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Black Money to Attract Double Payout After 4-Month Window

New Delhi: In a stern warning to black money holders, the government has said those caught with illicit wealth within the country would have to cough up 90 per cent in tax and penalty and also face up to 7 years in jail if they fail to declare it during the four-month compliance window. The window, announced by Finance Minister ... Read More »

Sensex, Nifty Likely to Open on a Positive Note

The Sensex and Nifty are likely to open on a positive note in trades on Friday tracking positive trading of Nifty futures on the Singapore Stock Exchange amid firm global cues. The Nifty futures traded on Singapore Exchange also known as the SGX Nifty was up 0.48 per cent or 36 points at 7,476. Meanwhile, Asian shares look set to ... Read More »

First-Time Home Buyers to Get Additional Tax Deduction

To lower the burden for first-time home buyers, Finance Minister Arun Jaitley in Budget 2016 announced an additional income tax deduction of Rs. 50,000 on the interest paid. The first-time home buyer will get this additional deduction in the next financial year only if the loan amount is less than Rs. 35 lakh and the value of the property is ... Read More »

Employer’s Contribution to PF Above Rs 1.5 Lakh To Be Taxed

While the Budget proposal to tax Employee Provident Fund (EPF) withdrawal has stumped the salaried class, two other announcements in the Budget have not attracted much attention so far. The Budget proposes to cap the annual employer contribution to EPF at Rs. 1.5 lakh per year. Currently, there is no monetary limit on the employer contribution under EPF, with only ... Read More »

PF Tax: 25-Year-Old May Have To Pay Rs 56 lakh in Taxes on Retirement

Finance Minister Arun Jaitley’s Budget proposal to tax 60 per cent of Employee Provident Fund withdrawals has come in for huge criticism. EPF, a popular investment instrument for millions of salaried employees, has 3.7 crore subscribers. (Read) The proposal to tax EPF withdrawals, according to the tax bracket of employees, could set back employees by lakhs of rupee, according to ... Read More »

Budget 2016: 4-Month Window For Domestic Black Money Holders To Come Clean

New Delhi: Government today came out with one time four-month compliance window for domestic black money holders to come clean by paying tax and penalty of 45 per cent. “I want to give an opportunity to earlier non-complaint to move to the category of complaint. I propose a limited period compliance window for domestic tax payers to declare undisclosed income ... Read More »

First Indian Tax Amnesty Since 1997 Seeks To Boost Compliance: Foreign Media

India’s Finance Minister Arun Jaitley offered residents with undisclosed income a one-time amnesty from prosecution as pressure mounted on Prime Minister Narendra Modi to deliver on his poll promise of unearthing black money. The window for declaring assets will open on June 1 for four months, Jaitley said in his budget speech on Monday. Taxpayers can get immunity from prosecution ... Read More »

Huawei P9 Flagship Set to Launch at March 9 Event: Report

Huawei has sent out invites for a launch event on March 9 in Berlin, Germany, where it is expected to launch its latest flagship smartphone, Huawei P9. Additionally, some new live images showing the front and back panel of the handset have also made their way to the Internet. As spotted by ifanr website, Huawei has posted an event invite ... Read More »

India’s Mobile Phone Production Rises to 110 Million in 2015-16: Prasad

Mobile phone production in the country has more than doubled to 110 million in 2015-16 on the back of duty rationalisation announced in the previous Budget, Telecom Minister Ravi Shankar Prasad said Tuesday. The minister said 16 new mobile manufacturing units have been set up during the financial year. “In 2014-15, the mobile units manufactured in the country was 5.4 ... Read More »

Oppo R9 Camera-Focused Smartphone Expected to Launch on March 17

Oppo seems set to launch its Oppo R9 smartphone, the successor to the Oppo R7 launched last year. Couple of new teasers by the company not only confirm the existence of the smartphone but also reveals its USP and its launch date. According to one of the teasers posted on the company’s Weibo account, the Oppo R9 smartphone’s highlight could ... Read More »