GIFT TAX
Justice Clarence Thomas took gifts, loan, free yacht trip to Russia: Democrat Senators
It was 'ProPublica' who last year made startling revelations about the existence of extensive undisclosed gifts and lavish trips from Crow. Senators Sheldon Whitehouse, D-R.I., and Ron Wyden, D-Orhave have accused Thomas of violating the Ethics in Government Act, which requires officials like Supreme Court justices to file annual reports disclosing gifts and income accepted from outside sources.
How to file ITR-2 online with salary, capital gains and other incomes for FY 2023-24 (AY 2024-25)?
ITR-2 can be filed using the Excel or Java utilities provided by the income tax department, or online directly through the e-filing portal. This guide outlines the most effective way to file ITR-2 online, including examples of reporting salary, capital gains, and other incomes in the tax return form.
GIFT City's ambitious Formula 1 track plan comes to a grinding halt
ET had reported on 11 March that Gujarat Sports Authority had invited top international F1 racetrack designers to make presentations on the feasibility of building a F1 racetrack at GIFT City.
Stock ‘GIFT’ to founders of tech cos, unicorns comes under ED lens now
The ED is investigating technology firms and unicorns for violating FEMA through offshore fundraising tactics. The 'gift' of shares to Indian founders is under scrutiny, raising concerns over overseas direct investment. Indian promoters are being questioned and may need to explain past transactions.
Filing a nil ITR: 6 unexpected benefits from getting a travel visa, loan, scholarship and more
Benefits of filing an ITR: There are multiple benefits of filing an income tax return (ITR). As per Swapnil Bhaskar, Chief of Strategy, Niyo, "Filing an ITR can significantly help an individual secure a travel visa. ITR provides proof of income and hence many embassies ask for the last three years' ITR to evaluate applicant's financial stability and history."
How to file ITR for FY23-24: Claim deductions, exemptions carefully while filing income tax return or you may end up in jail
Two out of three respondents in our survey believed honest people pay more tax, while one out of five respondents felt that the tax authorities were lenient with dishonest people. “Taxpayers feel they are not getting anything in return for the tax paid. They use this belief as a justification for evading tax,” says Kaushik of TaxSpanner.com. Be careful while fining income tax return for the financial year 2024-25 or assessment year 2024-25.
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ITR filing: How to calculate taxable income for salaried, professional, freelancers and others
ITR filing: If you are a salaried individual then you need to know how to calculate taxable income for salary, professional, capital gains and other incomes. Once you have calculated the gross total income from various heads of income, you can claim deductions to reduce your net tax payable. Read here to know more.
Potential for huge NRI money coming into India via GIFT city: Bhavin Shah
“We have investments in large private sector banks, some regional private sector banks, NBFCs, MFI, microfinance, wealth management, life insurance, so pretty much across the board. We continue to find a large number of stocks that are still reasonably valued. We also are overweight on aviation,” says Bhavin Shah
HSBC taps metaverse to win business from India’s rich diaspora
HSBC expands offerings for India's affluent diaspora through a virtual bank in GIFT City, leveraging the metaverse. The bank aims to capture a share of the $112.5 billion remittances to India from non-residents. With the hiring of a UBS executive, HSBC eyes the potential $5.5 trillion wealth management industry in India by 2025.
India’s new finance hub in Gujarat eyes real-time dollar settlement by 2025
Real-time dollar settlement in India’s newest financial hub in Gujarat, GIFT City, is set to begin later this year. The service aims to attract foreign investors by streamlining transactions and reducing delays.
Tax parity for IFSC funds to help HNIs avoid US inheritance levy
Wealthy Indians can use GIFT City to avoid US inheritance tax on offshore investments. IFSCA is seeking tax parity for funds in GIFT City to attract HNI investors.
Budget 2024 may give Indian startups' HQ relocation plans a fresh lease of life
Indian startups domiciled abroad may relocate their headquarters to India via GIFT City, utilizing its SEZ for tax benefits. Amendments this year enabled unlisted firms to directly list on GIFT IFSC. IFSCA aims to finalize GIFT City listing norms by July for August implementation, facilitating e-commerce and tech firms' return like Razorpay, Zepto, Meesho to tap into India's growing stock market and access capital through global listings in GIFT City or specific overseas jurisdictions.
Ghar Wapsi, a start up the right path
India's regulatory regime has also facilitated shifts in both directions. Outbound investments were made easier by regulators clarifying what constitutes bona fide business when a startup intends to relocate abroad. Inbound investments also face more clarity over transfer of assets, apart from overall lower sectoral restrictions on foreign investments.
Mother's Day gift: Can credit card be a good gift to your mother especially when she is not earning?
Mother's day: This mother's day give her the gift of financial freedom by by taking out a credit card and giving to her. A credit card will be useful for her in many situations like in case of emergencies, household shopping, etc. A credit card will also help a non-working mother by giving her better autonomy.
Income tax return: My wife is a homemaker who earns interest income below Rs 2.5 lakh from FDs, RDs. Should she file her ITR?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
Look a GIFT IFSC horse in the mouth
Tax benefits can be denied on issue of beneficial ownership for ODIs issued abroad. Treaty abuse conditions don't apply to ODIs issued in IFSC.
Gift Nifty futures volumes soar 25% in 4 months to $82 billion in April
This marked a 25% increase compared to December turnover, contrasting with a 7% growth in Nifty futures turnover on the NSE during the same period.
Govt may review tax sops offered to IFSC
The government may need to reconsider the tax incentives offered to units in the International Financial Services Centre (IFSC) in Gujarat due to the impact of Pillar Two of the Base Erosion Profit Sharing framework, according to a Deloitte report. Pillar Two aims to ensure that large multinational companies pay a minimum effective rate of tax of 15% on profits in all countries. Units in IFSC may not have enough employees and assets to avail of the benefits, so they will need to evaluate the overall tax impact in India after the implementation of Pillar Two rules.
How to transfer wealth through gifts: All you need to know about gift deeds
A gift deed is a legal document that records the transfer of a gift, made willingly by the donor to the donee without any monetary exchange. Here’s how to transferring wealth through gifts
What type of gift is taxed and what is exempted? Arnav Pandya explains
Arnav Pandya explains income tax rules for gifts, highlighting exemptions for gifts from relatives like spouses, parents, and in-laws. Various types of gifts are taxable based on valuation and specific conditions, impacting both givers and receivers. Pandya says: "Any amount received from a relative, even if it is above 50,000 would not be taxed in the hands of the receiver ."
Taxpayers, check ITR portal NOW: Pending tax demand of up to Rs 1 lakh per individual waived by govt
Income tax outstanding demand: The Central Board of Direct Taxes (CBDT) has stated via a order that the income tax department has started waiving eligible old tax demand. However a maximum ceiling limit per taxpayer/assessee has been set and no outstanding tax demand entries above this ceiling limit would be extinguished.
Tax demand waiver: Income tax dept can waive off demand above Rs 1 lakh in these cases
Income tax demand waiver: The Central Board of Direct Taxes (CBDT) has stated in a circular dated February 13, 2024 that the tax department would waive off all eligible tax demands up to an aggregate limit of Rs 1 lakh per taxpayer. Experts opine that if the tax dept waives off both tax demand and interest on such demand, the quantum of demand waived can be much more than Rs 1 lakh.
Will outstanding tax demand waiver help you get pending income tax refund?
Income tax refund from outstanding tax demand waiver: The interim budget 2024 announced the waiving off old outstanding tax demands for a specified amount upto specified financial years. However, many taxpayers are wondering if they will get income tax refund from previous years. Also what if their income tax refund amount is stuck due to litigation? Read on to know more about it.
Govt's decision to extend tax benefits to boost investor confidence, say experts
The decision to extend tax benefits by a year provides clarity and certainty for global investors and eligible companies to enhance investment and operational planning. The extension of tax benefits till March 31, 2025, benefits eligible startups, sovereign wealth funds, pension funds, and units in the International Financial Services Centre (IFSC) GIFT City.
Govt to withdraw 1.1 crore small tax demands totalling Rs 3,500 crore: Revenue Secretary
In her interim budget speech for 2024-25, Finance Minister Nirmala Sitharaman announced withdrawal of outstanding direct tax demands up to Rs 25,000 pertaining to 2009-10 and up to Rs 10,000 for financial years 2010-11 to 2014-15, to benefit about a crore tax-payers
Budget 2024: Sitharaman proposes to extend tax exemption to GIFT units
Finance Minister Nirmala Sitharaman has prolonged tax benefits on income from International Financial Services Centre (IFSC) units, originally set to expire in March 2024, until March 2025. This extension applies to tax exemptions on income derived from Gujarat International Finance Tec-City (GIFT), including trading in non-deliverable forward contracts and offshore derivative instruments.
PM Modi seeks to revive hinterland finance hub with new sweeteners
Although 400 entities, mostly banks, operate in GIFT City, employing 20,000, it struggles to become a vibrant financial hub. Modi aims to revitalise it as a modern financial and technology center. New rules, expected in April, will allow Indian firms not listed on Indian exchanges to directly list their equity at GIFT City.
Received Diwali Bonus via cash, gift card, e-voucher, prepaid cards? Know how much income tax you will have to pay
Multiple corporate and some government employees would have received their Diwali bonus. Further it is not always necessary to receive Diwali bonus in cash. There are multiple other avenues to receive Diwali bonus like e-voucher, gift card and pre-paid gift cards issued by banks. Know the income tax implications of receiving Diwali bonus through each of the instruments.
Is gift deed a tax-efficient way to transfer assets to legal heirs?
Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
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