tax
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December 04, 2022 02:02 PM ISTTax department reduces time for taxmen to decide on refund adjustment
The time limit of 30 days made available to the assessing officers stands reduced to 21 days, the Directorate of Income Tax (Systems) said.
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November 27, 2022 10:57 AM IST Reducing taxes on automobiles can boost sector, benefit economy: Vikram Kirloskar
Although at the moment India cannot afford to slash the tax rate on automobiles drastically, he said a plan to reduce cess on the industry can be looked at considering the sector's contribution to the overall GDP of the country.
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November 25, 2022 10:41 AM IST Rationalisation in long-term capital gains tax structure on the anvil
Gains arising from sale of immovable property and unlisted shares held for more than 2 years and debt instruments and jewellery held for over 3 years attract 20 per cent long term capital gains tax.
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November 24, 2022 12:05 PM IST Stuck while filing tax returns? Get live help from taxman through co-browsing
The income-tax department has launched a new helpdesk facility that can help you, in real-time, file your taxes. Although the facility was launched on November 14, it has still not gone live.
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November 24, 2022 11:46 AM IST About Rs 400 crore tax deposited by filing updated ITRs so far
The Finance Act, of 2022 introduced a new concept of updated returns, which permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes.
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November 23, 2022 09:00 AM IST PHDCCI suggests 2-year tax holiday for Covid-hit businesses
A delegation of the industry chamber met Sanjay Malhotra, Officer on Special Duty, Department of Revenue, and suggested a host of measures related to direct and indirect taxes for the growth and development of the economy.
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November 11, 2022 08:08 PM IST Gross direct tax collections up 31% to Rs 10.54 lakh cr so far this fiscal: Govt
The net collection of direct taxes, which include personal and corporate taxes, after adjusting for refunds stood at Rs 8.71 lakh crore.
- November 11, 2022 06:38 PM IST
Better tax collection to help meet FY23 fiscal deficit target of 6.4%: Report
Bank of America Securities on Friday said the key risks to budgeted fiscal deficit include higher subsidies, lower divestment proceeds, excise duty cut on petrol and diesel.
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November 07, 2022 01:12 PM IST EAC-PM Chairman Bibek Debroy suggests single rate GST, exemption-less taxation
"On GST, it is my submission, therefore, there should be a single rate. I don't think we will ever get it," Bibek Debroy said at an event here.
- November 07, 2022 01:12 PM IST
Bibek Debroy bats for single GST rate, removal of tax exemptions
Debroy argued that it is the direct tax system that must be progressive, and not the indirect tax regime. As such, the GST rate should not depend on what the product is
- November 07, 2022 11:33 AM IST
Income-tax experts and CAs hail common tax filing form proposal
After the overhaul of the income-tax website to make tax-filing easier comes a proposal to have a common ITR form, which will ensure that taxpayers are asked only relevant questions, depending on the nature and level of their income.
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November 03, 2022 02:15 PM IST Govt unlikely to offer tax sops for first sovereign green bond issue: Source
Despite that, it expects the bonds to be sold at a lower coupon rate than other government securities.
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November 03, 2022 09:36 AM IST How one common ITR form will ease income tax filings
In the common ITR form, tax filers will be required to answer questions in 'yes' or 'no' format and additional information will be asked accordingly.
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November 03, 2022 07:44 AM IST Income-tax deductions on home loans made easy: Part 2
Yes, you can avail of some tax benefits on a home loan if you borrow the money from family, friends on new-age lenders. Read on to find out how and to learn more about other tax benefits on home loans.
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November 02, 2022 07:16 PM IST Hundreds march in crisis-hit Sri Lanka protesting tax hikes, crackdowns
The anti-government protest, jointly organized by opposition political parties, trade unions and civil society groups, was blocked by police as marchers attempted to reach a central part of the city where the president's house and other ministries are located.
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November 02, 2022 04:04 PM IST Moneycontrol Pro Panorama | Taxing windfall profits
In today’s edition of Moneycontrol Pro Panorama: RBI's Nov 3 meet seems perfunctory, start-up slowdown may be a passing phase, US Midterm polls and its market implications, market signs favourable for long-term investing, and more
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November 02, 2022 07:40 AM IST Income-tax deductions on home loans made easy: Part 1
You need to be a co-owner as well as co-borrower to claim a tax deduction against a home loan. Further a deduction cannot be more than the amount of your contribution. Read on to find out what other rules govern home loan deductions.
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November 01, 2022 12:21 PM IST GST collections rise to Rs 1.52 lakh crore in October, second highest ever
Goods and Services Tax mop-up has been over Rs 1.40 lakh crore for eight months in a row.
- October 27, 2022 07:18 PM IST
Tax appellate tribunal asks CBIC to frame norms for tax recovery in insolvency cases
Giving its ruling in the Ultratech Nathdwara Cement Ltd case, the Ahmedabad bench of Customs, Excise & Service Tax Appellate Tribunal (CESTAT) observed that the revenue department has no proper guideline as to what stand is to be taken in a case where the proceedings under the Insolvency and Bankruptcy Code (IBC) is in progress before NCLT/NCLAT or at higher forum.
- October 26, 2022 09:18 PM IST
ITR filing | Deadline to file returns with audit reports pushed back to November 7
In what appears to be a relief given to individuals and small businesses where audit reports are required to be attached with income-tax filings, due to the ongoing holiday season, the CBDT has extended the tax-filing deadline to November 7.
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October 24, 2022 07:14 AM IST Demonetisation behind the buoyancy in tax collections, says RBI MPC member Ashima Goyal
On November 8, 2016, Prime Minister Narendra Modi announced the demonetisation of old Rs 1,000 and Rs 500 banknotes and one of the key objectives of the unprecedented decision was to curb black money flows and promote digital payments.
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October 21, 2022 10:14 PM IST Payments by Google India to Ireland outfit not royalty, not subject to withholding tax: ITAT
The Bengaluru-bench of ITAT gave this ruling after re-examining the matter on the orders of the Karnataka High Court.
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October 20, 2022 07:16 AM IST GST Council to meet before mid-November; GoM reports on appellate tribunal, tax casinos on agenda
In addition, the status on the much awaited full report of the committee tasked with rationalisation of GST rates may also come up for discussion at the 48th Council meeting in Madurai.
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October 19, 2022 01:39 PM IST MSMEs can continue to avail non-tax benefits post re-classification: Govt
The Ministry of MSME has notified that in case of re-classification in terms of investment in plant and machinery or equipment or turnover or both, and consequent re-classification, an enterprise shall continue to avail of all non-tax benefits of the category it was in before the re-classification for three years from the date of the such upward change.
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October 19, 2022 11:35 AM IST India says Pernod delaying $244 million tax demand probe
The Oct. 3 Mumbai court filing by India's customs authority, which has not been reported previously, underlines the growing dispute between Prime Minister Narendra Modi's government and Pernod's local unit over how the company valued some of its imports for over a decade.
