According to sources, efforts are being made to make up for the shortfall in direct tax collection, but the revised target seems to be daunting. The government had earlier estimated Rs 11.5 lakh crore mop-up from direct tax collection.
A key suspect involved in the racket has been arrested and Rs 19.75 crore was recovered from him, a press release from the Hyderabad Central GST Commissionerate said Tuesday night.
Depending on the type of scrutiny notice issued (complete /limited), it is important to review and arrange all documents well in advance before the reply is submitted
Aadhaar linkage has become important for several transactions done online, such as on the EPFO website, at the time of opening or closing bank accounts or making financial investments online
It is to be noted that individual taxpayers whose tax liability after adjusting the withheld taxes does not exceed Rs 10,000 are not required to pay advance tax.
The target for GST collection, however, has been lowered to Rs 11.47 lakh crore in the revised estimates of 2018-19, from Rs 13.71 lakh crore budgeted initially
NRIs who are yet to decide on where they wish to retire to, should avoid using assets that either lock in their money or are illiquid or create payment commitments for long periods of time
The government is targeting economic growth of 6.0 to 6.5 percent in 2019, Li said at Tuesday's opening of the annual meeting of China's parliament, less than the 6.6 percent gross domestic product growth reported last year.
Residual maturity is the time pending for the bond’s maturity.
GDP expanded by 2.9 per cent in 2018, according to the Commerce Department report, up from 2.2 per cent the year and approaching the target set by President Donald Trump.
Concerns have been expressed that the law is extremely harsh and will lead to hardship for many individuals, small businesses etc. Doubt have been expressed as to whether personal loans are covered by the ban under the Ordinance
India has over the period, signed and operationalized 18 Social Security Agreements with other countries. Benefits such as detachment, exportability of pension, totalisation of benefits and withdrawal of social security benefits are available under these SSAs.
The first thing to be checked is if a Double Tax Avoidance Agreement exists between India and their country of residence.
If the policyholder surrenders the traditional plan before two years and the ULIP plan before five years the tax benefit will get reversed.
Officials have pledged more aggressive reductions in 2019, after cutting about 1.3 trillion yuan ($192.82 billion) in taxes and fees last year.
Congresswoman Alexandria Ocasio-Cortez has supported the idea of taxing income over $10 million at 70 percent, which is currently 37 percent
Seniors can claim deduction of up to Rs 50,000 p.a. for medical expenses and/or health insurance premium
The institution of Income-Tax Ombudsman was set up in 2003 to deal with grievances of public related to settlement of complaints relating to income tax.
You will be taxed as a sole proprietor unless you register your business as a company, LLP or Partnership Company
Rising cost of education has made many individuals opt for education loans. If you have availed of an education loan, then the interest you pay is eligible for deduction under section 80E of the Income Tax Act.
In the interim budget for 2019-20, the government proposed to increase spending to provide income support for small farmers and introduce a middle-class tax cut in the run up to the general election between April and May.
The FM has proposed to raise the threshold limit on interest income from bank and post office deposits from Rs 10,000 to Rs 40,000, on which tax is required to be deducted at source.
The slew of tax benefits proposed is aimed at boosting the disposable income of the middle class, salaried class, pensioners and senior citizens.
The Budget was a transformational vehicle that targeted more on the middle class and farmers and also set a vision for transforming India into a leading nation of the world
Disinvestment targets have not been met and have been a big disappointment.