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  • Unfair to blame GST for revenue woes, says CBIC chairman Jul 07, 2022 12:46 PM IST

    Unfair to blame GST for revenue woes, says CBIC chairman

    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

  • Early winter for Indian crypto exchanges as trading volumes slump, users flock to foreign exchanges Jul 05, 2022 05:35 PM IST

    Early winter for Indian crypto exchanges as trading volumes slump, users flock to foreign exchanges

    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.

  • Couldn’t file a belated income-tax return? You can now use the updated tax return facility Jul 05, 2022 11:40 AM IST

    Couldn’t file a belated income-tax return? You can now use the updated tax return facility

    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

  • 10 ways American billionaires avoid taxes on an epic scale Jul 02, 2022 06:16 PM IST

    10 ways American billionaires avoid taxes on an epic scale

    Key ways the ultrawealthy avoid taxes; strategies that are largely unavailable to most taxpayers.

  • Finance Ministry clarifies on what NFTs qualify as virtual digital assets Jul 01, 2022 07:43 PM IST

    Finance Ministry clarifies on what NFTs qualify as virtual digital assets

    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.

  • Gross GST mop-up in June rises 56% to second-best level in history at Rs 1.45 lakh crore Jul 01, 2022 01:30 PM IST

    Gross GST mop-up in June rises 56% to second-best level in history at Rs 1.45 lakh crore

    "Rs 1.40 lakh crore seems to be the rough bottom line. We're not going below that," Nirmala Sitharaman said.

  • TDS on crypto gains comes into effect, exchanges brace for implementation hitches Jul 01, 2022 12:18 PM IST

    TDS on crypto gains comes into effect, exchanges brace for implementation hitches

    Crypto exchanges were strapped for time in meeting the responsibility placed on them of managing the logistics of TDS.

  • Six important money matters that call for your attention this July Jul 01, 2022 08:04 AM IST

    Six important money matters that call for your attention this July

    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.

  • Selling cryptocurrencies bypassing exchange? Here’s how to do 1% TDS deduction Jun 30, 2022 09:58 AM IST

    Selling cryptocurrencies bypassing exchange? Here’s how to do 1% TDS deduction

    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.

  • GST average rates need correction, finance minister says Jun 29, 2022 05:05 PM IST

    GST average rates need correction, finance minister says

    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

  • How gifts given to social media influencers from July 1 will be taxed Jun 27, 2022 10:45 AM IST

    How gifts given to social media influencers from July 1 will be taxed

    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 on cryptocurrency transfers from July 1: Onus on buyers, brokers, exchanges to withhold TDS Jun 27, 2022 09:52 AM IST

    TDS on cryptocurrency transfers from July 1: Onus on buyers, brokers, exchanges to withhold TDS

    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.

  • GST at 5: A structural, economic analysis and prescriptions Jun 27, 2022 09:37 AM IST

    GST at 5: A structural, economic analysis and prescriptions

    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.

  • GST Council to discuss law changes to facilitate provision for GST tribunals Jun 26, 2022 12:36 PM IST

    GST Council to discuss law changes to facilitate provision for GST tribunals

    The Council is also recommending 28% GST on casinos, race courses, online gaming and lottery which is also being discussed

  • US reviews China tariffs, possible pause on federal gas tax to curb inflation Jun 20, 2022 06:35 AM IST

    US reviews China tariffs, possible pause on federal gas tax to curb inflation

    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.

  • Financial planning made easy: Government to share income data with intermediaries in real time Jun 17, 2022 09:15 AM IST

    Financial planning made easy: Government to share income data with intermediaries in real time

    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.

  • India’s GST Council to meet on June 28-29 in Srinagar Jun 16, 2022 04:42 PM IST

    India’s GST Council to meet on June 28-29 in Srinagar

    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.

  • Cost Inflation Index value increases to 331: How does it help in big tax savings? Jun 16, 2022 11:28 AM IST

    Cost Inflation Index value increases to 331: How does it help in big tax savings?

    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.

  • June 15 is the deadline for the first advance tax instalment. Here’s how to calculate your liability Jun 14, 2022 04:09 PM IST

    June 15 is the deadline for the first advance tax instalment. Here’s how to calculate your liability

    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.

  • Capital Gains Bonds: Should you invest in 54EC bonds or are there better alternatives? Jun 13, 2022 10:10 AM IST

    Capital Gains Bonds: Should you invest in 54EC bonds or are there better alternatives?

    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?

  • A year on since launch, I-T portal marred with another glitch; Infosys directed to fix issue Jun 07, 2022 02:27 PM IST

    A year on since launch, I-T portal marred with another glitch; Infosys directed to fix issue

    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.

  • Missed filing your income tax returns? Be prepared to pay higher TDS May 31, 2022 09:43 AM IST

    Missed filing your income tax returns? Be prepared to pay higher TDS

    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”

  • Petrol dealers' association asks members to defer protests after meeting petroleum ministry officials May 27, 2022 03:42 PM IST

    Petrol dealers' association asks members to defer protests after meeting petroleum ministry officials

    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.

  • GST investigation wing asks taxmen not to use coercion for recovery of taxes during search ops May 26, 2022 08:32 PM IST

    GST investigation wing asks taxmen not to use coercion for recovery of taxes during search ops

    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.

  • Infra firms don’t expect govt move to rein in steel prices to have immediate impact May 26, 2022 01:57 PM IST

    Infra firms don’t expect govt move to rein in steel prices to have immediate impact

    The industry expects steel prices to soften only over the next few quarters, which may subsequently reflect in the cost of projects.

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