P V Subramanyam takes a hard look at the pros and cons of both options.
Aadhaar-based e-KYC facility would allow individuals or entities wanting to apply for PAN to verify details such as date of birth or address by way of biometric identification using thumb impressions.
UB Holdings had appealed to the bench, of judges Dilip B Bhosale and B Manohar, to let it use Rs 13 crore (Rs 130 million) from a Rs 380-crore (Rs 3.8 billion) deposit to pay a month's salary to employees of the grounded airline and Rs 47 crore (Rs 470 million) to settle tax dues on capital gains made from the sale of a stake in United Spirits to London-based Diageo that got it Rs 1,460 crore (Rs 14.6 billion).
As the new Tax Collection at Source (TCS) on foreign remittances is set to become applicable from October 1, travel agents' body TAAI has made a last-minute plea to the government, urging them to abolish the decision or defer its implementation until the next fiscal year to allow discussions on overseas tour packages. The government has raised the TCS on foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent. This will be applicable to international travel, sending money abroad and other remittances.
The finance ministry (FinMin) has asked Infosys to work on ways to extract and access taxpayers' real-time data faster and accurately as it is crucial for taking decisions on policy changes. While reviewing progress of the income tax portal 2.0, which had faced glitches, the officials also told the Infosys team to increase the scope of pre-filled data in the ITR forms. Senior officials in the ministry held a review meeting last month with the Infosys team and officials of the Central Processing Centre (CPC).
Formula One supremo Bernie Ecclestone has taken legal action against British tax officials after facing a demand for payment of more than 1 billion pounds ($1.57 billion) in relation to a family trust.
Nearly 150,000 salaried individual taxpayers will have to re-file their returns for the 2007-08 assessment year, as their returns went up in smoke during a recent fire in the income-tax office at Mayur Bhawan in Connaught Place.
The government has set a target of adding 1.3 crore income tax filers in the current financial year against 1.1 crore new filers added last year.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The Central excise department slapped a notice on King's XI Punjab cricketer Yuvraj Singh seeking payment of service tax to the tune of Rs 1.15 crore raised on his income from two seasons of Indian Premier League (IPL) and endorsements.
The project, code-named MF101 by Foxconn, will be spread across 1,500 acres at Talegaon or Khopoli.
Which entrepreneur would willingly part with her or his hard-earned money for grasping, self-serving politicians? asks Debashis Basu.
Economic stagnation is the advance payment for polarisation, which extracts a terrible price.
Their rematch, long anticipated, but hardly clamoured for, is broadly expected to mirror the 2020 campaign, though Trump will run this time under the spectre of 91 felony charges.
The interest charged on an inter-state loan given to a credit card holder without the use of a plastic card would not be subject to the integrated goods and services tax (IGST), a two-judge bench of the Calcutta high court has ruled. In this connection, it recently set aside a ruling by a single judge of the high court. The issue was a loan of Rs 650,000 granted by Citi Bank with an EMI of Rs 58,056 for 12 months and inclusive of integrated GST (IGST) on each installment of interest.
A large percentage of total tourism business activity of India, which is estimated at $28 billion+ in forex and upwards of Rs 2 lakh crore in domestic tourism activity will be at economic risk through the year.
An excerpt from 'Money Smart: The Indian Woman's Guide To Managing Wealth' by Reenita Malhotra Hora and Divya Vij that reveals various options to help you save tax as well as invest for creating long-term wealth.
Spanish prosecutors last month filed a complaint against Barcelona over payments of 7.3 million euros ($7.95 million) from 2001 to 2018 to firms owned by Jose Maria Enriquez Negreira.
Enhancing your credit score is the key to improving loan eligibility and securing a favourable interest rate.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
GST collection grew by 12 per cent in April to Rs 1.87 lakh crore, the highest monthly mop-up since the rollout of the indirect tax regime. The gross GST revenue collected in the month of April 2023 is Rs 1,87,035 crore of which CGST is Rs 38,440 crore, SGST is Rs 47,412 crore, IGST is Rs 89,158 crore (including Rs 34,972 crore collected on import of goods) and cess is Rs 12,025 crore, the finance ministry said in a statement. The previous high collection of Rs 1.68 lakh crore was in April last year.
The private bus collided head-on with the dumper on Guna-Aaron road, the official said, adding that the injured were rushed to the Guna district hospital for treatment.
Many hurdles that investors could have faced after enrolling for the scheme have been removed.
The advantage of leasing is that you can get a new car every few years. You can also get to drive a high-end car without paying its entire price.
Just so that you don't pay extra!
Just so that you don't pay extra!
Calculate the tax already paid via TDS, and accordingly arrive at your tax liability for the year.
Keep track of your foreign remittances to avoid giving incorrect declarations as these could be held against you.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
The finance ministry on Friday amended the foreign exchange management rules to exclude international credit card spends from the purview of liberalised remittance scheme (LRS). The amendment to the Foreign Exchange Management (Current Account Transactions) Rules, 2000, will be effective retrospectively from May 16, the ministry said in a notification. "...the use of International Credit Card for making payment by a person towards meeting expenses while such person is on a visit outside India" will not be covered under LRS, the notification said while inserting Rule 7 in the FEM (CAT) Rules.
The duty, which is charged at the rate of 10 per cent, is payable in currency of the nation where the gold was bought.
The sentence could go up to three years if the evasion exceeds Rs 50 lakh (5 million).
'The number of leave accumulated sometimes goes up to 300.' 'The encashed amount is equivalent to almost 10 months' salary.'
'Karnataka's finances are much healthier than the Union government's, which is indebted to nearly twice the extent of the state.'
At present, deposits, accrual of interest and withdrawals are tax free under the scheme.
Called Signature Villa, the property was gifted to him by Nakheel Public Joint Stock Company. The dispute was over whether this was a gift or payment for services Khan had rendered to the company.
The government has no plans to increase the income tax ceiling on home loan interest payments, though there was a demand from the urban development ministry in this regard.
People in their quest to save tax usually end up buying a lot of unwanted insurance products.
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