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Tag: Tax

Budget 2022: 30 Pc Tax On Income From Cryptocurrency, Virtual Assets; 1 Pc TDS On Buy/Sale

The tax proposals will come into effect from April 1 after the passage of the Union Budget in Parliament.

Union Budget 2021: Tax Holiday For Startups To Be Extended By One More Year

New Delhi: Union Finance Minister Nirmala Sitharaman on Monday proposed the extension of tax holiday for startups by one more year. The move announced during the Budget presentation comes as India focuses on Aatmanirbhar Bharat mission aimed at making India a self-reliant nation. In another boost for startups, Sitharaman said that one-person companies will be […]

Transport, Private Vehicles Visiting Odisha Can Now Pay Taxes Online

Bhubaneswar: In a major relief to vehicle owners of other State, the Odisha Transport Department has now come up with a new online tax payment gateway. From now on, the transport or private vehicles, tractors, construction or school buses visiting Odisha can pay taxes, permit fees from the online portal, parivahan.gov.in. The user needs to […]

Four Goods Vehicles Seized For Flouting GST Norms

Nabarangpur: The Commercial Tax and GST Enforcement squad of Bhawanipatna seized four vehicles near Papadahandi in Nabarangpur district on Friday for allegedly flouting GST norms. As per reports, a team led by Deputy Commissioner Tapan Padhi was acting on a tip off at Mriga Vihar under Papadahandi block, when they intercepted four vehicles including three […]

TCS/TDS From Oct 1: Compliance Going To Be A Big Challenge

New Delhi: The Central Board of Direct taxes (CBDT) has issued a circular (No. 17) clarifying the tax deduction at source (TDS) and tax collection at source (TCS) provisions, which will come into force from October 1. Tax expert Ved Jain said that TCS is to be collected and paid on all payment received on […]

Markets Expect Relaxation On Long-Term Capital Gains Tax

Mumbai: Similar to expectations ahead of the Union Budget, Dalal Street has its eyes on a possible relaxation in taxes such as long-term capital gains tax (LTCG) and Dividend distribution tax (DDT) on February 1. The LTCG tax is applicable on profits arising from the sale of equity, mutual funds or gold held for a […]

Tax, Policy Rate Cuts Will Spur Recovery In 2020

New Delhi: Lower lending rates following a series of policy rate cuts by the Reserve Bank of India and a sharp cut in the corporate tax rates will spur a recovery in India next year, a report said on Monday. “The turnaround is likely to show up beginning in the October-December quarter, though largely because […]

In A First, Finance Minister Seeks Response Of Industry On Tax Rates

New Delhi: In line with Finance Minister Nirmala Sithraman’s policy of discussion with stakeholders on policy matters, in a first the Finance Ministry has started the next budget planning by inviting suggestions on changes in direct and indirect taxes, including their rates, from industry and trade associations. Sitharaman, who had earlier announced additional measures to […]

India Inc. Double Cheers Govt's Rs 1.45L Cr Stimulus

New Delhi: India Inc. on Friday double cheered the government’s Rs 1,45,000 crore stimulus, which includes slashing corporate tax to 22 per cent for domestic companies, lower tax of 15 per cent for new manufacturing firms and measures to boost the capital market. “We welcome the Finance Minister’s proposition of slashing corporate tax, scrapping surcharge […]

Income Tax Recruitment 2018
E-Assessment Scheme To Curb Human Interface: Tax Dept

New Delhi: In its bid to curb corruption by making tax filing and their review faceless, the government has come out with e-assessment scheme, 2019 making it mandatory for all communication between tax department and taxpayers to be done online. Now, tax notices will be issued by a centralised e-assessment centre requiring taxpayers to reply […]

Additional Rs 1.5L Deduction of Interest for Affordable Housing: Sitharaman

New Delhi: The effective tax rates for the higher income group individuals having taxable income from Rs 2 crore to Rs 5 crore and Rs 5 crore and above is proposed to be increased by around 3 percent and 7 percent respectively. Presenting the General Budget 2019-20 in the Parliament today, Union Minister of Finance […]

Here's how much Amitabh Bachchan paid as tax for FY 2018-19

Mumbai: Megastar Amitabh Bachchan paid Rs 70 crore as tax for the financial year 2018-19. “Mr Bachchan has paid Rs 70 crore tax for the financial year 2018-19,” his spokesperson said in a statement. In the recent past, Big B also paid off loans of 2,084 farmers in Muzaffarpur, Bihar. He has also donated Rs […]

March GST revenue highest at Rs 1.06 lakh crore

New Delhi: The Goods and Services Tax (GST) collection for March rose 15 per cent year-on-year to Rs 1.06 lakh crore. The collection of Rs 1,06,577 crore for March though was the highest-ever monthly collection since the introduction of GST, the Finance Ministry said in a statement. Revenue in March grew 15.6 per cent over […]

Consumers may get GST benefit through grammage increase

Kolkata: With a view to passing the benefits of tax rate reduction or input tax credit to consumers in the GST regime, consumers may get volume benefit in lieu of only price reduction as the National Anti-Profiteering Authority (NAA) is allowing ‘grammage increase’, an official said here on Friday. If a supplier of goods increases […]

Link your PAN with bank for refunds: I-T to taxpayers

New Delhi: The Income Tax Department will “only” issue refunds via the e-mode into bank accounts of taxpayers beginning next month and they should link PAN with their accounts, the taxman said in its latest public communication. The department said refunds will be sent to bank accounts as it will issue “only e-refunds from March 1, […]

Income Tax Dept among top three 'revenue earners' of central government

New Delhi: The Income Tax Department now ranks among the top three “revenue-earners” of the central government and there is still a huge potential for growth, a top IT official has said. Principal Chief Commissioner of Income Tax, (PR-CCIT) Pune, Vinodanand Jha said in a statement released on Saturday that there was a huge possibility […]

IT Dept Warns Salaried Employees To Refrain From Filing Wrong Tax Returns

The Income Tax Department has warned salaried taxpayers to refrain from under-reporting their income or inflate deductions and exemptions while filing tax returns, warning that wrong claims would be treated as cases of tax evasion. In a single-page advisory issued on Wednesday, the department said such attempts aided and abetted by unscrupulous intermediaries have “been […]

Deadline to file GSTR-1 extended till January 10

New Delhi: The government on Friday extended the deadline to file GSTR-1 for all taxpayers by 10 days, till January 10. In a statement, the Finance Ministry said that all registered persons having aggregate turnover of up to Rs 1.5 crore in the preceding or the current financial year will have to file quarterly return […]

GST relief for SMEs, exporters; tax rates on 27 items cut

New Delhi: Three months after the rollout of the new indirect tax regime, the GST Council today made sweeping changes to give relief to small and medium businesses on filing and payment of taxes, eased rules for exporters and cut tax rates on more than two dozen items. Businesses with annual turnover of up to […]

CBDT asked to include service charge in tax assessment

New Delhi: Union Consumer Affairs Minister Ram Vilas Paswan has asked the Central Board of Direct Taxes (CBDT) to consider inclusion of service charge while assessing tax. According to an official release, complaints were being received through the National Consumer Helpline about levying 5 per cent to 20 per cent service charge compulsorily by some […]

New MRP should consider input tax credit under GST: Government

New Delhi: The government on Saturday said the new MRP on products manufactured, packed or imported before July 1 should take into consideration extra availability of input tax credit under GST. “The declaration of new MRP on unsold stock manufactured, packed, imported prior to July 1 should not be done mechanically but after factoring in […]

donald trump
Lawyers outline Donald Trump's Russian income

Washington: Two tax attorneys for Donald Trump have claimed that the US President’s only income from Russian sources include fees for hosting the Miss Universe pageant in Moscow in 2013 and selling a Florida mansion to a Russian businessman, the media reported. The statements were contained in a letter from lawyers Sheri A. Dillon and […]

Pulses (2)
Cabinet nod to 4% VAT cut on pulses from July 1

Bhubaneswar: In a major relief to customers groaning under the skyrocketing prices of pulses, the Odisha Cabinet on Tuesday approved a proposal to reduce Value Added Tax (VAT) on pulses from the existing 5% to 1%. To be effective from July 1, The VAT reduction, however, will be effective for a period of three months […]

Jaitley against higher income tax rate to raise revenue

Ahead of his first full fledged budget, Finance Minister Arun Jaitley on Saturday said that the NDA government was against raising revenue by imposing higher taxes, instead it would want to leave more money in the hands of consumer to fuel demand and growth