Income-tax commissioner confirms Rs 1,666-crore tax demand on IndiGo; airline to contest order
This is the second time the Commissioner of Income Tax-Appeals has confirmed tax demand on IndiGo, as a similar order was passed in 2015
Nearly 90% income tax payers find refunds easier, says CII survey
According to the survey, 87 percent of individuals and 89 percent of firms said that claiming income tax refund (ITR) has becoming convenient as ITR refund gets automatically generated after filing the returns
Tax assessment notices cannot be issued after three years, if the estimated concealment of income is below Rs 50 lakh
An income-tax notice cannot be issued if three years have passed since the end of the relevant assessment year. However, if there is evidence of concealment of income of at least Rs 50 lakh, a notice can be issued beyond three years but within 10 years of the end of the relevant assessment year.
Interim Budget 2024: Real estate scores hits on policy, but misses on implementation
Interim Budget 2024: Affordable housing and the introduction of the real-estate regulator were the biggest moves. But a lacklustre approach towards the rental housing market was arguably a big miss.
Qatar slaps Rs 238.9-crore tax penalty on L&T
The penalties have been imposed for the tax period between April 2016 to March 2017 and April 2017 to March 2018
Surge in India’s taxpayer base mirrors upward mobility
The number of people declaring Rs 10 lakh-plus annual income has grown nearly fourfold in the past 10 years. While inflation could explain part of this rise in income levels, and a part by more toning of the tax administration nudging people towards more income disclosures, a substantial part of this 93.7 million taxpayer base is a reasonable proxy of growing formalisation, rising incomes, and better affordability that have turned yesterday’s luxuries into today’s necessities
Expecting an NFT, crypto, or VDA gift this Diwali? Here are the tax implications
Crypto gifts received will be taxed as ‘income from other sources’ at regular slab rates if the total value of gifts is more than Rs 50,000.
Buying gold this festive season? All you need to know about taxes levied
Planning to buy gold this festive season, but confused about the taxes? If you’re looking forward to buying, investing, exchanging, or selling gold, this video will tell you all about it. In this video, we explain taxes on gold, short & long-term capital gains, and how tax on gold varies from purchase to purchase. Watch!
Live: What to do if you have received a GST notice? l Moneycontrol
Lakhs of notices have been sent to companies and individuals. Has the GST reform gone awry? What can you do if you have received a notice? And how soon can you expect relief. Shweta Punj chats with experts who decode for you
#gst #notice #tax
Not disclosing foreign assets to taxman can cost you dearly
Income-tax rules mandate that you disclose all your assets and income, especially if they are held outside India. Employees of multinational companies such as Amazon, Google, Microsoft etc. must be diligent in filing their tax returns
Crypto Unicorn expects India to lower tax that crushed trading
CoinDCX, like other Indian digital-asset exchanges, is seeking to diversify revenue streams by looking abroad or expanding into different projects.
Decoding taxation for international transactions: New TCS regulations explained
With effect from October 1, 2023, the new TCS regulations apply to your international spending such as overseas tour packages, forex, remittances, and so on. Whether you're a business owner, a frequent international traveller, or simply curious about how the TCS would be levied, this video is a must-watch.
Green financing needs more incentives for greening the wheels
An enhanced limit for priority sector lending to incentivise banks to increase lending in the green financing segment and tax incentives for investment in green bonds are some concrete steps needed to reduce the emission intensity of the transport sector
The tide is turning in the global tax evasion fight
But better targeting of the $12 trillion in wealth held offshore is essential to reconciling globalization with political legitimacy
Win Diesel: Why diesel cars will continue to burn rubber for a while
While the proportion of diesel vehicles is expected to come down in the long term, auto analysts do not foresee a complete wipeout of this powertrain. JATO Dynamics predicts the share of diesels will come down to 15 percent by 2024-end, and dwindle further to 7.5 percent by 2030-end
False declarations to avoid steep TCS could lead to penalties, warn experts
The onus of adhering to the international spending limit of Rs 7 lakh per annum per person, post which 20 percent TCS will kick in, rests with the customer purchasing the foreign exchange, say forex dealers
Personal Finance: How to adjust the TCS paid for your foreign tour against your tax outgo
The enhanced tax collection at source (TCS) of 20 per cent on foreign investments, foreign tours, etc blocks your funds, and adjusting the same against taxes payable can be a challenge, unless you do it the right way.
Karnataka commercial taxes dept finds 30 UPI QR codes, Rs 1.47 crore from biryani shop owner in Hoskote
Raid exposes tax evasion by biryani vendors in Bengaluru rural district
What is congestion tax? Karnataka govt proposed to solve Bengaluru’s traffic problems
The Karnataka government is considering to implement ‘congestion tax’ on drivers in Bengaluru entering via nine routes during peak hours. The proposed tax is aimed at reducing the worsening traffic on the roads of Bengaluru.
The fee is intended to discourage people from using their private vehicles and opting for public modes of transport. If imposed, it can be collected like traffic challans from vehicle owners.
Watch to know what exactly does ‘congestion tax’ mean!
Tax-saving FDs: These banks offer interest rates of up to 7.5%
Risk-averse investors and those in lower tax brackets can look at tax-saving fixed deposits.
Maruti Suzuki receives show cause notice from GST Authority
Maruti Suzuki India announced on Friday that it has received a show cause notice from the GST Authority. The notice proposes to demand interest, impose penalties, and appropriate tax already paid, totaling Rs 139.3 crore.
Improving data quality a prerequisite for regulating states' off-budget borrowing
If such data were to become available, markets could more effectively reward or punish governments at the Centre and states for their borrowing behaviours
Indian demands $150 million in taxes from Tiger Global-backed gaming firm Dream11
Dream11 and Indian tax authorities are in a dispute over what tax rates should be paid by such gaming platforms, which have become hugely popular for fantasy cricket games they offer.
Want to avoid TDS on FD interest, rent? File Form 15G or 15H
Use these forms to eliminate avoidable TDS on income from interest, commission, rent and so on. Although there is no specific deadline for submitting these forms, it is best to do so in advance, preferably in April or May
