E-way bill generation, which is related to paying Goods and Services Tax (GST) and a key high-frequency indicator of economic activity, may have fallen to a five-month low in April as more cities experience lockdowns due to a surge in Covid-19 cases. In April e-way bill generation may decline to 55-58 million, which is the lowest since at least November. On the higher side, it is a 17 per cent decline over March.
The new ITR forms have shifted the entire onus on the taxpayers to prove their claim for deductions, expenses or exemptions.
The Cabinet has cleared a Bill to set up a government-owned development finance institution (DFI) with initial paid-up capital of Rs 20,000 crore so that it can leverage around Rs 3 trillion from the markets in a few years to provide long-term funds to infrastructure projects as well as for development needs of the country. To put it in perspective, Rs 3 trillion constitutes slightly less than 3 per cent of the Rs 111 trillion to be spent on over 7,000 projects in the National Infrastructure Pipeline from 2019-20 to 2024-25. Besides, the government will give Rs 5,000 crore as grant to the institution, Finance Minister Nirmala Sitharaman on Tuesday told the media after the Cabinet meeting.
Will it benefit you? Or will it lead to an increase in inflation? Bipin Sapra believes it will be some time before GST's benefits reach consumers.
Sending money to families in India will get more expensive
The simplified form will comprise details of taxpayers' mutual fund transactions, pending and completed income tax proceedings, status of income tax demand, besides tax deducted at source and tax collected at source. Form 26AS is an annual tax credit statement containing details of various taxes deducted on income.
As per the Budget proposals, migration of a fund to a fund in IFSC will not be regarded as transfer if done on or before March 31, 2023. Transfer of units will be tax neutral. Grandfathered investments of the fund to continue to enjoy capital gains exemption on future sale by the IFSC fund. There is no impact on carry forward of losses for the investee company.
Finance Minister Arun Jaitley is expected to present the Budget for 2014-15 in July.
Any additions in demand made by a tax officer under the faceless assessment process for over Rs 5 lakh of income will undergo a rigorous review process before a final demand order is passed.
This is the fourth extension given by the government for taxpayers to file both original and revised ITRs for 2018-19 fiscal.
The Union Budget on Wednesday outlined several initiatives to drive India's technology agenda and boost digital infrastructure, including new centres of excellence for artificial intelligence, National Data Governance Policy, and Entity DigiLocker.
With organisations like the Bharatiya Mazdoor Sangh, which is a front of the Rashtriya Swayamsevak Sangh, telling Finance Minister Nirmala Sitharaman they want OPS back, the government is in a bind, report Shiva Rajora and Aditi Phadnis.
With this, India joins 60 other countries that collect PNR details of international passengers.
The arbitration of any court is legally binding and the government) can approach the Singapore high court.
Did you know that the Government of India has granted certain tax exemptions to start-ups for a prescribed period?
Vittorio Colao, who is currently on an India visit, said he would be open to listing his company in the country
A leak of 11.5 million tax documents has revealed how the rich and powerful use tax havens to hide their wealth.
The Nifty IT has been one of the worst-performing indices on the bourses this calendar year. Rising concerns of a potential global recession, which investors fear can dampen demand for export-facing domestic information technology (IT) giants, have sent the index down over 30 per cent on a year-to-date basis. By comparison, the Nifty50 Index has shed 2.8 per cent during the period, reveals data by ACE Equity.
Apart from making your purchases on these platforms expensive, it will also mean sellers will have to face the brunt of reduced cash flows amid already low margins for some. Experts said the proposal, which will take effect on April 1, 2020, and will be inserted as a new section in the Income Tax Act, is expected to affect the working capital of e-commerce companies and reduce cash flows for e-sellers.
Airlines say ATF fuel prices in India are 40 per cent higher than in countries such as Singapore. Jharkhand, Chhattisgarh and Maharashtra
Stick to low-cost ULIPs launched in the past few years. Go with an insurer with a good investment team and solid track record of long-term returns, suggests Sanjay Kumar Singh.
Agencies, whether public sector or private sector, may have to pay goods and services tax on the charges they collect on behalf of the government from clients. The authority for advance rulings (AAR), Telangana, has ruled that e-procurement transaction fee collected by an agency on behalf of the government is chargeable to GST, said Rajat Mohan, senior partner at AMRG & Associates. The AAR also ruled that neither services provided by the agency to the government, nor services provided on behalf of the government to the business entities are exempt from GST, he informed about the case.
CBDT recently lowered threshold for this to Rs 8,333 a month. If you don't furnish this, a higher tax will be deducted at source from your income.
India on Monday joined a US-led initiative to set up an Indo-Pacific Economic Framework to bind partner countries to achieve common goals, with Prime Minister Narendra Modi asserting that New Delhi will work with the stakeholders to make it an "inclusive and flexible" structure to pave the way for development, peace and prosperity in the region.
Officers across departments and ministries have been asked to speak to people across sectors for 'SWOT' analysis of issues for revival of the economy.
'Investors with as little as Rs 1 can start investing in digital gold.'
Does a doctor need to pay GST and other queries...
If you are scouting for a property, finalise the deal within the next seven months and benefit from this measure, suggests Bindisha Sarang.
India is often viewed as an aggressive tax jurisdiction by domestic and overseas taxpayers, and making the charter as part of the Act may help restore confidence among taxpayers.
Asked to comment on the raids, Sitharaman spoke of the 2013 raids not being an issue and they suddenly become one now.
The Centre managed to collect only Rs 990 crore as compensation cess in April 2020-21, almost one-ninth of the figure of Rs 8,874 crore mopped up a year ago. The subdued collection would further increase states' problems unless the GST Council, which meets next week, decides to borrow from the market.
The Finance Ministry has sought comments from stakeholders.
With recent rate cuts, November collections could be even less
Boris Becker's thunderous delivery earned him the nickname 'Boom Boom' as a 17-year-old Wimbledon winner in 1985 but on Friday, aged 54 and bust, the German great was told he must serve time in prison.
The mop-up could have been much higher, but tax on imports fell 2 per cent y-o-y.
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