According to the CBDT, if a social media influencer retains a product from the manufacturing company after using for the purpose of rendering service, then it will be treated as a benefit/perquisite under newly-introduced Section 194R of the IT Act.
Rohit Sharma on Wednesday was named India's full-time white-ball captain.
India has plenty of options at the top of the order and someone has to 'sacrifice' the opener's slot for KL Rahul, who performs his best when he takes the first strike, reckons former India cricketer Sanjay Manjrekar.
Suryakumar jumped in front of Pakistan captain Babar Azam and into third place on the latest list of T20I rankings for batters
Glenn Phillips scored a half century off 33 balls as New Zealand thrashed the West Indies by 90 runs in the second Twenty20 International to take a 2-0 lead in the three-match series.
Several income tax proposals, including 30 per cent tax on income from trade in cryptocurrencies will come into effect from Friday. Also, the revised norms for levy of 1 per cent TDS (tax deducted at source) on sale of immovable property exceeding Rs 50 lakh will come into effect from April 1, the beginning of the new financial year. As per the revised norms, TDS of 1 per cent shall be deducted on consideration or stamp duty value, which ever is higher, as against the earlier provision of consideration.
Sri Lanka has three left-handers among their top six batters, so will Ravichandran Ashwin play Tuesday's crucial Asia Cup game?
Game 53 of IPL 2020 will see the Chennai Super Kings take on the Kings Xi Punjab at the Sheikh Zayed Cricket Stadium in Abu Dhabi.
The new amendment, which came into force on April 21, has been introduced to detect discrepancies between the expenses and incomes of people who do not have to file tax returns.
Individuals and entities, whose accounts are not required to be audited, were mandated to file I-T returns by July 31.
India's exports may have touched an all-time high of $422 billion in 2021-22 but recession in key western markets and geo-political crisis due to the Russia-Ukraine war are expected to impact the growth of the country's outbound shipments in 2023. All the global trade promoting factors like political stability, movement of goods, adequate availability of containers and shipping lines, demand, stable currency and smooth banking systems are in disarray. Adding to the woes, COVID cases have again started rising in countries like China, Japan, South Korea and the US.
The government on Tuesday extended till March 15 the deadline for corporate to file Income Tax returns for the fiscal ended March 2021. The deadline to file tax audit report and transfer pricing audit report for 2020-21 fiscal too has been extended till February 15. This is the third extension given to corporate for filing the income tax return for 2020-21 fiscal.
Sources said about hundreds of companies, including Facebook and Amazon, could seek tax refund because they import software for sale in India.
Who do you think should be part of India's playing XI for the second ODI against the West Indies?
'A finisher bats at a crucial phase, and often, his contribution could be a game-changer.'
The ludicrous combination of better bats and smaller boundaries is reducing bowlers to virtual bowling machines, says the legendary Australian Ian Chappell.
There is only ever one aim for India in World Cups, to win, and T20 World Cup 2022 is no different.
Rohit Sharma is likely to make a comeback for the six-match limited overs series against the West Indies at home next month.
Rohit had missed the series against South Africa due to a hamstring issue but he has now recovered and would be leading the side in the upcoming white-ball series against West Indies.
Just like it happens in football, where everybody from around the world wants to play in European leagues, every cricketer would dream to play in the Big Bash, IPL and The Hundred, explains Abhishek Singh.
Taxing SoftBank, the largest shareholder in Flipkart with a little over 20 per cent stake, however, will be easier.
The government has notified mandatory requirement of e-invoicing for B2B transactions for businesses with a turnover over Rs 100 crore with effect from January 1, 2021. Under Goods and Services Tax (GST) law, e-invoicing for business-to-business (B2B) transactions is mandatory for companies with turnover of over Rs 500 crore from October 1. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said e-invoicing will be extended to businesses with a turnover over Rs 100 crore from January 1.
This is the fourth extension given by the government for taxpayers to file both original and revised ITRs for 2018-19 fiscal.
Fresh from his exploits in Mumbai's maiden Syed Mushtaq Ali T20 triumph, Kotian got down to business after his pace colleagues Tushar Desphande (2/23) and Mohit Avasthi (1/29) handed Bengal early blows.
The move followed after certain startups complained about facing harassment and the taxman breathing down their neck on the angel tax issue.
In a move to plug gaps in the Insolvency and Bankruptcy Code (IBC), the ministry of corporate affairs (MCA) has proposed robust norms against avoidance transactions, wrongful trading, and inordinate delays via changes to look-back period and fixed timelines for the tribunals to reject or approve plans, among other measures. The MCA has proposed that the IBC should provide the adjudicating authority with 30 days for approving or rejecting a resolution plan under Section 31. If a decision is not made on the resolution plan within that period, the adjudicating authority will record reasons in writing for the same, the ministry has proposed.
The govt could allow start-ups and e-commerce cos to appropriate initial brand building expenses over several years for accounting benefits
The women stole the show at the Dadasaheb Phalke Excellence awards.
The government on Thursday extended the due date of filing income tax returns for 2020-21 for individuals by two months till September 30. The Central Board of Direct Taxes (CBDT) has also extended the ITR filing deadline for companies by a month till November 30. As per the income tax law, for individuals whose accounts are not required to be audited and who usually file their income tax return using ITR-1 or ITR-4 forms the deadline to file ITR is July 31. The deadline for taxpayers, like companies or firms, whose accounts are required to be audited is October 31.
This could impact non-resident Indians staying in countries such as UAE which does not impose income tax on individuals under local tax laws.
A series of steps taken by the government to promote ease of doing business and liberalisation of foreign direct investment norms have helped India receive record FDI inflows so far this year, and implementation of measures like PM Gati Shakti, single window clearance and GIS-mapped land bank are expected to further push investments in 2022. Notwithstanding the global slowdown and the COVID-19 pandemic, total foreign direct investments into India rose to a record $81.72 billion in 2020-21. During April-July this fiscal, FDI (foreign direct investment) into the country increased by 62 per cent to $27.37 billion.
Since the inception of the code, the threat of insolvency has brought many debtors in line
If not, an assessee might be charged interest for not paying TDS on time.
The government is exploring legal options, including bringing an Ordinance, to tackle the problem of income-tax litigation on reassessment notices under old, time-barred norms, according to official sources. This has come in the wake of writ petitions filed by companies and individuals in recent weeks to challenge the validity of the notices issued by the tax department between April 1 and June 30 and under the old norms.
A record GST tax collection, an overhaul of the income tax return filing portal and the landmark move to scrap retrospective taxation have set the stage for the next level of reforms in tax administration that include bringing a framework for cryptocurrencies and rationalising the GST rate structure. With tax reforms such as faceless assessment taking roots, 2021 will go down as the year that pivoted the tax administration in a country aspiring to become the world's favourite investment destination. The task ahead is going to be a tough one as the tax department would grapple with taxing cryptocurrencies, rationalising Goods and Services Tax (GST) rates to shore up revenues and post June 2022, the scenario of how the GST revenue plays out for states without the Centre's support of compensation.
Deepak Nangia, head of Satyam's Australia unit who, in his seven-year stint, brought the company a long list of clients, including National Australia Bank, Qantas and Telstra, is the latest to quit. Confirming the development, a Satyam spokesperson said Nangia had resigned two months ago to "pursue better opportunities outside the company." This is the third high-profile departure of a Satyam global head since January.
With the implementation of the goods and services tax less than 75 days away -- assuming July 1 as the roll-out date -- Sudipto Dey provides a guide to how businesses can navigate the transition.
'Letter From A Stranger, India' is helping many rediscover self-worth and self-love,
The government on Friday extended he deadlines for various income tax compliances and said the amount paid by an employer to employees for Covid-19 treatment would be tax exempt.
Similarly, FDI from Cyprus too increased by about three-times to $879 million in the last financial year from $296 million in 2018-19.
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