If you are making any drastic changes, advises Tinesh Bhasin, make sure there is adequate documentation.Illustration: Uttam Ghosh/Rediff.com If you revise income tax returns, there are chances that you could receive an income tax notice to explain the changes. The Central Board of Direct Taxes (CBDT) has now warned assessees that if they revise income-tax returns, the earlier disclosed income should not drastically change in form, substance or quantum. The salaried don't need to worry, as the ... Rediff.com, 1 month ago
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NRIs can only exchange or deposit old notes in India.For deposits over Rs 2.5 lakh, they can get a notice requiring them to disclose source of funds and/or file returns, reports Tinesh Bhasin/Business Standard.Illustration: Uttam Ghosh/Rediff.com Non-resident Indians could run into difficulties if they possess discontinued currency notes amounting to a high value. Not only do NRIs have limited options for exchanging/depositing old notes; in some cases, they might need to provide additional ...Rediff.com, 2 months ago
'As citizens of this country, we often expect sweeping changes here, but find the smallest of abdications that we may ourselves be called upon to make far too inconveniencing.''Think about it deeply -- about the move and the reactions it has gathered -- and we will actually learn a lot about ourselves,' says Sreehari Nair.Illustration: Uttam Ghosh/Rediff.com The chaos of a retreating autumn playing out. There was not a sweat in the air, but a general feeling that something terrible was about ...Rediff.com, 2 months ago
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