One per cent TDS will apply on non-agriculture immovable property of over Rs 50 lakh on the basis of sale price or the stamp duty value, which ever is higher, after an amendment in the Income Tax Act.
The delegation, which was led by Communist Party of India-Marxist member of the Parliament Basudeb Acharia, told Mukherjee that the urban cooperative banks have been put to 'extreme hardship' due to the hefty 30 per cent tax on profits.
A tax plan is not only to save taxes, it should also assist you in achieving your other financial goals such as buying a home, a car, children's education, retirement to name a few. Here are some top ways in which you could plan for your tax savings
It will reduce compliance cost as the assessee will not have to maintain multiple records for a variety of taxes
Muzammil Patel and Rahul Murthi will answer all your start-up queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Let us evaluate various possible situations an individual can find himself in and understand what the Income Tax Act permits him to do.
After the verdict, Harry Redknapp, one of the best known figures in English soccer, said the strain of the investigation had been "horrendous" as he fought back tears.
Their favourite alternatives: Malaysia, Vietnam and the Philippines. Note, India is missing from that list. And this is despite an attractive financial incentive scheme for OSAT players. The reason, said a senior executive of a US chip company who had a meeting in Taiwan just a few weeks ago, is that "they want more predictability in government policy because they plan to put in big money."
March requires 20% jump to meet year's goal; CBDT chief tells staff to sweat it out to meet target
There's a straightforward relationship between economic activity and power consumption. If economic activity increases, so does power consumption. Since the latest GDP (gross domestic product) data indicates India's growth rates exceeded expectations in the second half if the 2022-23 financial year (H2FY23) and GDP estimates of FY24 are strong, we would expect power consumption to rise as indeed it has. There is also a direct relationship between power consumption and National Thermal Power Corporation or NTPC's results since the public sector undertaking (PSU) is the largest power generator in India.
Japan's Sumitomo Realty & Development Company will buy a 22-acre land parcel in central Mumbai from Bombay Dyeing for Rs 5,200 crore, the Wadias-run company said on Wednesday. The sale of the land parcel in Worli is one of the biggest land sale transactions in the history of the financial capital.
The government should exempt micro-insurance from payment of service tax to make products cheaper and encourage penetration of insurance services in low income rural and social sectors, a UN report has suggested.
Vijay Kelkar panel on tax reforms on Friday proposed doubling of the tax exemption limit on personal incomes to Rs 1,00,000.
'From the investor's point of view, a real change would happen only when business environment in all our states qualitatively improves,' says NITI Aayog Vice-Chairman Rajiv Kumar.
With this batch, the department has now issued letters in 210,000 high priority cases.
A host of companies, including giants like Reliance Industries are rushing in to finalise their interim dividend payments to outsmart a hike in dividend distribution tax (DDT) proposed in the Union Budget.
From July 1, retail investors can offer stocks through exchanges for de-listing, buyback and open offers
Could it have been more reformist? Of course, but this is an election year Budget, observes Akash Prakash.
Payment in cash for buying goods and services worth more than Rs 2 lakh with the exception of jewellery will attract 1 per cent tax collected at source (TCS) from Wednesday.
The United Progressive Alliance government will continue tax reforms, Finance Minister P Chidambaram said on Wednesday.
With incomes rising, property and home purchases have grown exponentially in recent years. Being large-ticket investments, it's important to be savvy about the tax breaks and pitfalls that lie en-route.
'Indian families' needs and expectations have gone through a revolution across economic demographics.' 'As this latest Modi-Sitharaman Budget demonstrated, politicians have understood this change. They are responding to it,' points out Shekhar Gupta.
The FIR against the Indian arm of the global NGO Oxfam was registered based on a complaint from the ministry of home affairs.
The Finance Bill, 2007, has proposed tougher measures against tax evasion by tightening penalty provisions.
Finance Minister Ishaq Dar, who presented the budget in the National Assembly, the lower house of parliament, said the government will target a growth rate of 3.5 per cent in the coming fiscal year.
The Union home ministry on Thursday recommended a Central Bureau of Investigation probe into the affairs of the Indian arm of the global NGO Oxfam for alleged violation of the Foreign Contribution (Regulation) Act, sources said.
Cyprus has said the Indian government has agreed to withdraw a notification that suspended tax benefits for investments from the island nation.
The government's contention was that Sahara Airlines Ltd (now JetLite) was promoting the real estate and housing business and area operations of Sahara India Commercial Corporation.
GST would make compliance easier for big businesses, but hurt small scale industries., says SJM
Pharma body wants all excisable goods used for R&D purposes should be exempted from central excise duty.
The Income Tax Department has slapped a Rs 1,067-crore demand notice on telecom giant Bharti Airtel for non-payment of TDS dues in the last four financial years in connection with its overseas operations, even as the company said it was fully compliant with all the provisions.
Kanimozhi had challenged a Madras high court order which had refused to dismiss the petition against her.
The Indian Staffing Federation says their demand assumes significance as the formal sector will grow after demonetisation and the segment will play a crucial role in that.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
After eight months of consecutive outflows, equity mutual funds witnessed a net inflow of Rs 9,115 crore in March amid correction in the stock market. Barring multi-cap and value fund categories, all the equity schemes saw inflow last month, data from the Association of Mutual Funds in India (Amfi) showed on Thursday. However, investors pulled out Rs 52,528 crore from debt mutual funds last month, after investing Rs 1,735 crore in February, owing to advance tax payments and other year ending commitments. Overall, the mutual fund industry witnessed a net outflow of Rs 29,745 crore across all segments during the period under review, compared with a net inflow of Rs 4,090 crore in February.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
It is after the GST Network tallies invoice details with shipping bills that the refund claims can be processed. So, the refund could be delayed by over a month.
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