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INCOME UNDERREPORTING IN INDIA
Want to exchange old gold for new jewellery? Beware of these taxesIndians exchanging old gold for new should be aware of potential taxes on sales and purchases. The Income Tax Department monitors high-valu...- The ticking price tag: What delaying parenthood really costs you financially and biologicallyA growing number of couples are choosing to delay parenthood in pursuit of career milestones, financial stability, and personal goals. But ...
- Too much focus on luxe buys isn't chicTo curb income tax evasion, India has expanded the list of high-value purchases subject to a 1% TCS, targeting underreported income among t...
- Several new items come under TCS as I-T widens tax netThe govt is broadening its tax base by implementing a 1% TCS on luxury items exceeding Rs 10 lakh, effective immediately. This initiative t...
- 'Do the wealthy underreport their income?' MPC member's research reveals staggering detailsA recent research paper reveals a significant inverse relationship between wealth and reported income in India, particularly among wealthie...
- India's super rich are hiding their income, pay less tax than you thinkRich Indians' tax: A recent study reveals a concerning trend in India: the wealthiest individuals report significantly lower incomes relati...
- Indian high earners of the world, unite!The share of income ethnic Indians in the US send back to their folks in India is less than 15%. If this broad indicator is applied worldwi...
- I-T department finds Rs 10,000 crore tax evasion by online sellers on Instagram, Facebook“Apart from the large ecommerce companies, we are closely monitoring the shops on Instagram and Facebook and have detected evasion to the t...
- I-T searches Haier offices, promoters' premisesTill late evening, the search operation was still on and the IT department team may continue its searches for one more day, the official sa...
- Income-tax department 'following' influencers, notices to 15The income-tax department has sent notices to 15 such influencers, who had flaunted their overseas holidays and luxury shopping, for paying...
- BBC cannot hide 'economic offences' under garb of freedom of expression: BJPThe BJP said on Wednesday the BBC or any other organisation cannot hide their "economic offences" under the garb of freedom of expression. ...
- Budget 2022: Is there another tax amnesty scheme?To find a way around, governments usually announce an "income-tax amnesty scheme" whereby tax defaulters are given the opportunity to decla...
- COVID underreporting: SBI economists say death reporting shortfall not a new phenomenonThe SBI report comes amidst a debate over underreporting of COVID deaths in the country especially after happenings like bodies floating in...
- Budget 2019 decoded: 10 things India Inc should knowTax on buyback of listed cos to 2% TDS on withdrawal of over Rs 1 cr, here's what India Inc must know.
- GST data may be used to track income-tax evadersIt is still unclear whether the government would use this data to dig out tax evasions of the earlier years or whether this will only be fo...
- Budget wishlist: Telcos to seek relaxation in special auditsCOAI has prepared a list of demands to be submitted to the finance minister ahead of the budget preparation. ET has seen a copy of the list...
- Imperative to reform political funding and bring transparency in the processTill this basic reform is done, it would be impossible to raise India’s ranking in ease-of-doing-business surveys or end crony capitalism.
- India needs simple tax rules for R&D institutionsTransfer pricing rules are meant to prevent MNCs from shifting income — accrued through value addition in products and services.
- Black money: How big is the black economy in India and how is govt curbing itAn NIPFP study pegged black money in 1983-84 between Rs 32,000 crore and Rs 37,000 crore (which is 19% and 21% of GDP).
- Reduce the levy on services: C K PrahaladHe said the more you tax the services, the more liable you are for underreporting in service economy.
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