Need to moderate rate, widen tax base for Viksit Bharat goal by 2047: Experts
Increasing tax to GDP ratio should very much be a priority because this will enable the government to spend on public goods, infrastructure, and the social sector, Nayak said.
Ten ITR filing mistakes that you must avoid
Tax filing: Filing returns is a process that demands meticulous disclosures. Any slip-up could lead to a notice from the income tax department.
ITR filing mistakes: Common errors to avoid while filing income tax return
To avoid committing errors while filing your income tax returns, it's better to start the process as soon as you get access to your Form 16. Here’s a quick guide and a couple of do’s & don'ts that you can heed to
Salaried taxpayer? Know how to pick the right ITR form, avoid common errors
If your employer has computed your taxes under the new tax regime and you wish to claim tax deductions by switching to the old tax regime, expect queries from the I-T department on a Form 16-ITR mismatch. Also, if you do not have sufficient documentary proof to support your tax deduction claim, you should not avail of the deduction while filing your return, say tax experts.
Modi 3.0 to usher in reforms with focus on taxation, rural economy, exports
The government is prioritising the decriminalisation of certain key legal provisions to enhance the ease of doing business.
There are more than 22 million millionaires in the world. Their total wealth is worth...
Rising wealth and inequality in the world have fuelled debates on making the rich pay their fair share of taxes. Brazil and France have pressed fellow G20 countries to set a global minimum tax on the world's wealthiest people.
GST collection for May at Rs 1.73 lakh crore, up 10% YoY
The gross GST collections in FY25 till May 2024 stood at Rs 3.83 lakh crore. This represents an 11.3 percent year-on-year growth
Going abroad for studies? Spends over Rs 7 lakh could attract TCS, but education loans eligible for concessions
Education loans taken to fund overseas studies are subject to a lower TCS of 0.5 percent, and only if the amount exceeds Rs 7 lakh. However, in the case the money is sent abroad through other sources, TCS of 5 percent will be applicable if the remitted amount exceeds Rs 7 lakh. Also, if parents send money to their children studying abroad for purposes other than education, the amount will attract TCS at a higher rate.
Transit rent not subject to TDS: Bombay HC
The `transit rent' received by displaced owners towards temporary alternative accommodation in case of projects under redevelopment is not income, and hence not taxable. Both the HC and the ITAT have clarified this.
India needs lower tax on recruitment services to boost jobs, says industry body
The unemployment rate among those aged 15 to 29 years increased to 17% in India’s urban areas in the first quarter of 2024
Want eastern states to be engines of growth for Viksit Bharat 2047: FM Sitharaman in Bihar
Finance Minister Nirmala Sitharaman said that tax devolutions to Bihar has increased 3.5 times in 10 years under Prime Minister Narendra Modi's leadership.
SC says interest-free loans to bank employees a fringe benefit and is taxable
The court said interest-free loans were unique to bank staff and in excess of or in addition to the salary, hence taxable as fringe benefit
Iran-Israel conflict could delay withdrawal of windfall tax, review likely in July: Govt official
On being asked if the high government revenue collection seen in both direct and indirect tax provided scope to do away with the windfall tax, the official said: "That could have been done."
Homebuyers get respite from tax notice against deducting less tax from sellers with inoperative PANs
Over the past year, close to 16,500 homebuyers across the country received a rude shock in the form of notices asking them to cough up additional tax deducted at source on properties they had purchased. The tax department notices said they had deducted less tax despite the sellers’ PANs being inoperative.
Income-tax filing: Should you file your returns in April or wait until July 31?
ITR filing: Quicker return-filing will mean faster processing and tax refunds. However, only a few categories of tax-payers will be able to file their returns now, as most will have to wait for their forms-16 that their banks and employers will start issuing May 31 onwards.
FPIs withdraw over Rs 5,200 crore in April so far amid tweaks in tax treaty with Mauritius
According to the data with the depositories, Foreign Portfolio Investors (FPIs) made a net outflow of Rs 5,254 crore in Indian equities this month (till April 19).
Sold sovereign gold bonds at market highs? Here’s how to calculate your taxes
Sovereign Gold Bonds: When and how you sell your SGB units determines your tax liability. While interest earned is taxable as per your slab, the money earned on rising gold price too is taxed if you do not hold till the bond matures. Indexation benefit is available on SGBs.
UK NRIs seek asset separation, Dubai residency to avoid new tax measures
The UK government's plan to significantly alter its tax system for non-residents has sparked a surge in client inquiries, particularly from NRIs residing in the UK.
Filing proposed investment declarations in April? Choose your income tax regime wisely
You must declare to your employer this month which tax regime you wish to adopt, and accordingly, TDS will be deducted from your monthly salary. If you do not specify the regime you wish to choose, your employer will compute taxes as per the new regime rates, as it is the default regime 2023-24 onwards.
Infosys receives tax demand of Rs 341 crore from I-T dept
Infosys is in the process of evaluating the implications of this order on the financial statements and will also evaluate filing appeal against the order
India's March GST collection second-highest ever at Rs 1.78 lakh crore
For the entire fiscal year 2023-24, gross GST collection stood at Rs. 20.18 lakh crore, a 11.7 percent increase compared to the previous year.
No diesel, petrol cars in India soon? Here's what Nitin Gadkari proposes for greener economy
The minister said he firmly believes the country can end fuel import by promoting the use of biofuels.
No changes in new tax regime from April 1: Finance Ministry
The option of opting out from the new tax regime is available till the filing of return for the assessment year 2024-25, the ministry has said
'If you're married and a Hindu...': Billionaire Nithin Kamath highlights a way to save taxes
Meanwhile, Zerodha explained in its blog that when planned meticulously with a long-term perspective, HUF can emerge as a powerful tool for tax planning.
How to make the best use of NPS investment choices and withdrawal options
By contributing to a Tier I (retirement) account, investors can secure their retirement foundation, enjoying the benefits of a disciplined savings mechanism and tax advantages, while Tier II (investment account) allows for the management of additional savings with greater flexibility, catering to evolving financial needs and opportunities.
