ELECTORAL BONDS INCOME TAX
Latest PPF (Public Provident Fund) interest rate for July- September 2024 quarter
Latest PPF interest rate: The Public Provident Fund (PPF) is widely favored as a savings option. The government has recently revealed the interest rates for small savings schemes for the period of July to September 2024. PPF investments are considered risk-free as it is government backed.
It's taxing times for electoral bond buyers after Supreme Court's Feb verdict
More than 1,000 entities who purchased electoral bonds for political donations may now face inquiries from tax authorities regarding the deductions claimed on these contributions, following the Supreme Court's decision to invalidate the scheme in February. The Supreme Court, in its ruling on February 15, declared the electoral bond scheme unconstitutional. Since its introduction in January 2018, the scheme had amassed Rs 16,518 crore in donations for political parties.
Income tax Budget 2024 expectations: 10 ways the finance minister can ease income tax and financial burden of senior citizens
Income tax Budget 2024 expectations: A notable percentage of taxpayers in India are senior citizens since they receive income, frequently through passive means. ET Wealth Online interviewed three specialists to discuss senior citizens' expectations for the forthcoming Union Budget 2024.
Income tax saving: Sold land, house or jewellery? Know how indexation benefit can help you lower your long-term capital gains
Capital gains taxation: You can save your net capital gains tax outgo by using indexation benefits allowed by income tax laws. File ITR now and pay a lower amount of capital gains tax. However do note only long term capital gains are eligible for indexation. Short term capital gains are not eligible for indexation.
Who needs to file income tax return (ITR) in India for FY 2023-24
Who is required to file ITR mandatorily: The Income-tax Act, 1961 defines the situations where income tax return filing is mandatory for individuals. Under the income tax laws, ITR filing is mandatory if total taxable income exceeds the basic exemption limit. There are other provisions in the income tax laws which make ITR filing mandatory.
What is Cost Inflation Index (CII) for FY 2024-25, FY 2023-24 for income tax purposes?
CII number for FY 2023-24, FY 2024-25: The income tax department notifies cost inflation index number for every financial year. This CII number helps to calculate inflation adjusted cost or inflation indexed cost on specified capital costs. Read on to know the CII number from 2001-02 for different financial years.
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Documents required for ITR filing: 10 documents you need to file income tax return
Documents required for ITR filing: An individual should collect all the required documents such as Form 16, bank account statements, capital gains statement, depending on the incomes they have to make the ITR filing process easier. Here is the list of 10 documents that a taxpayer might need to file their income tax return this year.
Game's Bond, Electoral Bond: Two reforms that India's new government should undertake
All political funding should be routed transparently through electronic means, via UPI, IMPS, Neft or RTGS. Let parties crowdfund themselves. In a democracy, money should move from the people to their parties, not from politicians to voters.
Plan to tweak capital gains tax regime for debt mutual funds
The government is considering changes to the capital gains tax regime for debt mutual funds to provide relief for the Bharat Bond Exchange Traded Fund, amid concerns over the current taxation structure.
Should you invest in tax-free bonds?
In order to take a decision to invest in tax-free bonds, Gaurav must weigh its features against other investments. As an investment providing tax-free income, these bonds may fare well when compared to bank fixed deposits and debt mutual funds.
I-T dept asks taxpayers to link PAN with Aadhaar by May 31 to avoid higher TDS deduction
The income tax department urged taxpayers to link PAN with Aadhaar by May 31 to avoid higher tax deductions, as unlinked PANs incur double TDS rates. A circular allows no penalties for short TDS if linked by the deadline. Reporting entities must also file SFT by May 31 to avoid penalties.
Mandatory scrutiny of ITR: Income tax dept reveals the criteria how the ITRs will be selected for the scrutiny
Income tax return: The tax department has released a circular which outlines the criterias and procedure to be followed if a particular income tax return (ITR) is to be selected for scrutiny. These guidelines also includes the procedure and criteria to be followed for section 142 (1) income tax notice.
Liquor, drugs, cash worth Rs 56 crore seized in Haryana since imposition of poll code
Law enforcement agencies in Haryana seized Rs 56 crore worth of drugs, liquor, and unaccounted-for cash since the Model Code of Conduct for Lok Sabha elections began on March 16. The seizures included cash amounting to Rs 11.50 crore, illegal liquor, narcotic substances, and items worth Rs 44.69 crore. Various agencies conducted seizures, with police seizing Rs 5.
Electoral Bonds: CJI to take call on listing of plea seeking SIT probe into quid pro between corporates and political parties
Two NGOs have requested the Supreme Court to consider their PIL for a court-monitored investigation into alleged quid pro quo involving political parties, corporations, and investigative agencies in the electoral bonds scheme. The Court acknowledged the plea and assured it would be listed for an early hearing, following the recent scrapping of the electoral bonds scheme by a Constitution bench.
Now investors can buy corporate bonds for just Rs 10,000; should you go for it?
While investing in fixed income, investors typically hunt for safety of capital and predictability of return. Most retail investors shy away from debt funds as these are market-linked. While individual bonds may seem appealing, the onus of due diligence falls on the investor.
"Accounts of BJP should be seized": Sachin Pilot on electoral bonds
Sachin Pilot welcomed SC's electoral bond verdict, urging BJP's profit clarification and account seizure in Mumbai. Election Commission shared data from SC registry, including pre-April 12, 2019 transactions like DMK receiving Rs 656.5 crore.
Congress alleges black money routed to BJP's accounts through electoral bonds
The Congress on Sunday charged the government with engaging in "quid pro quo" for receiving electoral bonds and "conspiring" to route black money into the BJP's accounts through the scheme. Congress general secretary Jairam Ramesh said Prime Minister Narendra Modi and Home Minister Amit Shah were answerable on the electoral bond "scam".
Congress rendered financially handicapped through tax terror: Jairam Ramesh on freezing of party bank accounts
Congress leader Jairam Ramesh accused the BJP government of freezing party bank accounts, rendering it economically handicapped before elections. Ramesh alleged BJP was illegally collecting funds through electoral bonds. He praised Rahul Gandhi's yatras and vowed to continue ideological fights despite challenges.
Electoral bonds: Freeze BJP bank accounts, conduct special investigation, says Kharge
Congress President M. Mallikarjun Kharge called for a special investigation into the electoral bonds scheme, highlighting that the ruling BJP amassed Rs 6,060 crore over five years, demanding freezing of its bank accounts until the probe's completion. He criticized the disproportionate donations received by the BJP compared to Congress, urging for transparency.
Future Gaming’s Santiago Martin: Under ED, I-T’s lens for a decade, this 'Lottery King' bought electoral bonds worth Rs 1,368 cr
ELECTORAL BONDS: Future Gaming and its CEO Santiago Martin, dubbed the 'Lottery King', have drawn attention for purchasing electoral bonds worth Rs 1,368 crore. The company, with interests spanning healthcare to gambling, has faced scrutiny from investigative agencies for alleged financial fraud and money laundering since 2011, despite its substantial turnover.
82.42 pc of national parties' unknown income tied to electoral bonds: ADR
Out of the Rs 1,832.88 crore as income from unknown sources, the share of income from electoral bonds was Rs 1,510 crore or 82.42 per cent, according to the analysis of the financial reports for the fiscal year 2022-23 submitted to the poll panel, it stated.
PM Narendra Modi urges 'everyone' to donate to BJP after giving Rs 2,000
India's Prime Minister Narendra Modi has urged 'everyone' to donate money to the Bharatiya Janata Party to help the saffron party's efforts in building the nation. The Supreme Court recently banned electoral bonds introduced by the Modi government, which were crucial for political funding.
Electoral Bonds: Bank rules may stand in way of SC ruling to reveal hidden information, sources say
Poll bonds: Indian banks' norms may hinder the disclosure of subscribers' names in electoral bonds. The Supreme Court banned these bonds, citing transparency and accountability concerns. The State Bank of India has been ordered to disclose donor details, including the BJP's lion's share of Rs 16,518.11 crore funding, ahead of the general elections.
Electoral Bonds: BJP took home lion's share of Rs 16,000 crore political funding
Poll Bonds: The Supreme Court's landmark order banned electoral bonds, declaring them unconstitutional due to concerns about transparency and accountability. The ruling BJP received the majority of funds through these bonds, significantly increasing its income. Other parties also relied on electoral bonds for financial support.
Electoral Bonds: Why are they banned & how will it affect BJP?
Poll bonds: India’s Supreme Court has banned the use of anonymous electoral bonds by political parties for fundraising. This decision affects funding across party lines but is seen as a setback for the ruling BJP, which benefited the most from the scheme.
Election commission opposed electoral bonds
ECI had written a three-page letter to the law ministry on May 26, 2017, flagging concerns over amendments in the Finance Act, 2017, which brought changes in the Income Tax Act, The Companies Act, 2013, and the Representation of the People Act, 1951 - all done to enable the launch of the scheme.
Supreme Court strikes down electoral bonds as unconstitutional
State Bank will stop issuing such bonds immediately and provide complete details on those issued since 2019 to the Election Commission of India, which will make this information public by March 13, the court said. Also, bonds issued and still within the 15-day validity period have to be returned and the money refunded to the purchaser.
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