Just so that you don't pay extra!
Just so that you don't pay extra!
The Maharashtra cabinet on Thursday cleared a proposal that offers an option of availing the Old Pension Scheme (OPS) to the state government employees who joined the service after November 2005.
Calculate the tax already paid via TDS, and accordingly arrive at your tax liability for the year.
In August 2021, Nick Read, chief executive of Vodafone Plc at the time, did not mince his words while speaking about the India business in an earnings call. Replying to an analyst's question on Vodafone Idea, a venture with the Aditya Birla Group that had piled on huge debts and worrisome losses, Read described it as a highly stressed situation that "they (Vodafone Idea) are trying to navigate... "We, as a group, try to provide them as much practical support as we can, but I want to make it very clear, we are not putting any additional equity into India.''
Purchase of three plots of land in Haryana in 2005-06 by Congress leader Sonia Gandhi's son-in-law Robert Vadra from a real estate agent is being probed along with a land deal made by his wife Priyanka Gandhi Vadra, the Enforcement Directorate (ED) claimed in a recently filed money laundering case charge sheet.
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
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).
P V Subramanyam takes a hard look at the pros and cons of both options.
At present, deposits, accrual of interest and withdrawals are tax free under the scheme.
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.
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.
Economic stagnation is the advance payment for polarisation, which extracts a terrible price.
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.
People in their quest to save tax usually end up buying a lot of unwanted insurance products.
The indirect tax department on Thursday hinted that Vijay Mallya, owner of the grounded Kingfisher Airlines, may face prosecution in a service tax evasion case.
The Guardian reported that accounts filed in Dublin showed that in 2009 Her Majesty's Revenue and Customs settled a dispute with the British telecoms provider over its Irish tax returns.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
Income Tax Department has slapped fresh tax notice on Nokia India, tax authorities said.
In a recommendation that could provide relief to firms like Vodafone, a Government-appointed committee today favoured companies facing tax liability following retrospective amendment to the Income Tax Act should be exempted from payment of interest and penalty.
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As of September, account for bulk of applications for availing of the government's amnesty scheme.
I-T department raises tax demand on them for unpaid tax deducted at source
It is possible that this experiment might see a rise in the Union government's cost incurred on tax concessions, without any increase in the tax base or coverage, says A K Bhattacharya.
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.
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.
Symbiosis Society's Law College, Pune, invites applications for admission to its two-year, Post-graduate Diploma in Tax Management and Tax Administration programme.
Like the UPA government, probably the NDA government also feels that hardships caused to taxpayers are just collateral damage and that taxpayers are too few and even those few don't have a vote (non-individuals) or don't vote, says Harsh Roongta.
The income tax authorities have initiated proceedings for payment of service tax.
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 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.
The direct tax collections are likely to fall short of the revised Budget target by Rs 650 billion and, in fact, were Rs 150 billion lower than the original estimate for the fiscal
Maran challenged reports that he and another company official have been summoned as accused by a Delhi court in two tax evasion cases
"The CBDT extends the 'due date' for filing of ITRs as well as reports of Audit (which were required to be filed by the said specified date) from September 30, 2018 to October 15, 2018 in respect of the said categories of taxpayers," the CBDT said in a statement.
