The provisional data released by the government shows that the centre's gross tax revenues contracted by 3.4 percent to Rs 20.1 lakh crore in FY 2020, from Rs 20.8 lakh crore in FY 2019
Forms factor in extended tax-saver investment deadline, seek more disclosures on foreign travel and electricity consumption.
A year into the second term, how have the Modi government’s decisions impacted your finances? Team Moneycontrol takes stock of some key decisions.
The Narendra Modi-led government has enacted several vital reforms and taken long-term policy decisions aimed at restructuring the economy
Many employers have introduced stock options to tide over the immediate cash crunch in their businesses and to also be fair to employees
Last month, a group of nine business bodies had written to Finance Minister Nirmala Sitharaman seeking deferment of 2 percent tax imposed on non-resident e-commerce companies.
While political systems, level of State capacity and trajectory of development may vary, cities in China and India have retained many common threads of socio-spatial exclusion of migrant workers
The government had in March 2020 extended the scope of the equalisation levy, first introduced in 2016, to include ecommerce companies as well.
The government has also reduced the tax deduction at source (TDS) and tax collection at source (TCS) rates, so that taxpayers have more funds at their disposal.
The government had on May 6 extended validity of e-way bills that expired between March 20 and April 15 till May 31.
Due to the cancellation of international flights and lockdowns, NRIs were stranded in India
The Central Board of Direct Taxes noted in a circular that the decision has been taken following various representations in the matter, as concerns were expressed that a prolonged stay in the country may make them a resident of India under section 6 of the Income Tax Act, 1961.
CBDT is examining the matter and a clarification regarding this would be ‘issued soon’
New or higher taxes are justified only when the economy is booming, the former finance minister said, dubbing the imposition of taxes as "cruel".
Under the simplified regime, it is not possible to claim certain deductions and exemptions
On April 24, the economic advisory council of the 15 Fc said that though the magnitude of the impact of the coronavirus outbreak on public finances is still uncertain, it is undoubtedly going to have a telling effect
Before the lockdown, on an average, GST helpdesk would receive around 8,000 to 10,000 calls every day, while around 2,000 tickets were raised on the GRP portal on a daily basis.
The scheme is scheduled to close on June 30.
The tax, inserted into budget amendments passed in March, caught the industry off guard as it was not part of the main proposals India's finance ministry had presented in parliament a month earlier.
The report, dated April 23, said that "In times like these, the so called 'super rich' have a higher obligation towards ensuring the larger public good". It also suggested a surcharge for foreign companies with a permanent establishment in India
The report, titled ‘Fiscal Options and Response to COVID-19 Epidemic’ (FORCE), was released on April 25 by the IRS' official Twitter handle.
While you seek pure pleasure during the lockdown, the taxman would be tracing these transactions to your account
Some 50 officers of the Indian Revenue Service (IRS) recommended raising the highest tax rate to 40% for people with annual income above 10 million rupees ($131,130) or a wealth tax for those with net worth of 50 million or more in a report sent to the Central Board of Direct Taxes (CBDT) and shared on Twitter on Saturday.
The Central Board of Direct Taxes is already in the process of refunding small taxpayers and estimates an outgo of roughly Rs 18,000 crore
The Government has come to the rescue of taxpayers by extending deadlines and reducing penalties