Department Financial News

tax refund is the money by the Income Tax Department when the taxpayer has paid more taxes than they actually owe, which may happen through various means such as Advance Tax, TDS (Tax Deducted at Source), TCS (Tax Collected at Source), or Self-Assessment Tax. For individuals who have filed their income tax return (ITR) and are expecting a refund, it is important to have a comprehensive understanding of the process. Despite filing ITR successfully tax refund may not be credited into your bank account due to this issue When the income tax department assesses a taxpayer's tax liability, they meticulously consider all applicable deductions and exemptions before arriving at the final tax calculation. This ensures a fair and accurate assessment of the taxpayer's obligations, preventing them from overpaying their taxes.

According to data from the Office for National Statistics, the fall in sales volumes followed a 2.9% rise in May. Non-food stores sales volumes fell by 2.1% in June 2024, after 3.3% growth in May. The decline was led by poor figures in the department stores and clothing retailers sectors, with their sales volumes dropping by 3.4% and 1.6%, respectively, and returning to levels seen in the first quarter of this year. Retailers argued this came on the back of election uncertainty, along with poor weather and low footfall. Falling UK wage growth boosts chances of August rate cut Fo...

Biden administration's student debt relief plan, which would have lowered monthly payments for millions of borrowers. In a ruling Thursday, the 8th Circuit Court of Appeals granted a motion for an administrative stay filed by a group of Republican-led states seeking to invalidate the administration's entire student loan forgiveness program. The court's order prohibits the administration from implementing the parts of the SAVE plan that were not already blocked by lower court rulings. The ruling comes the same day that the Biden administration announced another round of student loan forgiveness, this time totaling $1.2 billion in forgiveness for roughly 35,000 borrowers who are eligible for the Public Service Loan Forgiveness program.

Mint gives you a rundown of how the different types of trading incomes are reported in tax returns. Trading in stocks derivatives counts as business income for income tax filing. It is to be reported in ITR-3, or ITR-4 when you opt for a presumptive income scheme.

Mint. These reforms are being considered with the prime aim of bringing more foreign capital to the sector as only a few investors have taken advantage of the government’s decision in 2021 to increase the foreign direct investment limit in insurance companies from 49% to 74%. Earlier this year, Switzerland-based Zurich Insurance Group Ltd announcing plans to acquire a 70% stake in Kotak Mahindra General Insurance Co.

This idea of privatization in sports clubs of Argentina seeks to impose corporate investment in clubs, but also has the potential of irking dedicated fans who may stand against the decision. Currently, Argentine teams like River Plate and Boca Juniors, are co-owned jointly by their 'members.'

William J. Stellmach, former head of the US Department of Justice's Fraud Section who now works at New York-headquartered law firm Willkie Farr & Gallagher LLP. He is a partner at the firm's Washington office and leads its global investigations practice, often advising and defending companies featured in short seller reports.

BSNL even as its asset monetisation efforts to pay off liabilities are underway. The Government of India stands behind the sovereign Guarantee bonds, Telecom Minister Jyotiraditya Scindia asserted. Mahanagar Telephone Nigam Ltd (MTNL's) operations will be transferred to BSNL, and monetisation of assets will take place to pay off liabilities, he said. «In the interim of monetisation of assets and some bonds coming due, the Sovereign Guarantee Bonds will stand good. Government of India stands behind those bonds and there will be no default and that is what you have seen,» Scindia said.

LPL has grown its presence in the Pacific Northwest with the addition of an advisor from Edward Jones.

Buying a new electric vehicle isn't the only way consumers can access a $7,500 federal EV tax credit. They may also be able to get the money by leasing a car.

tyre makers such as Bridgestone, Michelin and Goodyear have committed investments worth over Rs 1,100 crore in India after the DPIIT temporarily allowed them to import certain tyres to the country, an official said. The official said that the import restrictions on 'New Pneumatic Tyres' were relaxed for certain global players that were interested in importing specific tyres from their factories abroad into India. The imports were temporarily permitted by the department for promotion of industry and internal trade (DPIIT) subject to the concerned company's commitment to invest and set up or expand its manufacturing facilities in the country for the concerned products, in a time-bound manner. «This initiative has witnessed investment commitments worth more than Rs 1,100 crore from leading global players like Bridgestone, Michelin and Goodyear for the development/expansion of their tyre manufacturing capacity in India,» the official said.

Reserve Bank of India economist wrote, providing long-awaited commentary on a key gauge that is used to predict the future course of borrowing costs. “The natural rate of interest estimated earlier for Q3:2021-22 is revised upward from 0.8 -1.0 per cent to 1.1-1.3 per cent, reflecting revision in GDP data. The current estimates suggest a wide range between 1.4-1.9 per cent for Q4:2023-24,” wrote Harendra Kumar Behera from the RBI’s Department of Economic and Policy Research in the central bank’s July Bulletin. The views are personal and do not reflect those of the central bank. RBI Deputy Governor Michael Patra provided guidance for the article.

California will be the first state to receive federal funds under a program to create regional networks, or “hubs,” that produce hydrogen as an energy source for vehicles, manufacturing and generating electricity

U.S. filings for unemployment benefits rose again last week and appear to be settling consistently at a slightly higher though still healthy level

Income tax rebate under section 87A of the Income-tax Act 1961, is a tax benefit which reduces a taxpayer's net quantum of tax payable to nil if they meet the total income condition. It is given only to those taxpayers who have an income up to Rs 5 lakh under the old tax regime or up to Rs 7 lakh under the new tax regime. However, following an update in the ITR filing utility on July 5, 2024, experts have noted that many taxpayers were denied the benefit of tax rebate under section 87A if they had a special rate income. According to Anand Bathiya, president, Bombay Chartered Accountants' Society (BCAS), «Post 5th July 2024 the income tax return (ITR) filing utilities are not allowing the rebate under section 87A for various special rate incomes, including short-term capital gains on equity shares or equity oriented mutual funds taxable at 15% under Section 111A.»

₹1 lakh. Bhutani received a favourable order at the very first hearing: he cited the state government's EV policy of 2022, which stated that EVs registered in Uttar Pradesh were eligible for a 100% road tax waiver for the first three years that the policy was in effect. The policy defined EVs as automobiles using an electric motor driven by batteries, ultra-capacitors or fuel cells.

Bageshwar district administration in Uttarakhand has dispatched a team of officials to Sunderdhunga, located at a height of more than 12,000 feet, to inspect an unauthorised temple built in the eco-sensitive zone by a self-styled godman. This follows a complaint by the residents of nearby villages that the baba, who lives in the temple and introduces himself as Chaitanya Akash, bathes in Devi Kund, a sacred lake that flows below the structure. The villagers have called it an act of desecration as they bathe their deities in the lake once a year. Bageshwar District Magistrate (DM) Anuradha Pal said the 14-member team sent to Sunderdhunga comprises police and State Disaster Response Force (SDRF) personnel and officials of revenue and forest departments. The baba bathes in the lake and also encourages tourists to do so, she said.

landslide occurred in a ghat section of Goa in the wee hours of Thursday following incessant rains, disrupting vehicular traffic movement from the state to neighbouring Karnataka, police said. The India Meteorological Department (IMD) has issued an 'orange alert' for Goa, predicting heavy rains in the next 24 hours. In the last one day, both North Goa and South Goa districts received heavy showers. Ponda taluka in South Goa received the highest 190 mm rainfall, according to the IMD. The landslide occurred near Dudhsagar Temple at Anmod Ghat, located on the southern boundary of Goa, leading to Karnataka, a police official said.

medical equipment market was worth $11 billion in 2022, making up 1.5% of the global market. The department estimates that the sector may grow to $50 billion by 2030 with a compounded annual growth rate (CAGR) of 16.4%. “The department of pharmaceuticals has submitted a new proposal on the meditech sector to the finance ministry for final consideration," the second person added, adding the final contours of the proposal are still being worked on.

₹1 trillion government fund to support companies in promising segments struggling for capital. Setting up the fund for deeptech companies, first proposed in the interim budget in February, is part of the government's to-do list for the first 100 days in power.

NASA is canceling a water-seeking moon rover because of cost overruns and launch delays