The government on Tuesday announced central assistance of Rs 2.2 lakh crore over the next five years to meet housing requirement of 1 crore urban poor and middle class families under the Pradhan Mantri Awas Yojana-Urban and proposed interest subsidy to provide loans at affordable rates. In her Budget speech, Finance Minister Nirmala Sitharaman said, "Under the PM Awas Yojana Urban 2.0, housing needs of 1 crore urban poor and middle-class families will be addressed with an investment of Rs 10 lakh crore." "This will include the central assistance of Rs 2.2 lakh crore in the next 5 years," she added.
The introduction of tax deducted at source (TDS) on income from central government securities and state bonds may not lead to a significant effect on retail participation, according to market participants. The Union Budget proposed that starting October 1, 2024, investors may face a 10 per cent TDS on investments in central government securities and state development loans (SDLs). "Last Budget, TDS on interest on securities was reintroduced.
If you lack an emergency fund or it is depleted, use part of your bonus to build or replenish it.
'If you invest in a rush at the last moment, you could compromise on selecting the best tax-saving options.'
As on April 1, income tax arrears have increased to Rs 43 trillion from Rs 24 trillion on April 1, 2023.
'Tax officials view most taxpayers as evaders.' 'The I-T department has a perverse incentive to raise unreasonable demands since the one-fifth tax collected counts towards officials' collection targets,' observes Harsh Roongta.
'Earlier there was no provision for considering TCS collected from the taxpayer for overall tax computation.' 'Now, credit will be given by the employer for TCS already collected to consider net tax to be deductible.'
An income tax tribunal held that the amount received by Google Ireland from Google India towards marketing and distribution rights of the AdWords programme is not royalty, and hence, cannot be taxed at the hands of the assessee (Google Ireland). The ruling by the Bengaluru-based Income Tax Appellate Tribunal (ITAT) may have repercussions on similar transactions by multinationals, feel experts. Explaining the case, Amit Maheshwari, tax expert at AKM Global, said Google Ireland had received Rs 8,662.93 crore under the Google Reseller Agreements.
rediffGURU T S Khurana answers readers' personal income tax queries.
Though seven opportunities have been granted to the states, it appears that full compliance has not been affected and several states are in default, it said.
Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
Have you wondered how many days of work -- depending on your net monthly income -- you would have to put in to buy the top-end iPhone 16 Pro?
Form 16 contains details of salary income, deductions, and exemptions.
'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
'Understand how wedding expenses fit into your overall financial situation.' 'Evaluate how different levels of spending will impact other goals like retirement, travel, or housing.'
Edtech firm Think and Learn Private Ltd, owner of Byju's, on Thursday said neither the company's founder and CEO Byju Raveendran nor any other board member will attend the extraordinary general meeting called by some select investors. Shareholders at Byju's are set to vote on Friday on a resolution brought by some investors to oust founder CEO Byju Raveendran and his family members over alleged "mismanagement and failures". Byju's has called the EGM "procedurally invalid" and contractually in contravention of the company's article of association and shareholder's agreement.
96 per cent is being collected through TDS, advance tax, self-assessment tax, and other receipts.
Taxpayers are filing their income tax returns (ITRs) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties.
'Tax is not required to be deducted from specified payments if a recipient files a self-declaration with the deductor for no deduction of tax.'
The securities regulator's approval for the first US-listed exchange traded funds (ETF) to track bitcoin has given Indian cryptocurrency companies hope that the move would create domestic support for the digital assets. The US Securities and Exchange Commission (SEC) on Thursday approved 11 ETFs for bitcoin, perhaps the most popular virtual currency. It would enable investors to access bitcoin without challenges such as setting up wallets or accounts with crypto exchanges that have previously suffered cyberattacks or implosion.
'We have essentially tried to set out an agenda for the next five years and it, in essence, represents the political commitment to that agenda.'
Taxpayers with old, outstanding taxes will benefit from the CBDT's new scheme.
Salaried persons whose liability is fully deducted as tax deducted at source by their employer need not worry about advance tax payments, unless they have other sources of taxable income.
'TMFs trump FMPs and FDs when it comes to investing in a high-duration product.'
'India's emergence as a top crypto market comes despite a regulatory and tax environment that can be challenging for the industry to navigate.'
The move comes barely a week after fellow crypto unicorn CoinDCX laid off 12 per cent of its workforce - an estimated 80 employees - amid challenging macroeconomic conditions and regulatory uncertainty in the sector. CoinSwitch has 519 employees, according to its LinkedIn profile. This means around 8 per cent of its workforce were shown the door.
Ahead of the Union Budget, the banking sector, through the Indian Banks' Association (IBA), has made recommendations to the Union finance ministry on direct tax, including removing Section 194N of the Income Tax Act. According to Section 194N, tax deduction at source (TDS) has to be done if a sum or sums withdrawn in cash by a person in a fiscal year exceed Rs 20 lakh if no income-tax return (ITR) has been filed for the three previous assessment years, and Rs 1 crore if ITRs have been filed in all the three previous assessment years.
Personal income tax as a percentage of GDP has gone up from 2.11 per cent in 2014-15 to 2.94 per cent in 2021-22 fiscal, indicating that taxpayer base is widening as a result of the steps taken by the present government led by Prime Minister Narendra Modi.
The tax authorities may tell banks and crypto exchanges to report transactions of virtual digital assets (VDAs) as the government begins taxing gains from cryptocurrencies and non-fungible tokens from April 1. So far, the tax department has relied on voluntary disclosures on transactions of VDAs. Once implemented, the sale and purchase of digital assets will reflect in the Annual Information Statement (AIS). The AIS contains details of at least 46 of the financial transactions done by a taxpayer in a financial year.
The income tax department has allowed non-resident taxpayers not having PAN to file Form 10F manually till March 31, 2023, a move which would ease their compliance burden and enable them to claim lower TDS rate. The Central Board of Direct Taxes (CBDT) had in July made it mandatory for non-resident taxpayers to file Form 10F electronically to claim benefit of lower Tax Deducted at Source (TDS). However, taxpayers faced problems in electronic filing of the form as the income tax portal did not allow a taxpayer who does not have a Permanent Account Number (PAN) to file Form 10F.
The government has imposed anti-money laundering provisions on cryptocurrencies or virtual assets as it looks to tighten oversight of digital assets. In a gazette notification, the Finance Ministry said the anti-money laundering legislation has been applied to crypto trading, safekeeping and related financial services. After this, Indian crypto exchanges will have to report suspicious activity to the Financial Intelligence Unit India (FIU-IND).
Mumbai, which adds 37 per cent to the total direct tax mop-up, has reported tax collection of Rs 4.93 trillion so far, against the full-year target of Rs 5.35 trillion.
The Central Board of Direct Taxes (CBDT) on Monday clarified that any deposit in the form of bonus or incentives credited in a user account will be considered net winnings, and subject to tax deduction, in case of withdrawal. If these are used only for playing, then it's not liable for tax deducted at source (TDS). Further, in case net winnings do not exceed Rs 100 a month, the applicable tax need not be deducted.
It is important to have the necessary documents on hand to verify the information in the form.
'Don't wait until the last minute. Instead, cultivate the habit of monitoring your Form 26AS throughout the year.'
Begin by creating a household budget. Involve all family members in the exercise and cut costs wherever possible.
Failure to disclose any income can lead to penalties and legal issues.
7 states account for over 80 per cent of the total direct tax collections by the Union government.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
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