Poor earnings show in the September quarter (Q2FY24), with hints of likely weakness in asset quality going ahead, forced analysts to cut earnings estimates of SBI Cards and Payment Services (SBI Card). On the bourses, shares of the State bank of India arm tumbled 7.4 per cent to Rs 732 apiece on the BSE in the intraday trade as investors factord in near-term concerns. Analysts at Motilal Oswal Financial Services, for instance, slashed SBI Card earnings by 8 per cent and 10 per cent for FY24 and FY25, respectively, as they expect the company to face pesistent magin pressure.
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.
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.
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
Business success often involves a combination of planning, implementation, and continuous learning, says rediffGURU Harsh Bharwani.
Interest payment on home loans could become fully taxable. Perks to be included in salary income and taxed.
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.
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.
Finance Minister P Chidambaram wants tax payers to pay advance income tax in time like he did.
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
FATCA will facilitate flow of financial information between countries.
The Central Board of Direct Taxes (CBDT) has proposed a new common income-tax return (ITR), with greater focus on disclosing income from virtual digital assets or crypto assets and foreign equity and debt instruments held by resident Indians. For non-resident Indians, the draft ITR seeks exhaustive details ranging from nature of business, permanent establishment (PE), business connection, whether the entity has significant economic presence (SEP) in India, along with the number of users in India. The ITR protocol for NRIs could widen the scope of the SEP principle that was introduced in the Finance Bill 2018-19, and the explicitly defined 'business connection' to include provision of download of data or software, if aggregate payments from such transactions exceed a prescribed amount, or if a multinational's interaction is with a prescribed number of users.
Prime Minister Narendra Modi on Saturday announced the adoption of the New Delhi Leaders Declaration, a significant victory for India's G20 presidency that came amid increasing tensions and divergent views over the Ukraine conflict.
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.
The communication was clear, transparent and worded in a manner that did not induce any fear in the minds of the people, point out A K Bhattacharya.
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.
'Non-par plans returns are not market-linked. Hence, they can offer guaranteed returns.'
Avoid these common mistakes to have hassle-free filing of tax returns.
GST authorities have detected GST fraud of Rs 55,575 crore over the last two years and arrested over 700 persons for causing loss to the exchequer, an official said on Thursday. Over 22,300 fake GST identification numbers (GSTIN) were detected by the officers of the Directorate General of GST Intelligence (DGGI). The government on November 9, 2020, launched a nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit (ITC) fraudulently by issuing fake/bogus invoices, thereby evading Goods and Services Tax (GST).
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
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.
As per norms, the returns have to be filed online on www.aces.gov.in.
Real estate sector cheers reforms in the Budget.
The British mobile phone operator was widely expected to go for an international arbitration after its talks with the Indian government failed to find a solution last year.
If you were deputed abroad, filing income tax can be tricky.
Cooperative societies get more tax benefits as compared to individual house owners.
Spanish prosecutors have won a series of cases against high profile footballers and coaches for tax fraud in recent years, including Lionel Messi, Cristiano Ronaldo and Jose Mourinho.
The Himachal Pradesh government's Excise and Taxation Department inspected an Adani Group company, scrutinising records and checking the stock at the Adani Wilmar warehouse in Parwanoo, officials said on Thursday. The officials were apparently investigating possible GST violations by the company, a 50:50 joint venture between the Adani conglomerate and Singapore-based Wilmar. The inspection on Wednesday evening in the Congress-run state comes at a time when the group finds itself in the middle of a political row at the Centre, triggered by a scathing report by US-based Hindenburg Research.
Wipro said it is 'exploring all legal options at its disposal to seek redressal' against any such move by the authorities.
Sources said about hundreds of companies, including Facebook and Amazon, could seek tax refund because they import software for sale in India.
The strike could have put customers to inconvenience, since banking services would have remained disrupted almost the entire next week, and for the government, as tax payments for 2006-07 have to be made by March 31.
Three key instruments that can help you meet your financial goals, while also allowing you to enjoy tax deductions are ELSS, term cover and health cover.
According to Barclays Capital, the government's decision to lower the withholding tax on foreign borrowings could produce an additional $2 billion per year inflow in the medium term -- a material sum against annual balance of payments forecasts (around $15 billion deficit).
The Indian Cricket Board (BCCI) paid a whopping Rs 50 crore as income tax for the year 2013-14, its monthly disclosure on spending has revealed. Giving details of spendings exceeding Rs 25 lakh on its official website, the BCCI also revealed that it paid service tax of Rs 2.74 crore. India's Under-19 and A team coach Rahul Dravid was paid half of his professional fees during the month gone by and the figure for that stood at Rs 1.30 crore. Besides, the Assam Cricket Association was paid Rs 3.37 crore as part of its annual dues for the year 2014-15.
Indian bonds remained volatile over the past week on uncertainties over the maiden offshore sovereign bonds issuance, according to a report by DBS Group Research.
The Supreme Court will decide whether a non-resident company is liable to pay advance tax on fee charged by it for providing services in India.
Few options that can help you plan taxes wisely.
Asked to share details of income from all its 16 zones, especially through tatkal, ticket cancellation and bed roll charges
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