I am a resident Indian promoter of an Indian private limited company that manufactures and exports antique furniture. In 2015, my company allotted a small percentage of shares to a non-resident individual who assisted in securing export orders. I am now buying back his shares in my company. Will the payment made to him fall…
In FY 2023-24, the new tax regime became a default regime. This shift has led many taxpayers to wonder whether traditional tax-saving investments such as PPF (Public Provident Fund), NSC (National Savings Certificate), post office saving scheme and NPS (National Pension System) are still relevant for the purpose of investment. The tax-saving instruments, which were…
For instance, if assets are gifted to a spouse, any income generated from those assets will be clubbed with the income of the person who originally owned the asset. In the case of a minor child, any income generated from those assets will be clubbed with the income of the highest-earning family member. Any income…
We are purchasing a property from an NRI, and the registration is scheduled for next week. As per the requirements, we need to deduct and deposit the TDS for this transaction, for which one needs to have a TAN (Tax Deduction Account Number). We do not have a TAN. Is there any provision to deposit…
Weakness in private consumption is at the forefront of India’s growth slowdown. As the Union Budget 2025 approaches, the wish list of measures to boost consumer demand is growing, but the need to lower the fiscal deficit ratio remains pressing. A deep fiscal stimulus is unlikely, but a carefully-crafted one that boosts demand, tackles inflation,…
With only two days to go before the deadline to file revised income tax return (ITR) for FY 2023-24 expires, taxpayers can claim tax rebate under section 87A. Notably, the income tax department recently released excel utilities for ITR forms ITR-2 and ITR3 to exercise the option to claim rebate u/s 87A. However, you have to manually edit…
If you somehow failed to file your income tax return (ITR) for any of the past two years, you can still file an updated income tax return. These two years are 2021-22 (AY 2022-23) and 2022-23 (AY 2023-24) for which taxpayers can still file their updated return before March 31, 2025, reveals the department’s website. Notably, the…
MUST check in ITR filing: Tax sleuths are out to tighten the noose on cash transactions. Ahead of the union budget, Mint takes a look at some transactions that may result in hefty penalties by the Income Tax (IT) department, as the government seeks to discourage the flow of liquid money. The IT Department and…
I am a retired senior citizen. I have short-term capital gains of around â‚ą5 lakh till now on listed shares. My interest income is expected to be around â‚ą2 lakhs for the year. I have fully invested/spent over â‚ą1.50 lakh in avenues covered by Sec 80C. After a deduction of â‚ą1.50 lakh under Section 80C,…
The trouble with taxation is not its inevitability, nor its comparison for that reason with mortality, but its susceptibility to being viewed through lenses tinted by the viewer’s own tax liability. Evidence of this rises and falls in waves, peaking around budget time. For a steady view of the broad idea, one must turn to…
