'Traders must adopt digital payments as soon as possible within a set timeframe, as the nation is moving rapidly towards digitisation.' 'Ignoring digital systems is not an option for strengthening trade.'
The government has notified a host of procedural changes in the GST rules, including levy of interest for wrongful utilisation of ITC and turnover threshold for filing annual returns for the 2021-22 fiscal. The changes were vetted by the Goods and Services Tax (GST) Council at its meeting last week. With the amendments notified by the Central Board of Indirect Taxes and Customs (CBIC), businesses have also been allowed to make tax payments on the GSTN portal by using IMPS and UPI payment modes.
Whether you give stocks held for more/less than a year, benefits are nominal; donating cash is better.
Dixon Technologies' January-March quarter (Q4) results came in well below expectations, but the potential for signing up a new mobile client, and plans for backward integration into display manufacturing kept investors happy. Dixon's Q4FY24 revenue grew 52 per cent year-on-year (Y-o-Y) to Rs 4,660 crore, below Street consensus, due to weakness in consumer electronics (Rs 890 crore) and home appliances (Rs 294 crore) segments.
The Central Board of Direct Taxes (CBDT) has issued detailed guidelines on facilitating tax deducted at source (TDS) on virtual digital assets (VDA) or crypto assets, under which date of transfer and mode of payment will have to be specified. From July 1, TDS of 1 per cent will be levied on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year, as the Finance Act 2022 has introduced Section 194S in the income tax (I-T) Act. The department has explained different scenarios through six questions to remove difficulties.
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.
To further tighten its control of practising accountants, the Centre has brought within the ambit of the Prevention of Money Laundering Act (PMLA) their "financial transactions" such as operating and managing their client firms and trusts, and buying and selling business entities. The Union finance ministry issued a gazette notification on this on Wednesday. Under the new rule, chartered accountants, company secretaries, and cost and works accountants carrying out such transactions (on behalf of their clients) will now be required to go through the Know Your Company (KYC) process before commencing work.
'The private sector believes that some enablers in labour-intensive sectors like apparel, toys, tourism, and media retail, can unlock a lot of jobs.'
Under fire for technical glitches plaguing the new income tax return filing portal, Infosys CEO Salil Parekh on Wednesday said the new portal developed by his company is seeing "steady progress" and already 1.9 crore returns have been filed. He further said that taxpayers' concerns are being "progressively addressed". "We are seeing a steady progress on the income tax system. As of yesterday we had over 1.9 crore returns that have been filed using the new system.
If you have any grievances or disputes regarding the demand stated in the notice, consider seeking professional help.
Through a revised return, you can make changes to your ITR and even end up paying lower tax.
The move will establish a level-playing field for domestic investments in start-ups compared to foreign-based sources.
rediffGURU Vivek Lala answers your income tax and personal finance queries.
Finance Minister Nirmala Sitharaman on Thursday announced a Rs 11.11 lakh crore spending on infrastructure and vowed to continue reforms as she resisted resorting to populist measures in Modi government's last Budget before general elections, instead choosing to stay on the path of cutting deficit while bolstering measures for focus groups.
Over 100,000 small and medium-sized businesses are non-compliant with e-invoicing norms under the goods and services tax (GST) regime, a mandatory requirement for businesses with an annual turnover of over Rs 5 crore. E-invoicing provides real-time access to invoices that are prepared by the supplier on the purchase of goods, allowing faster accessibility to input tax credit, thereby limiting the manipulation of fake credit as it has to be generated before the transaction. "The default has been reported mainly in businesses with a turnover between Rs 5 crore and Rs 20 crore," a senior official informed
The stakes are significant for the BJP in this round as the party had in 2019 won an overwhelming majority of these seats, including all in Gujarat, Chhattisgarh, Bihar and Madhya Pradesh, that will go to polls on May 7.
Tax consultants and chartered accountants have started receiving a flurry of calls from their clients - both corporate and individuals - seeking clarity over changes in the reassessment regime made during the recently concluded Budget Session of Parliament. Tax experts apprehend the amendments may lead to the income-tax (I-T) department sending out more notices. The new provisions, effective from April 1, have extended the scope for tax sleuths to reopen the past assessments.
If the concerns over risking political capital are overcome, the long-term gains for the Indian economy will be immense, asserts A K Bhattacharya.
This time Modi has no emotive message to take to the stump. Muscular nationalism doesn't work against the backdrop of China's successive inroads into Indian territory. Rising prices is a sore point that cuts across class and caste barriers; unprecedented levels of unemployment has the youth in a ferment. This has reduced the BJP campaign to a laundry list of recycled grievances and thinly veiled communal appeals, neither of which are working as well as they have in the past, argues Prem Panicker.
The Gujarat high court on Monday said it does not have faith in the state machinery which gets into action only after innocent lives are lost, as it pulled up the Rajkot civic body over the purported lapses in functioning of the game zone facility where a massive fire killed 27 persons.
A day after joining the OECD-G20 framework for global minimum tax, the finance ministry on Friday said some significant issues including share of profit allocation and scope of subject to tax rules are yet to be addressed and a 'consensus agreement' is expected by October after working out the technical details of the proposal. Total 130 countries on Thursday agreed to a overhaul of global tax norms to ensure that multinationals pay taxes wherever they operate and at a minimum 15 per cent rate. India is in favour of a consensus solution which is simple to implement and simple to comply.
If the government decides to go back to the old regime where the EPF was not taxed but the NPS was, the latter will become an unattractive product.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
The US launched an investigation, focusing on whether the tax in India and other countries discriminated against American companies, were retroactive, and reflected unreasonable tax policy.
When it comes to electric cars, the electric dream is turning out to be a six-letter word starting with f, ending with y, and having antas in between, notes Suveen Sinha.
Packed frozen 'paratha' is not 'roti or chapatti' as it requires further cooking before consumption and despite wheat flour being the 'common thread' there are other ingredients used in making parathas, said an order by the Gujarat Appellate Authority for Advance Ruling. Such parathas, whether named Malabar, Mixed vegetable, Onion, Methi, Alu, Laccha, Mooli or Plain, have ingredients like margarine, salt, emulsifying agent, oil, potato, peas, cauliflower, coriander powder, bread improver and water, apart from wheat flour, which make 'quite different' from plain roti or chapatti and hence are not eligible for 5 per cent Goods and Services Tax (GST) rate, the ruling said. The percentage of wheat flour used by Vadilal Industries, which had approached the AAAR, in the eight varieties of paratha manufactured and supplied by it ranges from 36-62 per cent, whereas the ingredient for plain roti or chapatti is wheat flour apart from water.
GST collection rose 11 per cent to over Rs 1.65 lakh crore in July as a result of anti-evasion measures and higher consumer spending. This is the fifth time since the rollout of the Goods and Services Tax (GST) regime that monthly collections have crossed the Rs 1.60 lakh crore mark -- making it the new normal. "Gross GST revenue collected in July is Rs 1,65,105 crore of which CGST is Rs 29,773 crore, SGST is Rs 37,623 crore, IGST is Rs 85,930 crore (including Rs 41,239 crore collected on import of goods) and cess is Rs 11,779 crore (including Rs 840 crore collected on import of goods)," the finance ministry said in a statement.
E-proceeding of tax scrutiny has certain technical and practical issues which need to be addressed before making the system fully electronically driven.
In 2020-21, Indian firms offered to buy back shares worth Rs 39,295 crore, or 97% more than Rs 19,972 cr proposed in the previous financial year.
The Big Four accounting firms have increased the hiring of people from technology backgrounds in India amid an increased focus of clients on digital transformation, especially after the Covid-19 pandemic. EY India said that it has expanded its overall tech talent pool by 3x in the last three years across service lines including consulting, tax, assurance, and strategy & transactions. "Today over 50 per cent of our workforce is from STEM (science, technology, engineering and mathematics) and technology background," it said, adding that it continues to hire significantly in the areas of AI, cloud computing, data analytics and cybersecurity to help its clients in transformation.
The coming Union Budget might give relief to foreign portfolio investors from taxation on indirect transfers.
Businesses that have not filed GSTR-3B returns in the preceding two months will not be able to file details of outward supplies in GSTR-1 from September 1, GSTN has said. While businesses file GSTR-1 of a particular month by the 11th day of the subsequent month, GSTR-3B, through which businesses pay taxes, is filed in a staggered manner between 20th-24th day of the succeeding month. In an advisory to taxpayers, GSTN, which manages the technology backbone for Goods and Services Tax, said that Rule-59(6) of Central GST Rules which provides for restriction in filing of GSTR-1, will come into effect from September 1, 2021.
Delhi Chief Minister Arvind Kejriwal mounted a blazing campaign in the hot summer after he was released from the Tihar jail on interim bail on May 10, drawing huge crowds at rallies and roadshows, but it proved insufficient to propel his Aam Aadmi Party past the Bharartiya Janata Party challenge in the national capital.
The I-T department issued a circular allowing manual filing of Form 15CA/15CB (required for foreign remittances) with banks till June 30, so that business transactions may go on. The forms will be uploaded online on the e-filing portal later, it added.
'API prices are dragging down margins and impacting our competitive ability.'
What are the five things that need to be looked at to ensure a seamless transition to GST?
US proposal to raise the global corporate tax rate to 28% from 21% might face resistance from countries unwilling to give up their edge and compete with America on its terms.
Both sports and digital will drag down the healthy operating margins that entertainment television continues to make.
The Adani group is in advanced talks with top sovereign funds based in West Asia to raise up to $2.6 billion for its airport expansion and green hydrogen projects. The group, which expects to close the ongoing financial year ending March with Rs 80,000 crore of Ebitda (earnings before interest, tax, depreciation, and amortisation), has held a series of road shows in London, Dubai, and Singapore with potential investors, briefing them about their future growth plans. The group's flagship, Adani Enterprises, may dilute part of its stake in the airport-holding firm and/or the green hydrogen business to these funds, which are keen to invest in the Indian infrastructure sector, said a source close to the development.
India's tax pie seems to have undergone a subtle change with a sharp drop in direct tax collections resulting from a disproportionate impact of the COVID-19 carnage on incomes. The share of indirect taxes, which mainly comprise of levy on goods and services as well as import duty, has risen while that of direct taxes - made up of corporate and personal income tax - has gone down in 2020. In an interview with PTI, finance secretary Ajay Bhushan Pandey said in a pandemic like this where the economy has been impacted, any large scale changes impact direct taxes more severely, whereas indirect tax collection is mostly proportional to business turnover and compliance.
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