Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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.
A strong supporter of the new tax regime, Adi Godrej tells Viveat Susan Pinto the second half of FY18 will be even better for consumer goods companies as challenges abate.
GST would make compliance easier for big businesses, but hurt small scale industries., says SJM
Fiscal federalism should not be sacrificed at the altar of GST.
From second homes and AC rail travel to private tutors, astrologers and marriage-makers come under the tax net
Modi said the Goods and Services Tax has within one year of its launch led to over 70 per cent jump in indirect taxpayer base, demolished check-posts and merged 17 taxes and 23 cesses into one single tax.
The new tax regime has also been fuelling sale of SUVs, particularly the compact SUVs
While using the family to save tax is legal and smart, ensure you use the ones where clubbing income laws isn't a concern, advises Bindisha Sarang.
'There are no new benefits for senior citizens, but on the other hand senior citizens having sizeable dividend income may have to suffer tax at applicable slab rates,' says Mahesh Padmanabhan.
The Bill has proposed that zones notified by the end of March 2012, will get income tax benefits. For units, there is a two-year additional window, with those commencing operations by March 31, 2014, likely to get an exemption.
The goods and services tax is scheduled to be introduced from April 1, 2010. However, finance minister Pranab Mukherjee had recently said while the Centre and the states were serious over introducing the system as per schedule, he would not be surprised if there was slippage of a few months.
Tax Guru Anil Rego answers your personal income tax queries.
Out of the GST of 12 per cent, states should receive seven per cent while the rest five per cent should go to the Centre's kitty, said the task force.
The roll out of the proposed Goods and Service Tax (GST) will push prices of essential commodities like atta (flour), maida, vanaspati ghee, mustard oil, tea, arhar dal and moong dal by 5.5-6 per cent.
The government has decided to compensate states for any revenue loss on account of the implementation of the Goods and Services Tax (GST), a move that will encourage states to go in for the new tax structure scheduled to be implemented from April 1, next year.
The Union government may restate the roadmap or modify it, only after building a consensus with the states, sources said, adding this is not likely to be in the Budget, to be presented by finance minister Pranab Mukherjee on July 6. The Centre and state governments have still not agreed on the GST rate, even though consensus may be building for eight per cent at each level.
The time the companies have to get ready for GST is 6 to 12 months.
Small scale and cottage industries which are labour intensive will be severely hit.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
If a salaried employee does not possess Form 16, he can still file the I-T Return with the help of his salary slips and Form 26 AS.
Most e-commerce firms offer aggressive discounting and freebies, with specific purchases.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
India was a very important strategic partner of the US, she said.
Financial accounting software company Tally Solutions on Thursday launched its VAT-compliant business accounting software 'Tally 7.2', aimed specifically at the small and medium segment for changeover to the new tax regime that begins from April1.
After Multi Fiber Arrangement is phased out, the textile industry of developing economies like India will have a reason to be optimistic about the long-term growth opportunity.
Six more states are set to join the value added tax regime from April
Officers from various departments including the finance ministry to be part of rehearsal event
In a major step towards introduction of Value-added Tax from April 2005, states on Wednesday endorsed a 'white paper' on the new tax regime, which would be formally issued on January 17.
The one national GST unifies the country's $2 trillion economy and 1.3 billion people into a common market, an exercise that took 17 tumultuous years.
With 21 states having implemented value-added tax and eight states still to adopt it, the impact of the new tax regime is seen largely positive for sectors like FMCG, paper and pharmaceuticals.
Majority of respondents feel that the government in the forthcoming Budget will increase the standard deduction and give more incentives for housing loans.
The empowered committee on value-added tax will meet the finance minister in mid-July to discuss the 'roadmap' for the introduction of the new tax regime, after which it will be taken up with political parties for a national consensus.
The crucial meeting of the empowered committee of state finance ministers on value-added tax began in New Delhi on Wednesday to resolve all pending issues to ensure smooth implementation of the new tax regime from June 1 this year.
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