New Delhi [India], November 17 (ANI/ATK): Life is a long journey that includes a variety of financial goals and entails many unforeseen circumstances. You will always strive to ensure a brighter and safer future for your loved ones, and having a sound financial plan in place can go a long way towards making it a reality.

New Delhi [India], September 17 (ANI): The Central Board of Direct Taxes (CBDT) has issued revised guidelines with regards to the compounding of offences under the Income Tax Act, 1961, in conformity with the government's policy of facilitating Ease of Doing Business and decriminalisation of offences.

New Delhi [India], July 31 (ANI): As many as 1,953,581 Income Tax returns have been filed up to 1300 IST on Sunday and out of which 467,902 were filed just in the last 1 hour.

New Delhi Mar 21 PTI Infrastructure cost incurred in the mining of cryptocurrencies or any virtual digital assets will not be allowed as deduction under the Income Tax Act Minister of State for Finance Pankaj Chaudhary said on MondayIn a written reply to the Lok Sabha Chaudhary said the government will come out with a definition of Virtual Digital Assets VDA with a view to levy 30 per cent tax on income from the transfer of such assetsAlso loss from the transfer of VDA will not be allowed to be set off against the income arising from the transfer of another VDA Chaudhary saidHe also said that currently cryptocurrencies are unregulated in IndiaThe 2022-23 Budget has brought in clarity concerning the levy of income tax on crypto assets From April 1 a 30 per cent I-T plus cess and surcharges will be levied on such transactions in the same manner as it treats winnings from horse races or other speculative transactionsThe minister said that while computing the income from transfer of VDA no deduction in respect of any expenditure other than the cost of acquisition or allowance is allowedThe Finance Bill also proposes to define VDA If any asset falls within the proposed definition such virtual asset will be considered as VDA for the purposes of the Act and other provisions of the Act will apply accordingly he saidFurther he said infrastructure costs incurred in the mining of VDA eg crypto assets will not be treated as cost of acquisition as the same will be in the nature of capital expenditure which is not allowable as a deduction under the I-T ActNangia Andersen LLP Partner Sandeep Jhunjhunwala said since intra-head adjustment of losses ie set-off of loss arising from one VDA with the income from another VDA would not be permitted such losses would be a sunk cost for the investors causing a double whammy paying taxes on gains and no offset of lossesThis would lead to a situation where losses say on account of transaction in altcoins one VDA class would not be permitted for set-off against gains on another VDA class say any other programmable token or bitcoin he saidDisallowance of infrastructure cost incurred in mining cryptocurrencies costs as a permissible revenue expenditure would further increase the cost of mining these assets Jhunjhunwala addedRohinton Sidhwa Partner Deloitte India said the mining expense disallowance is unlikely to impact the majority of traders however the prevention of offset between different cryptos will probably negatively impact many tradersThe Budget 2022-23 also proposed a 1 per cent TDS on payments towards virtual currencies beyond Rs 10000 in a year and taxation of such gifts in the hands of the recipient The threshold limit for TDS would be Rs 50000 a year for specified persons which include individualsHUFs who are required to get their accounts audited under the I-T ActThe provisions related to 1 per cent TDS will come into effect from July 1 2022 while the gains will be taxed effective April 1Separately the government is working on a legislation to regulate cryptocurrencies but no draft has yet been released publicly PTI JD CS MBI RAM

Gurugram (Haryana) [India], January 18 (ANI/NewsVoir): Real estate is the second-largest employer in the country and is also expected to incur more non-resident Indian (NRI) investment, both in the short term and the long term.

New Delhi [India], December 29 (ANI): Income tax returns (ITR) filing is one of the most important financial tasks every year. The deadline to file ITR for the financial year 2020-21 is December 31.

Pune Maharashtra India NewsVoir Medical emergencies may dent ones savings and impact their financial goals Instead of liquidating savings to raise funds for such emergencies securing ones familys future with health insurance is best Multi-year health insurance is the most economical and viable choice to stay prepared for any critical health situations that may arise in the future Heres a look at the various advantages of purchasing a multi-year insurance policy 1 Hassle-free renewal With most health insurance plans there is a need to renew the policy annually However by choosing multi-year health insurance one doesnt have to worry about annual renewals A renewal period of two or three years is common in these plans Bajaj Finance offers a range of comprehensive health plans with a policy period of two to three years and a benefit of lifetime renewable option This option allows one to renew the policy anytime in their life Some of these plans provide coverage against treatments ranging from modern to traditional methods One can avail of mental illness coverage with the option to choose a second e-opinion on critical illnesses when needed Therefore an individual can stay covered for a longer period with a single plan 2 Waiting period coverage Multi-year health insurance plans between two and three years give the advantage of doing away with the waiting period on every renewal 3 Minimal paperwork Multi-year health plans reduce the amount of paperwork required drastically 4 Extensive health coverage Health emergencies can strike any time and given the increasing healthcare costs its better to have insurance that provides comprehensive coverage against all medical expenses It also encourages one to seek the best treatment possible without having to worry about the costs One can also choose top-up health insurance plans to cover additional health needs from Bajaj Finance 5 Tax exemptions Multi-year health insurance plans also offer tax-saving benefits One is entitled to a tax deduction on the premium paid towards the policy under the Income Tax Act The policyholder can benefit from tax deduction up to Rs 50000 depending on the policy chosen 6 Fixed premiums With a multi-year health insurance plan one can stay immune to any revision in premiums The increasing healthcare expenses impact the premium value of the health plans resulting in a hike every year However multi-year health insurance plans come with a fixed premium that secures one under an extensive plan for a few years Choosing the right health insurance plan offers protection from expenses incurred due to major diseases or personal accidents Bajaj Finance offers health plans that suit individual requirements at reasonable costs By opting for a health insurance plan by Bajaj Finance one can stay financially equipped to handle any medical emergency PWR PWR

Pune (Maharashtra) [India], September 21 (ANI/NewsVoir): Medical emergencies may dent one's savings and impact their financial goals.

New Delhi Sep 21 PTI The Delhi High Court Tuesday said the Income Tax department is bound by its assurance to maintain confidentiality of the material seized during a survey operation at news portal Newslaundrys premises and to ensure that it is not leaked The court which was hearing a petition by the news portal and its co-founder Abhinandan Sekhri said the grievances related to a challenge to the survey operation can be agitated by them at a subsequent stage if required Rights and contention of parties are kept open the bench stated Counsel for the I-T department assured a bench of Justices Manmohan and Navin Chawla that the material seized by the authorities will be used only in accordance with the law which may include sharing it with other government agencies and will not be leaked to third parties Seized material is in safe custody of the Income Tax department Seized material shall not be leaked It will be illegal to leak such material said lawyer Ajit Sharma for the department The respondent assures and undertakes before the court that the seized material shall not be leaked and the concept of confidentially as enshrined in the Income Tax Act shall be abided The said undertaking given by the respondent is accepted by the court and respondent is held bound by it the court recorded Senior counsel Siddhartha Dave representing the petitioners stated that the apprehension of a leak would not have arisen had the department given them an opportunity to delete personal data before taking it away However in view of the I-T departments assurance he informed the court that he would not press the prayer with respect to a challenge to the survey operation at this stage On September 17 the court had granted time to the I-T department to clarify its stand on giving an undertaking against any leak of seized material in the present case Senior counsel for the petitioners while seeking a direction to the I-T authorities not to leak any data and delete whatever is of no relevance to the proceedings had said that four notices under the I-T Act were issued to his client He said the survey was held at the news portals premises on September 10 during which several devices including a mobile phone and a laptop belonging to the petitioner co-founder were seized by the I-T authorities which contained information which has no relevance to any income tax proceedings The seized data might contain personal photos and information pertaining to investigative stories The senior lawyer argued that any data breach would be in violation of right to privacy and therefore a direction should be passed to the IT authorities to not leak any data and delete whatever is of no relevance to the proceedings It was also contended that any seizure during a survey operation was beyond the scope of survey and that no hash value of the seized data was given In the petition filed through advocate Nipun Katyal the petitioners said that the income tax officers and authorities do not have any power to interrupt the ordinary peaceful citizens of the country in any manner they like by utilizing the large powers given to them without keeping strictly within the four corners of those large powers The Petitioners are heading a news organization the Petitioners herein have sources contacts and other information on the digital machines It is the fiduciary duty of the Petitioners to protect them and keep it confidential It is further submitted that the legal communication regarding existing cases is present in the personal laptop and phone of the Petitioners If in any circumstances the leaks are committed it shall be a clear breach of the attorney client privilege as well as whistleblowers confidentiality the plea added PTI ADS SA

New Delhi [India], September 18 (ANI): The Centre has relaxed the provisions of Income-Tax Act, 1961 Act in relation to the payment of interest regarding TDS by Scheduled Bank to a member of Scheduled Tribe (ST) community on Friday.