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Paying heed to the current scenario, FM Nirmala Sitharman has granted a considerable relief to non-resident Indians. The threshold limit has been set to Rs. 15 lakhs per year (income from assets in India) for a tax levy while exempting global incomes. FM Nirmala Sitharaman recently gave relief to REITs and InvITs through changes in […]
The union finance minister Nirmala Sitharaman has finally taken some relief measures on the basis of currently widespread coronavirus pandemic. The decisions are taken to provide relaxation to the various sectors as well as to the taxation industry. In her video conference with all the state finance ministers and panel, she has talked on all […]
Amidst the degrading situation of the Indian economy caused due to the Corona Pandemic, several industries are looking forward to the Indian government to support the businesses that are constantly stumbling due to the ups and downs in the market. Several industries are seeking some sort of relief in payment policies of GST Check out […]
Tax Evasion is still prevalent on a very large scale in India as taxpayers are now deemed to have given false information of sales in self-declared returns to escape tax levy. Mentioned under the provisions of GST, all e-commerce portals (except service based websites) are expected to get their businesses registered under GST Network. No […]
The Central Board of Direct Taxes (CBDT) clarified the calculation procedures of interest in the case of Disputed Tax. According to the amendment in the Direct Tax Vivad se Vishwas Bill, 2020 Know about the tax dispute settlement scheme (Vivad se Vishwas Bill) under the IT act. Under this scheme, taxpayers can settle all disputes […]
The Central Board of Direct Tax (CBDT) modified the provisions of the Income Tax Act related to the collection of Taxes from the salaried staff. The changes were made for the Financial Year 2019-20. Mr. Naveen Kapoor, the Secretary of Government of India was issued a circular by the department comprising the changes in Paragraph […]
The Finance Minister announced the Union Budget for Financial Year 2020-21 on Feb 1, 2020, in the Parliament. Through the introduction of the budget, the Finance Ministry has introduced a New Tax System under which there will be Income Tax Slabs Get the details on income tax rates for FY 2019-20 (AY 2020-21). Various rates […]
The Ministry of Defence on Tuesday has directed the Principal Controller of Defence Accounts (PCDA) to stop deducting income tax from those pensioners affected by disability and withdraw the contentious circular issued to that effect. The ministry stated in the order that, “In view of the directions of the Supreme Court, PCDA(P), Allahabad may be […]
The new indirect tax, GST (Goods and Services Tax), has been in the economy for more than two and a half years now. It was launched claiming that its implementation will be beneficial for the economy and will bring smoothness in the process of tax payments, but the micro, small and medium scale industries (MSMEs) […]
