The Income Tax department Wednesday conducted searches at the premises of Bengaluru-based pharmaceutical company Micro Labs Ltd, the manufacturers of Dolo-650 tablet that was widely used by COVID-19 patients during the last over two years, on charges of alleged tax evasion. Officials said the department is looking at financial documents, balance sheets and business distributor networks of the company as part of the searches. The PTI has sent queries on the action to the company and a response is awaited.
A total of 728 applications have been received till July 18, 2016 for Start Up recognition.
Individual tax-payers could get notices in case of a loan or a cash gift from a relative.
Income tax expert Mahesh Padmanabhan says you will have to pay a fine of Rs 5,000 if you miss your deadline for filing tax returns. But then, what is the actual deadline for filing returns?
The Tax Administration Reform Commission submitted report to Jaitley in June 2014.
Can students who earn and learn claim tax exemption on tuition fees? In a chat with Get Ahead readers tax expert Mahesh Padmanabhan answered this and other tax-related queries.
Authorities will allow the country's taxpayers to access the mutual agreement procedure (MAP) for cross-border disputes. This is even if they had settled the case under the direct tax dispute resolution scheme - Vivad se Vishwas - without deviating from the outcome of the scheme, said the Central Board of Direct Taxes (CBDT) on Monday. However, non-resident taxpayers, who opted for the resolution scheme, cannot go for MAP on the same issue, it clarified. MAP is an alternative dispute resolution mechanism under the tax treaties where competent authorities of two countries enter into discussions to resolve tax-related disputes.
The CBEC will itself be rechristened as the Central Board of Indirect Taxes and Customs and will supervise GST and Customs activities and provide the government policy inputs.
The Enforcement Directorate (ED) on Tuesday conducted searches at 44 places across the country in a money laundering investigation against Chinese smartphone manufacturing company Vivo and related firms, officials said. The searches are being carried out under sections of the Prevention of Money Laundering Act (PMLA) at locations in several states including in Delhi, Uttar Pradesh, Meghalaya, Maharashtra and others. The agency is conducting searches at 44 places related to Vivo and associated companies, they said.
As per the IT rules, all proofs establishing your income or expense or deductions have to be maintained for seven years from the end of the financial year it relates, says direct tax expert Vikas Gandhi.
It is your obligation to file your income tax return. Although your employer is not providing you Form-16 it would be advisable for your file your return. While doing so just mention TAN of your employer to ensure that you get credit for the tax deducted frrom your salary income, says direct tax expert Vikas Gandhi.
Do you have financial planning queries? Ask rediffGURU Abhishek Dev.
Do you know that you can claim tax benefits on rent paid even while housing rent allowance is not a part of your salary? Get Ahead Tax expert Mahesh Padmanabhan tells you how, how much and under which section you can claim tax benefits.
'There are unscrupulous traders who create fake invoices by showing bogus e-way bills, movement of goods.' 'Since the entities registered across different states, and kept on changing their numbers, tracing them was difficult.'
To pay tax on capital gains, you first need to know whether the gain is short term or long term. If you have kept shares for more than one year the gain will be termed as long term otherwise short term, says direct tax expert Vikas Gandhi.
You have sold shares and made profits but don't know what the tax implications will be? Will your profits attract short-term or long-term capital gains tax? Get Ahead tax expert Mahesh Padmanabhan answered these and many more queries related to the tax issues on capital gains and ESOPs.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
Get Ahead home loan expert Harsh Roongta on tax benefits fo availing a home loan.
Stalin still enjoys a lot of sympathy and empathy as someone wishing well for the state, but not full-throated support as in 2019 and 2021, notes N Sathiya Moorthy.
The Income Tax Department has put on its Web site the list of tax refunds that could not be sent to salaried taxpayers for want of correct address.
Home First Finance will be answering readers' home loan queries. Mail your queries to getahead@rediff.co.in with the subject line 'Home Loan Query' and we will have your queries answered by Home First Finance.
You and your spouse are co-borrowers on a home loan account. Your spouse, though, is not a co-owner. Can s/he claim tax benefits? Read on.
Prime Minister Anerood Jugnauth has termed the issue as an aberration in the "very special" ties with India and hoped that revision of their tax treaty won't harm its interests.
This fresh case pertains to the tax assessment done by the I-T department for the year 2009-10.
You cannnot take benefit for a home loan which has been taken in some other persons name, says tax expert Vikas M Gandhi.
If you have bought a home along with your family members as co-owners then can they avail of the tax benefit on interest paid? Tax expert Mahesh Padmanabhan answered tax related queries in a chat with Getahead readers on January 9.
Tax authorities want to reduce harassment of tax payers by eliminating interface between assessees and taxmen
The dispute over the tax payable for its purchase in 2007 of the 67 per cent stake in Hutch is on an amount of Rs 11,200 crore (Rs 112 billion).
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health and auto insurance related queries.
Gaurav Mohta, chief marketing officer, Home First Finance Company, answers home loan queries.
File your return by July 31, says tax expert Vikas Gandhi.
Many requests are pending with the Swiss authorities.
Tata group-owned Air India plans to hire expat pilots for its Boeing 777 planes as the airline is facing a shortage of pilots amid plans to expand its fleet as well as international operations, according to sources. The carrier is looking to rope in around 100 pilots for the wide-body Boeing 777 fleet and has approached various agencies that provide expat flight crew to airlines, the sources told PTI. The loss-making Air India, which was under government ownership for nearly seven decades till the Tata group took over in January 2022, had stopped hiring expat pilots many years ago to save costs.
Nikunj Saraf, Vice President Choice Wealth, will answers your MF queries.
Legal battles initiated by 1,000-odd former employees of the Talegaon plant continue to present a challenge for the acquisition process.
The recovering valuations, will lead to enhanced optimism among investors about funding startups.
The government on Thursday clarified that black money declarants using the one-time compliance window cannot pay tax and penalty from undisclosed income to bring down their liability.
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