Keep track of your foreign remittances to avoid giving incorrect declarations as these could be held against you.
This provision is a very smart rule against fraudster and would not affect any genuine business entities or Ease of Doing Business in any manner, said a source.
'The number of leave accumulated sometimes goes up to 300.' 'The encashed amount is equivalent to almost 10 months' salary.'
Interest, penalty and other consequences will be waived.
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.
Indian and Finnish finance ministry officials on Tuesday discussed Nokia's Rs 21,153 crore (Rs 211.53 billion) tax dispute case and reviewed the double taxation avoidance agreement.
Chidambaram to meet revenue boards on how to get much more and quickly; special audits and notices among measures likely.
Which entrepreneur would willingly part with her or his hard-earned money for grasping, self-serving politicians? asks Debashis Basu.
A former Swiss banker on Monday handed over documents of 2,000 high net worth people from the United States, Britain and Asia to WikiLeaks that he claims would expose attempts by these business leaders and lawmakers to evade tax payments.
Based on the holding period, the profit you make is liable to short-term or long-term capital gains tax, experts tell Tinesh Bhasin.
With the declining trend in inflation and amid reports of liquidity crunch, the Reserve Bank on Thursday announced pumping in Rs 48,000 crore (Rs 480 billion) into the system while keeping the key policy rates unchanged.
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.
'Karnataka's finances are much healthier than the Union government's, which is indebted to nearly twice the extent of the state.'
An inquiry has been initiated by Directorate General of Central Excise Intelligence officials against these airlines.
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.
GST seeks to subsume many indirect taxes at the Central and state levels.
A senior income tax department official in the know of the discussions to have taken place in the finance ministry said the ministry was looking into the issue as a possible option.
Enhancing your credit score is the key to improving loan eligibility and securing a favourable interest rate.
News agencies, which fulfill certain criteria, are to be exempted from payment of service tax, Finance Minister Pranab Mukerjee said on Friday.
Barcelona have paid 13.5 million euros to the Spanish authorities after they were charged last week with tax fraud in the signing of Brazil forward Neymar, the club said on Monday.
Prompt refunds have been made for small amounts. For larger amounts, time has been sought till March 2018
Interest payment on home loans could become fully taxable. Perks to be included in salary income and taxed.
Besides selling movable and immovable assets to make recoveries, taxmen filed prosecution cases against those not paying the demand.
Tax payers can now deposit income tax from the bank accounts of any person in addition to credit and debit cards, the Central Board of Direct Taxes said.
In order to cripple and check the activities of wilful tax defaulters, the Income Tax department has decided to "block" Permanent Account Number (PAN) of such entities, get their LPG subsidy cancelled and take measures to ensure that they are not sanctioned loans.
The finance ministry on Wednesday allowed all private sector banks to participate in government-related business, like collection of taxes. pension payments and small savings schemes. At the moment, only few large private sector are allowed to conduct government-related business.
While most banks in India store all this data on Indian servers in their core banking systems, the current directive addresses new-age payment and fintech companies operating in the space
Restraining the Income Tax authorities from going back on their promises, the Supreme Court has categorically ruled that they cannot reopen the tax payments settled under the Kar Vivad Samadhan Scheme, 1998.\n\n\n\n\n\n
Finance Minister P Chidambaram wants tax payers to pay advance income tax in time like he did.
With exporters' claim for over five months still pending, liquidity has been wiped out and the process of finalising new contracts has been held up.
FATCA will facilitate flow of financial information between countries.
In order to avoid late payment, interest and penalty know these things before filing income tax returns...
Individual taxpayers may see a slight dent in their profits earned on investments in mutual funds or life insurers' investment offering.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
E-way bill generation, which is related to paying Goods and Services Tax (GST) and a key high-frequency indicator of economic activity, may have fallen to a five-month low in April as more cities experience lockdowns due to a surge in Covid-19 cases. In April e-way bill generation may decline to 55-58 million, which is the lowest since at least November. On the higher side, it is a 17 per cent decline over March.
The government has said the net impact of the service tax on real estate construction would be only 3.3 per cent, since construction attracts service tax only on 33 per cent of the value.
Avoid these common mistakes to have hassle-free filing of tax returns.
Faced with the prospect of missing the direct tax collection target because of the economic slowdown, the Income Tax department has sharply increased fresh tax demands to Rs 1,24,000 crore from companies and individuals in the current fiscal, a 130 per cent increase over fresh demands raised last year.
The scarcity of resources is particularly evident in the case of Rajasthan compared to many other states.
Real estate sector cheers reforms in the Budget.
