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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…
Source: Live Mint The date of acquisition for the property inherited by you from your father will be the date on which your father had purchased the property. The cost and date of acquisition for a capital asset acquired under a will or as a gift, will be the cost and the date for which,…
Source: Business Standard 4 min read Last Updated : Sep 15 2024 | 11:28 AM IST The Group of Ministers on reworking the nomenclature for GST compensation cess is likely to be convened by Union Minister of State for Finance Pankaj Chaudhary and include members from states, an official has said. The official…
Source: Live Mint The list of valuers registered with the Income Tax Department for valuation of immovable property is generally uploaded by the chief commissioner of income tax in charge of the particular region and can be found on the income tax website. However, it is not mandatory to obtain the value as on 1…
