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Source: Live Mint Amid expectations the upcoming budget will address the issue, experts suggest steps such as reintroducing the faceless regime with personal hearings to handle complex cases, ramping up staffing, alternative dispute resolution mechanisms and mandating a one-year deadline to dispose of appeals. As per the Central Action Plan data, about 550,000 appeals were…
Source: Live Mint Inspired by developed nations, this progressive tax system is designed to promote fairness by imposing incrementally higher tax rates on higher income brackets. For instance, an individual earning ₹5,00,000 pays tax at 5%, while someone with an income of ₹7,00,000 is taxed 5% on the first ₹5,00,000 and 20% on the additional…
Source: Live Mint I worked with a Singapore company from 2001 to 2020 before returning to India permanently in 2020. During my employment with that company, my employer and I contributed to their provident fund. However, since I left Singapore permanently, I decided to withdraw the accumulated balance in my PF account. Due to a…
Source: Live Mint A Jodhpur bench of Income Tax Appellate Tribunal (ITAT) recently ordered that the gains on cryptocurrencies sold before 2022 will be treated as capital gains and not as income from other sources. This is believed to hold a lot of significance as the capital gains (both short and long term) on cryptocurrencies sold after April…
Source: Live Mint Fixed Deposits (FDs) are one of the most preferred investment options in India due to their simplicity, guaranteed returns, and low risk. However, FDs are offered by both banks and corporates, and understanding the differences between the two is crucial for making an informed decision. Introduction Fixed deposits are time-bound financial instruments…
Source: Live Mint In recent years, the decline in debt mutual fund investors has been alarming. Since 2020, folios in fixed income funds have dropped to 7.1 million from 8.1 million even as equity-oriented fund folios have skyrocketed to over 1.5 billion from 638 million. While the percentage of total MF assets to bank fixed…
Source: Live Mint An NRI (Non-Resident Indian) who earns income both abroad and in India often encounters difficulties in managing finances. They also face challenges in keeping track of bank accounts in a foreign country, and sending money to their home account can be tricky. NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts are the…
Source: Live Mint My wife and I live and work in France. My wife’s cousin wanted to gift her money by wire transfer after we hosted her cousin’s family recently while on their trip to France. Would this have any tax implications for my wife in India?-Name withheld on request Under foreign exchange regulations, your…
Source: Business Standard The top court allowed the appeal of the Income Tax Department | (Photo: Shutterstock) 4 min read Last Updated : Oct 04 2024 | 1:30 PM IST In a relief to the Income Tax Department, the Supreme Court has upheld the validity of nearly 90,000 reassessment notices issued by the revenue…
Source: Live Mint The income tax department’s online tax return filing and processing system has proved to be a vast improvement over the old manual system. However, more than a decade after the online system was launched, taxpayers continue to face difficulties, best exemplified by a recent Supreme Court order. In this case, the taxpayer…
/cdn.vox-cdn.com/uploads/chorus_asset/file/25840693/how_it_works4.png?w=400&resize=400,250&ssl=1 "Here’s the tech that could turn millions of Zigbee light bulbs into motion sensors with a single update")