TAX LIABILITY PAYMENT
Creditors to vote on Sinnar Thermal Power offer as dispute over customs claims resolved
The former Indiabulls-owned plant was de-notified as a special economic zone (SEZ) and the resultant customs claims have now been admitted under the head of operational creditors, absolving any future liabilities worth ?635 crore for the bidders.
Income tax offences: To avoid jail term when can you use income tax compounding provisions; CBDT issues new FAQ
Income tax: The Central board of Direct Taxes (CBDT) has released new FAQs on compounding of offences. Under these provisions if you have any pending income tax case and want to settle this then you may apply for compounding of offences and get the case dropped. This can also help you avoid jail term if the tax department has imposed any criminal case.
Looking for last-minute tax-saving avenues before March 31st? Here’s how Section 80C can come to your rescue
With just over 10 days left to save on taxes, individuals can invest in instruments under Section 80C to reduce their taxable income by up to Rs 1.5 lakh. Options include provident funds, ELSS, NSC, tax-saver FDs, SCSS, and certain insurance premiums.
Missed advance tax deadline? To avoid another interest charge you must pay off any remaining advance tax liability before March 31
Advance tax: Incase you have missed the advance tax deadline of March 15, 2025 for FY 2024-25 then don't worry at once pay it off before March 31, 2025. If you don't pay it then interest under Section 234C will be levied. Moreover if you pay the missed advance tax payment after March 31, 2025 then interest under Section 234B will be levied.
This tax-free perquisite value for salaried employee will see a positive change in New Tax Bill 2025
Tax free perquisite: Experts say due to a tweak in language of the new tax bill, 2025 now tax free perquisite may include employee commuting costs through reimbursements, or transportation through employer owned/operated vehicles, and many more. Shalini Jain, Tax Partner, EY India says, "This could potentially reduce administrative burdens and make it easier for both employers and employees to comply with tax regulations."
Expenditure on salaries, pensions of employees to be highest in Himachal budget 2025-26
Himachal Pradesh's 2025-26 budget allocates a significant portion to salaries and pensions, with 45% combined expenditure. Developmental works account for 24% of the budget, while interest and debt repayments add up to 22%. Revenue expenditure is projected at Rs 48,733.04 crore, with a substantial fiscal deficit expected.
In a divorce case in Supreme Court, wife gets a flat near Mumbai without paying any stamp duty for transfer
Divorce: On February 28, 2025 a husband won a divorce case in the Suprme Court without having to pay any alimony to wife. But the Supreme Court ordered the husband to give up all his rights of the Godrej flat near Mumbai & also held that for this transfer of flat, the wife must not pay any stamp duty as per Section 17(2)(vi). Read below to know why.
Advance tax deadline March 15, 2025: These salaried individuals don’t need to pay the advance tax unless circumstances changed; Know how
Advance tax deadline: March 15, 2025 is the advance tax deadline for FY 2024-25. However, if you are a salaried individual and your employer deducts TDS then you need not pay advance tax unless certain situations happen. Some examples of such situations is: you got capital gains income, or dividend income or you switched to another company in middle of year, many more. Read below for more.
Didn’t file ITR in past? You may get tax notices from I-T department u/s 148A as it has identified high risk non-ITR filers
Tax notice: The Income Tax Department has identified the list of persons relating to AY 2019-20, 2020- 21 and 2021-22 who did not file Income Tax Return despite having substantial income. These persons are being called: Non-filers with potential tax liabilities. "High-Risk Non-filer cases for relevant assessment year(s) as approvedby the Board have been made visible to the Assessing Officers (AO)". Read below to know your options.
Shah Rukh Khan wins big in ITAT ruling: Understanding foreign tax credit rule
Bollywood superstar Shah Rukh Khan won a significant legal battle as the Income Tax Appellate Tribunal (ITAT) ruled in his favor, overturning the tax authorities' reassessment for the 2011-12 financial year. The reassessment was initiated after the tax officer denied his claim for foreign tax credit on income earned in the UK, recalculating his income as Rs 84.17 crore instead of the declared Rs 83.42 crore. The reassessment was done beyond the four-year statutory period.
Leeway on easier money could be a hidden peril in India's growth story
Sanjay Malhotra, the new Reserve Bank of India governor, is easing strict controls on consumer credit to boost economic growth. Banks will soon set aside less capital for loans to better-rated nonbank financial firms and microfinance loans. This move aims to revive slowing GDP but requires caution to avoid potential risks from increasing subprime loans.
Payments firm AGS Transact defaults on dues worth 386 million rupees
The companies and another unit, India Transact Services, also delayed paying certain statutory dues including tax liabilities worth 173.6 million rupees due to delays in collecting payments from customers and invoicing certain unbilled amounts. AGS Transact provides digital and cash-based solutions to banks and corporate clients, including ATM services.
Taxman smells a scam in dubious agricultural income declaration
A nationwide probe by the income tax department is investigating entities declaring agricultural income of ?50 lakh or more without owning any land. Cases of unrealistic farm income per acre are also being scrutinized for tax evasion, with potential penalties for wrongful claims.
Will I have to pay tax if my parents gift me Rs 20 lakh?
Am I supposed to pay tax on a gift from my parents? Our panel of experts answers questions related to any aspect of personal finance. If you have a query, mail it to us right away.
Rs 94 lakh cr investor wealth wiped from D-St, but tax loss harvesting can help recover setbacks. Here’s how
Investors can offset stock market losses against capital gains through tax loss harvesting, reducing tax liability amid higher capital gains taxes. The July 2024 budget raised STCG tax from 15% to 20% for shares held under 12 months, while LTCG tax increased to 12.5% for income above Rs 1.25 lakh on shares held for over 12 months.Caption: LTCG has been increased to 12.5% on income exceeding Rs 1.25 lakh, with shares required to be held for 12 months or more.
Mizoram CM Lalduhoma projects Rs 36,088.82 crore GSDP for 2025-26
Mizoram's chief minister announced an estimated GSDP of Rs 36088.82 crore for 2025-26, marking a significant increase. The government also declared Rs 60.19 crore as lapsed deposits, positively affecting the fiscal deficit. Cybercrime initiatives and tax reforms on petroleum products are anticipated to generate substantial additional revenue.
RBL Bank shares drop 3% after GST searches at 3 of its offices in Maharashtra
RBL Bank share price: RBL Bank has reshuffled its leadership team, appointing Narendra Agrawal as President & Head of Branch Banking and Retail Liabilities, and T.S. Pari as Chief Operations Officer (COO). This restructuring aims to bolster its retail banking business and streamline operations.
I-T Dept investigates unlisted share transactions, tax evasion in OFS deals
The Income Tax Department is probing transactions involving high acquisition costs for unlisted stocks to reduce capital gains tax. Notices have been sent to investors who bought shares before February 1, 2018. Authorities are examining the validity of acquisition costs and the legitimacy of funds used.
Time to act for lower TDS deduction: Form 15E, Form 13 for FY 2024-25 will stop after March 15, 2025; file it now
Lower or nil TDS: The tax department has enabled online filing of Form 13 and Form 15E on the TRACES portal. These forms help all taxpayers including salaried individuals to apply for a lower or nil rate of TDS deduction. If the request is granted then the taxpayer will save the hassle of claiming a tax refund later on and also improve their cash flow situation.
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