rediffGURU Samkit Maniar answers readers' personal income tax queries.
'Expectations are high regarding the change in LTCG with respect to equity investments.'
'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.'
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.
Not filing an ITR or paying the tax dues on the deceased's behalf can lead to penal consequences.
'For me, if I want to buy a house to stay, I don't care about indexation because I don't want to sell that house.' 'The only thing that matters to me as a buyer is that the home price should be within my reach.' 'Any market, when speculators and investors go out, it will benefit the middle class.'
It's tax returns season. Ask our tax experts Mihir Tanna, Hardik Parikh, Tejas Chokshi and Sanjeev Govila.
If you think that revenue officials are going berserk, acting on their own, while the government chants the mantra of 'ease of doing business', you would be wrong. These moves appear to have full official backing, points out Debashis Basu.
Almost all verification and assessments of returns selected for scrutiny are being done electronically through an anonymous back office, manned by tax experts and officials, without any personal interface between taxpayers and officers.
Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
Ask Tax Gurus Mihir Tanna, Mahesh Padmanabhan and Anil Rego.
Karnataka Governor H R Bhardwaj on Sunday favoured the Union government entering into a dialogue with foreign countries to get back the black money stashed abroad by Indians even as he lashed out at Anna Hazare and Baba Ramdev for raising the issue.
Policymakers are examining the possibility of increasing the tax-free slab to Rs 5 lakh in the two-year-old alternative personal income tax regime to make it attractive, a government official said. At present, taxpayers don't pay income tax if their taxable income is Rs 2.5 lakh and below. Increasing the threshold will reduce the tax outgo for assessees, thereby leaving more money with them to invest, the official said.
RediffGURU Mihir Tanna broadly lists the ITRs to be filled by individuals having income from salary, house property, capital gain, business and other sources.
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
The government on Friday announced that no tax will be charged on overseas spending of up to Rs 7 lakh in a year using debit or credit as it looked to douse backlash from its earlier decision of levying TCS on all spending. The government had earlier this week brought overseas credit card spending under Liberalised Remittance Scheme (LRS). This meant that any spending using credit cards overseas would attract a 20 per cent tax from July 1.
Indian charitable trusts, including Tata Trusts and top corporate donors, are stumped by a new tax law proposed in the Budget, which reduces tax breaks for the donor organisations. The Finance Bill proposes that if a charitable organisation donates to another charity, then only 85 per cent of the donation will be considered as application of income for the donor organisation. Trust officials say this is a major setback for the donor organisations, including corporate foundations and intermediary organisations, which work with various implementing agencies at the grassroots level.
Six years after the rollout of the biggest indirect tax reform in India, Goods and Services Tax (GST) revenue of Rs 1.5 lakh crore every month has become a new normal and tax officers are focusing on dealing with fraudsters who are adopting newer modus operandi to game the system, causing loss to the exchequer. To apprehend black sheep, who operate as syndicates and create fake entities on the basis of forged documents to claim input tax credit (ITC), tax officers have started using data analytics, artifical intelligence and machine learning aiming to curb evasion, which was over Rs 3 lakh crore since inception of GST. It was over Rs 1 lakh crore in 2022-23. Thinktank Global Trade Research Initiative (GTRI) said the most critical pending GST reform is upgradation of GST Network to prevent fake supplies and fraudulent claims of Input Tax Credit (ITC).
Missing the deadline for filing Income Tax returns can lead to consequences.
Finance Minister Pranab Mukherjee on Friday presented Union Budget 2012, the 81st Budget in India's history. Individually, this is Mukherjee's seventh annual Budget, second-highest by any Finance Minister.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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 new amendment, which came into force on April 21, has been introduced to detect discrepancies between the expenses and incomes of people who do not have to file tax returns.
It's not unusual for the tax departments to freeze bank accounts and there have been instances of the authorities recovering the outstanding from the bank, though such course of action is not common.
Tax consultants and chartered accountants have started receiving a flurry of calls from their clients - both corporate and individuals - seeking clarity over changes in the reassessment regime made during the recently concluded Budget Session of Parliament. Tax experts apprehend the amendments may lead to the income-tax (I-T) department sending out more notices. The new provisions, effective from April 1, have extended the scope for tax sleuths to reopen the past assessments.
Tax experts G Srikanth and Anil Rego will answer all your tax queries in two different chats between 1 pm and 4 pm on Monday, February 3.
Before 2019, an estimated 22 million individual income-tax returns did not have to pay any taxes. But after the change in the exemption level, another 13 million individual tax returns did not require to pay taxes. Thus, of about 58 million returns, as much as 63 per cent or 35 million went out of the direct tax net, A K Bhattacharya points out.
Under fire for technical glitches plaguing the new income tax return filing portal, Infosys CEO Salil Parekh on Wednesday said the new portal developed by his company is seeing "steady progress" and already 1.9 crore returns have been filed. He further said that taxpayers' concerns are being "progressively addressed". "We are seeing a steady progress on the income tax system. As of yesterday we had over 1.9 crore returns that have been filed using the new system.
In a most perverse example of tax bullying, someone I know has got by three such notices reopening his assessment minutes before the midnight deadline of June 30, reveals Debashis Basu.
Tax experts said that in FY17 around 80,000 people had reported incomes of over Rs 1 crore
The government has reduced the tariff value for import of edible oil, including palm oil, by up to $112 per tonne, a move which experts said can lead to lower domestic prices. The Central Board of Indirect Taxes and Customs (CBIC), through a notification, has cut the tariff import value of crude palm oil by $86 per tonne, and of RBD and crude palmolein by $112 per tonne each. It also reduced the base import price of crude soyabean oil by $37 per tonne. The changes in tariff value of edible oil are effective from Thursday (June 17).
The government has tweaked the income tax laws to make it easier for the new owners of loss-making public sector undertakings (PSUs) to carry forward the accumulated losses and set them off against future profits. This will result in significant tax savings for the new owners if they are able to turnaround operations of the ailing PSU within a few years. This will, in turn, boost the post-tax earnings and returns for the new owners.
Mahesh Padmanabhan, principal advsior, RelaxWithTax, will answer all your tax-related queries in an online chat on February 5, between 2 pm and 3 pm
'Quite a few notices have been issued in both black money and benami transactions.'
Based on the holding period, the profit you make is liable to short-term or long-term capital gains tax, experts tell Tinesh Bhasin.
Tax experts say one of the most dispute-prone proposals is making "fraudulent availing" of input tax credit (ITC), without an invoice or bill, a cognizable and non-bailable offence.
Those who have crossed 50 must show the greatest urgency. They need to achieve a corpus that can sustain them and their spouses for at least 25-30 years after retirement.
The GST Council might on Friday consider taxing petrol, diesel and other petroleum products under the single national GST regime, a move that may require huge compromises by both central and state governments on the revenues they collect from taxing these products. The Council, which comprises central and state finance ministers, in its meeting scheduled in Lucknow on Friday, is also likely to consider extending the time for duty relief on COVID-19 essentials, according to sources in the know of the development. GST is being thought to be a solution for the problem of near-record high petrol and diesel rates in the country, as it would end the cascading effect of tax on tax (state VAT being levied not just on the cost of production but also on the excise duty charged by the Centre on such output).
Experts believe the new norms may be an indirect way for Sebi to apply the brakes on dividend option plans in MFs.
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