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The finance ministry has to come up with solid plans to get the desired figures of tax revenue. Finance Minister Nirmala Sitharaman, who was supposed to introduce measures to accelerate the stagnant economy within a month of her maiden budget being approved by Parliament. The council is asking for suggestions from separate section stakeholders before […]
The income tax department has started sending queries to top-notch banks and companies if the common costs such as the CEO’s salary, are dispersed by them to its divisions & branches. A few top companies with the centre of operations in Pune, Delhi and Mumbai are being interrogated by the IT department on cross-charging of […]
As the Indian Government is enthusiastic about bringing in more and more digital modes for tax filing and payment, it may soon consider tax payment valid via credit card, Unified Payment Interface (UPI) or even prepaid wallet declared a government official. The government is determined to shift towards more digital modes of tax payment apart […]
Paying heed to the current situation in two very fresh Union Territories of India i.e. Jammu & Kashmir and Ladakh, the Indian government has provided relief for those struggling with tax filing and compliance due to unavailability of the internet in the region. In a most recent statement, the Central Board of Direct Taxes (CBDT) […]
Having a property in joint name with the family members is a standard practice in India. Some do it as an expression of gratitude towards their family members while others make it a reason for smooth succession and easy tax benefits. In most cases, it is the spouse whose name appears as a joint holder […]
The Income Tax Department is intending to scrutinize the business of Flipkart and Amazon starting with the details of their top five sellers in India. The motive behind the scrutiny is to check whether these top and most competent online e-commerce portals are obedient to the Goods and Service Tax regime. Alternatively, it appears to […]
Determining the residential location of the taxpayer is equally important for the tax department as verifying other documents. But why? Well, it is already known that the earnings of the registered taxpayer from any source present (property or business) in India is taxable under the law. Another major factor that determines the tax liability of […]
Income Tax officials of India spouted off their objection against the new faceless tax assessment programme launched by Prime Minister Narendra Modi to eliminate the corruption & increase the tax collection, a joint letter by tax unions showcases. Delegates of Income Tax Gazetted Officers’ Association & Income Tax Employees Federation wrote a joint letter to […]
Suggestions have been made by the Economic Advisory Council to the Prime Minister regarding the relinquishment of the lowest tax rate slab of 0% and the highest tax rate slab of 28%. It has been two years & a quarter since GST has implemented in 2017. There were dual ways to introduce this reformation. One […]
