Tax Department Raids Gujarat Realty Firm, Detects ₹ 500 Crore Unaccounted Transactions

The Income Tax Department has detected unaccounted transactions of over ₹ 500 crore after it raided an Ahmedabad-based real estate developer and linked brokers as part of a tax evasion probe, the Central Board of Direct Taxes or CBDT claimed today. “Documents reveal unaccounted income of more than ₹ 200 crore in the hands of the real estate group and also unaccounted income of more than ₹ 200 crore in the hands of the parties recorded in the documents found from the possession of the brokers.” “Overall, the search & seizure operation has resulted in the…

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Tax and cost worries weigh on Barratt shares

Perhaps it is down to concerns over the expiry of the stamp duty tax break in October, or worries over an increasing reliance on Help-to-Buy, or the potential impact of the proposed April 2022 launch of the Residential Property Developer Tax, but investors do not seem unduly moved by Barratt Developments’ strong full-year results. Perhaps it is just down to the absence of any incremental good news, but the shares are not responding to publication of healthy profits, a net cash balance sheet and a dividend that equates to a historic…

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Investment Cell to provide information on tax policies, incentive schemes to entrepreneurs

NEW DELHI: The proposed Investment Clearance Cell in the Budget will link all central government ministries and state departments to provide information on land banks, incentive schemes and taxation policies to entrepreneurs, a top government official said. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Guruprasad Mohapatra said the cell will help an entrepreneur to take a well informed decision to set up manufacturing facility in the country. “The idea is to bring all central government ministries and state governments linked to it physically as well as through IT,” he told…

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Mutual Fund Investment: 5 reasons to invest in tax saving mutual funds

Investing in tax-saving mutual funds gives the benefit of diversifying your portfolio as per requirement. Tax-saving mutual funds, over the years, have proven to be the best tax-saving option for investors. While there are various tax-saving investment options such as National Pension System (NPS), National Savings Certificate (NSC), and Public Provident Fund (PPF), among others, Equity-Linked Savings Scheme (ELSS) has remained the most preferred. Here are 5 reasons why you should consider investing in tax-saving mutual funds (ELSS): 1. Lowest Lock-in Period Conventional tax-saving instruments generally come with long lock-in…

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Tax on debt investment in 2019: Here’re the applicable taxes on various instruments

The various debt-oriented investment options available in the market such as bank fixed deposits, recurring deposits, post office savings scheme, national savings certificate, debt-oriented mutual funds attract DDT is paid by the enterprise which is issuing the dividends.   |  Photo Credit: Representative Image New Delhi: Individuals select the investment options on the basis of their respective objectives, risk-taking capacity and the benefits offered by an investment scheme, be it a debt-related investment option or an equity-oriented investment option. The taxation on different types of debt instruments varies on the basis of specifications…

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Filing Income-Tax Returns: 5 tax implications of mutual fund investments

If you are a  mutual fund investor, one of the important things to understand is the tax implications on your investments. Investment in mutual funds comes with various tax provisions. Thus, while investing in equity funds can carry tax saving benefits under Section 80C of the Income Tax Act along with the Long Term Capital Gains (LTCG) taxation, investing in debt funds come with indexation benefit. However, there is often confusion on mutual fund taxation. For example, many of us think that investments in all equity mutual fund are eligible…

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