According to Parizad Sirwalla, partner (tax), KPMG, the withdrawal of annual tax free transport allowance and medical reimbursements has squared off the benefit on account of standard deduction.
The government on Monday clarified that transactions involving royalty/ technical services fee would be taxable under income-tax and not be liable for equalisation levy that is paid by foreign companies for conducting business with Indian parties, while explaining what would construe online sale of goods or services.
Adjusted for inflation, the earlier scheme would have collected Rs 25,000 crore.
Under the new system, Infosys will handle end-to-end solution - from e-filing to return assessment to refund processing. The new portal is also expected to process the refunds within one day of filing of tax returns, in huge relief for taxpayers.
A panel will draft direct tax legislation, keeping in mind the system in other countries, international best practices and economic needs of the country
The Union finance ministry has asked field officers of the income tax department to not be adversarial to assessees, and to not send high-pitched demands without a proper basis.
A survey done by Deloitte says, predictability of tax laws is poor in China, India and Indonesia.
Amid persistent fear of prosecution and penalty, people across income classes are looking for ways to do away with stacks of higher denomination currency.
Arun Jaitley said he would put the DTC Bill in cold storage.
Exemption limits, standard deduction on radar.
Arun Jaitley had proposed in the Budget to double the rate of capital gains tax on debt MFs to 20%.
The incoming government will have to encourage private investments, bring down cost of capital
Special Economic Zones are likely to be central to realising Prime Minister Narendra Modi's ambitious Make in India agenda.
Measures may include tax slab and rate revisions for individuals, companies.
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