for the Remission of Duties and Taxes on Export Products (RoDTEP) Scheme and Rs 6,946 crore for Rebate of State and Central Levies and Taxes (RoSCTL) Scheme already announced.
The move would help tax authorities get leads on evasion.
Tax planning should not be left for March. If you do so, you could face a severe cash crunch in that month, warns Sanjay Kumar Singh.
Police raided the Frankfurt headquarters of Germany's football association (DFB) on Tuesday and searched the homes of officials to investigate suspected tax evasion linked to the awarding of the 2006 World Cup, prosecutors said.
Some of the policy measures announced are expected to go a long way in removing current challenges on financing faced by businesses and also increasing economic activity, especially in areas of construction and manufacturing.
A five-judge constitution bench headed by Chief Justice D Y Chandrachud held that the 2018 scheme was 'violative' of the constitutional right to freedom of speech and expression and right to information.
After the massive tax evasion of GST by cryptocurrency service provider WazirX, the Directorate General of GST Intelligence has come down heavily on cryptocurrency exchanges operating in the country, said sources. "Around half a dozen offices of cryptocurrency service providers have been searched and massive Goods and Service Tax (GST) evasion has been detected by DGGI," sources told ANI. Crypto wallet and exchange are platforms where merchants and consumers can transact with digital assets like bitcoin, ethereum, ripple, etc.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The government has created a comprehensive budget with sharp focus on sustaining economic activity and investment but more clarity is needed on areas like taxation framework for adopting remote working on a long-term basis, IT body Nasscom said on Monday. The industry association noted that the IT/ITeS (Information Technology-enabled Services) industry has been a key driver of growth and jobs in 2020 and there is an opportunity to significantly accelerate it further. "For the IT sector, one of the biggest needs ahead of us is the development of future business models, with hybrid working becoming a reality. "We look forward for the government to provide clarity on providing a framework in direct taxes and indirect taxes for the industry to adopt WFH/remote working on a long-term basis," Nasscom said in a statement.
In an online chat with Rediff.com readers, personal finance expert Anil Rego answered queries about the new tax regime announced in the Union Budget.
Walmart-owned fintech firm PhonePe said it has crossed 500 million lifetime registered users on its platform. With this milestone, 1 in 3 Indians are now on PhonePe. The company said it is the first Indian internet company to have reached this scale globally. This milestone has been achieved in just over 7 years since the PhonePe UPI (Unified Payments Interface) payments launched in August 2016.
Edtech firm Think and Learn Private Ltd, owner of Byju's, on Thursday said neither the company's founder and CEO Byju Raveendran nor any other board member will attend the extraordinary general meeting called by some select investors. Shareholders at Byju's are set to vote on Friday on a resolution brought by some investors to oust founder CEO Byju Raveendran and his family members over alleged "mismanagement and failures". Byju's has called the EGM "procedurally invalid" and contractually in contravention of the company's article of association and shareholder's agreement.
Only those who stick to the old I-T regime will get this benefit.
'During times of adversity, a brick becomes better than a stone. That is how I look at the election season.'
The income tax department on Monday launched a new portal e-filing 2.0, which will make online filing of returns and tax payment easier. The new portal -- www.incometax.gov.in -- replaces the 'http://incometaxindiaefiling.gov.in' site, and can be accessed by taxpayers in various regional languages. The income tax department also asked taxpayers to re-register their DSC (Digital Signature Certificate), update personal mobile number and email ID under 'primary contact', act on 'pending action', if any, and respond to 'outstanding demand'.
FSN E-Commerce Ventures (Nykaa) hosted its annual investor day recently. The responses were positive from analysts. Although some analysts pared FY25 and FY26 estimates, the bulk continued to issue 'buy' calls after the stock rose 2.5 per cent. The management expects the Beauty & Personal Care (BPC) business to grow at a 25 per cent compound annual growth rate (CAGR) during FY24-28.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Increased income tax collection is going to be a major consequence of going cashless and this should promise a future of lower taxes and higher purchase power soon, says Anil Rego
In a bid to provide a level playing field, the government has decided not to levy 2 per cent digital service tax if goods and services are sold through Indian arm of foreign e-commerce players.
Probe has allegedly found calculation errors by Amazon. The company paid higher GST but instead of claiming refund took wrong input tax credit.
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Cumulatively for the first two quarters till now, the advance tax collections from the Mumbai zone, which contributes over a third of the income tax collections nationally, have grown 11 per cent, the official said.
7 states account for over 80 per cent of the total direct tax collections by the Union government.
The Goods and Services Tax (GST) Council, chaired by Union Finance Minister Nirmala Sitharaman, will likely consider on Saturday a GST rate cut for Covid-19 relief essentials and drugs for treating the black fungus disease and might leave the vaccines untouched. The meeting is being held following a report submitted by a Group of Ministers (GoM) to the GST Council on Monday. The GoM, set up by the Council on May 28, was mandated to look at tax exemption and concessions on various Covid items including vaccines, drugs, and equipment.
After the income tax department indicated that the Tamilnad Mercantile Bank (TMB) did not provide the complete details of transactions worth up to Rs 3,610 crore, sources told Business Standard that this was due to a technical glitch. The bank has now submitted all the required documents in the past few days. According to the Income Tax (I-T) department, TMB had not submitted a statement of financial transactions (SFT) pertaining to cash deposits of around Rs 2,700 crore involving more than 10,000 accounts.
'Exposure to small and midcap stocks exceeded desired levels in many portfolios, prompting rebalancing.'
The RBI has created a stunted business model by which payment banks are supposed to shoulder the noble objective of financial inclusion without being able to make much money.
While using the family to save tax is legal and smart, ensure you use the ones where clubbing income laws isn't a concern, advises Bindisha Sarang.
BharatPe co-founder Ashneer Grover and his wife Madhuri Jain were stopped at the Delhi international airport following a look out circular issued against them in the alleged fraud at the fintech firm, sources said. The couple were to travel to New York late on Thursday for vacation when they were stopped at the airport on the basis of a look out circular issued by the Economic Offences Wing (EoW) of the Delhi police. EoW is investigating complaints of payments being made at BharatPe to fake human resource consultancies allegedly operated by Grover and family. They have also been accused of backdating invoices to use funds.
The Enforcement Directorate has filed its first charge sheet in connection with its money laundering probe against Chinese smartphone maker Vivo-India and some others, official sources said on Thursday. The prosecution complaint was filed before the court of Special Judge Kiran Gupta in New Delhi on Wednesday under the criminal sections of the Prevention of Money Laundering Act and Vivo-India has been named an accused apart from those arrested in this case, the sources told PTI. The judge posted the matter for consideration on December 13.
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