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.
As part of Budget 2013-14 proposals, it is considering widening the scope of source-based taxation to more areas to improve reporting mechanism for transactions.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
US-based technology major IBM is contesting a claim of the revenue department which has increased the company's taxable income substantially to around Rs 11,000 crore (Rs 110 billion).
The government proposes to reduce the time taken to register a business from 27 days to one day.
The Reserve Bank has asked the public to pay their income tax dues well in advance so as to avoid standing in long queues and stated that 29 agency banks are also authorised to accept such payments.
Accounting regulator ICAI has called for excluding land value from the proposed service tax on the realty sector, saying land is a state subject.
'Non-par plans returns are not market-linked. Hence, they can offer guaranteed returns.'
Money market rates touched nine-year highs on Tuesday as the liquidity squeeze in the banking system worsened. The overnight call money rate touched 60 per cent intra-day.
An Aadhaar card can fast-track the KYC procedure for some instruments.
The British telecom major has disputed the tax demand over its acquisition of 67 per cent stake in Hutchison, now called Vodafone India, arguing that no tax was due as the transaction was conducted offshore.
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.
Envisaging a wider role for professionals, Company Secretaries have asked the government to make mandatory issuance of a service tax compliance certificate by companies.
In the midst of a tax probe into finances of IPL, authorities have issued notices to several sponsors of the first edition of the Twenty20 event, including DLF, Adidas and Religare for non-payment of service tax.
If a foreign company pays interest on loan for carrying out operations in India it will be allowed tax exemption under the Income Tax Act, 1961, a tax tribunal has ruled.
Displaying 'ARMY' on private transport is an attempt to milk the respect and reverence that the common citizen has for a person in the armed forces, observes Colonel K Thammayya Udupa (retd). By writing 'ARMY' and displaying regimental insignias, we expect a few misdemeanours to be overlooked.
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.
Archit Gupta on how can you maximise your savings and reduce your taxable income.
Deora, who met Mukherjee on Monday afternoon to present his ministry's Budget wishlist, also discussed the deregulation of fuel prices.
'We have not issued notices randomly.' 'We have done the risk profiling of individuals, and sent to those whose profile has not matched with their declared income.'
Kings XI Punjab on Wednesday rubbished reports that the team was sent a notice for non-payment of entertainment tax after their first match match of the fourth edition of the Indian Premier League (IPL) in Mohali.
You can still save money, says Samkit Maniar
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.
With banks struggling to cope with rush to get alternative currency, the government has extended use of old defunct Rs 500 and Rs 1,000 notes for paying household utility bills, fuel, taxes and fees and purchases from co-operative stores till November 24.
Vodafone India on Thursday launched tariff plans wherein customers can get calls, SMSes and 3G data bundled with an iPhone starting at Rs 2,099 per month.
The new 10 per cent dividend tax will be payable only on dividend income over and above Rs 10 lakh threshold in a year, according to an amendment to the Finance Bill 2016 approved by Lok Sabha.
UK oil explorer Cairn Energy is facing a tax demand of Rs 10,247 crore and Vodafone over acquisition of 67% stake in the mobile business owned by Hutchison Whampoa in 2007
While ECBs are pure loans, FCCBs have an in-built option for the lender to convert them into equity of the companies on maturity. Both in ECB and FCCB, till maturity, the borrower is expected to make interest payments on the amount borrowed. Incidentally, the AAR ruling of October 10 had been sought by a non-banking finance company. Till October 31, NBFCs were not allowed to borrow funds from overseas in foreign currency.
Indian tax laws offer start-ups ways to save taxes.
Business success often involves a combination of planning, implementation, and continuous learning, says rediffGURU Harsh Bharwani.
The company moved the income-tax appellate tribunal and its appeal is pending there.
Call money rate touches an intra-day peak of 30%.
Should you go for a salary structure with high basic component? Is there a flip side to it?
Promising a carrot and stick policy, Finance Minister P Chidambaram on Wednesday said taxmen will use annual information report, tax information network and the new bank cash transaction tax to track tax evaders.\n\n
Kingfisher Airlines was found to have deducted tax at source on salary payments but had not deposited it in government account, Minister of State for Finance S S Palanimanickam said in a written reply.
Punj Lloyd voluntarily deposited Rs 1.06 crore (Rs 10.6 million) on the spot through challans when excise officials visited them during an investigation in the matter.
If you're a salaried person there are many ways to save taxes
Budget may allow use of advance-pricing agreements for past cases.
