India is on the right track on GST, Johri said, adding that business processes and IT systems have stabilized and so have the revenue collections
Bitcoin, considered the safest cryptocurrency, has plunged over 71 percent from its all-time high to $19,895.75 as of 1400 IST on Tuesday.
Many new expenses are being reported and mismatches can be a hassle. Updated returns can be filed within 24 months of the end of an assessment year
Key ways the ultrawealthy avoid taxes; strategies that are largely unavailable to most taxpayers.
In a separate notification issued on June 30, CBDT also clarified that gift cards, vouchers, mileage points, reward points, and loyalty cards are not virtual digital assets (VDAs) and will not be taxed.
"Rs 1.40 lakh crore seems to be the rough bottom line. We're not going below that," Nirmala Sitharaman said.
Crypto exchanges were strapped for time in meeting the responsibility placed on them of managing the logistics of TDS.
Cryptocurrency transfers, freebies to social media influencers, I-T returns, mutual fund investments… there’s a lot happening in July. Here are the operational and regulatory changes you need to watch out for.
TDS need to be withheld from July 1 on crypto transactions above Rs 10,000 annually and the same need to be deposited with the I-T department within the stipulated time frame.
The GST Council has over the years reduced several tax rates, resulting in an average rate of about 11.5 percent against the so-called revenue-neutral rate of 15 percent
Often, companies remunerate social media influencers in kind. Such gifts or perks will be taxed from next month. However, if an influencer returns a gift, there will be no tax on the item
TDS of 1 per cent on transfer of cryptocurrencies is set to come into force from July 1. The responsibility of withholding this tax will be on the buyer, crypto exchanges and brokers, depending on the type of transaction, CBDT has clarified.
The three-tax structure of GST -- integrated, central and state -- with a requirement to register and pay each in every state of operation has made GST complex, more so for mid-sized and small businesses.
The Council is also recommending 28% GST on casinos, race courses, online gaming and lottery which is also being discussed
U.S. Treasury Secretary Janet Yellen said some tariffs on China inherited from the administration of former President Donald Trump served "no strategic purpose" and added that Biden was considering removing them as a way to bring down inflation.
Tax planning for individuals may get a boost as the government prepares to share the income and tax liability data of individuals with tax and investment planning portals on a real-time basis. But first, there might be a privacy hurdle to cross.
The meeting comes days ahead of the five-year anniversary of launch of the indirect tax regime. The GST was launched in July 1, 2017 after decades-long delay.
On June 14, the government released its annual cost inflation index number. For those who wish to save on long-term capital gains tax levied on debt mutual funds, property and other assets, the index is important.
The advance tax has to be paid in four instalments over the course of the financial year. Any delay will lead to penal interest being levied.
You can save tax on long-term capital gains arising from transfer of property by reinvesting the gains in Capital Gains Bonds, as also by reinvesting in another residential property. What makes sense?
After many users complained of issues while accessing the I-T portal and reported that it was hacked on Tuesday, which also happens to be the first launch anniversary of the portal, the department said Infosys is resolving the issue on priority.
Changes introduced in the Income Tax Act require the deductor to withhold tax deducted at source (TDS) at a higher rates on payments made to certain “specified persons”
AIPDA, which represents 22 state fuel dealers associations in India, met petroleum ministry officials, who assured them that their demand will be fast-tracked and that the centre will set up a meeting between fuel dealers and oil marketing companies.
In an instruction, the GST investigation office also asked chief commissioners to take "strict disciplinary action" against officers for using force or coercion for getting the tax due amount deposited during search or inspection or investigation.
The industry expects steel prices to soften only over the next few quarters, which may subsequently reflect in the cost of projects.