From filing 37 returns a year when the Goods and Sales Tax was first introduced in July last year, the process has undergone major changes as the GST Council considered and implemented various models to ease the pain for assessees. Here's a recap of how the process has changed in 10 months.
'The IAS officers are after the rich people, the IRS officers are after the middle class and the IPS officers are after the poor. This is the new varnashrama created by the bureaucracy.'
The tax rate rises to 10 per cent, 15, per cent, 20 per cent and 25 per cent for every Rs 2.5 lakh addition. A 30 per cent tax is charged for income over Rs 15 lakh.
Oravel Stays, the parent company behind the travel tech brand Oyo, is eyeing to clock Rs 100 crore in Q4FY24 profit after tax (PAT) and a 20 per cent revenue growth for FY24, according to informed sources. These numbers were part of an internal review meeting between founder Ritesh Agarwal and senior management earlier this week, where he spoke about the company's profitability trajectory and growth in business.
Layoffs, corporate restructuring, governance and most importantly profitability: The 14 Indian startups that plan IPOs this year are pulling out all the stops to ensure successful market debuts.
'It may be prudent not to plunge into a new online tax appeals system in one go, which could only create more disputes and increase the embarrassingly high tax arrears of the government,' warns A K Bhattacharya.
'Significant reductions in the compliance obligations mean businesses earlier struggling to comply will now have enough time to prepare and comply within the extended timelines.'
Deadline ends, after two extensions and only 70% file detailed return for July
Food delivery platform Zomato has filed preliminary papers with capital market regulator Securities and Exchange Board of India (Sebi) to raise Rs 8,250 crore through an initial share-sale.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The manner in which India has allowed the rule of law to be subverted for over eight years is tragic, notes former additional solicitor general of India Bishwajit Bhattacharyya.
New ITR form may be simpler, but some changes could stump you.
'The deeper problem is big government -- a giant monster with a giant appetite, which requires it to put more and more pressure on tax officials to extort. 'And the monster is getting bigger by the day. But then, Mr Modi too knows this,' says Debashis Basu.
Reliance ADA Group chairman Anil Ambani on Monday appeared before the Enforcement Directorate (ED) in Mumbai and recorded his statement in connection with an investigation linked to the alleged contravention of the foreign exchange law, official sources said. Ambani, 64, deposed at the office of the federal agency in south Mumbai. Ambani's statement was recorded as part of a fresh case filed under various sections of the Foreign Exchange Management Act (FEMA), the sources said without elaborating.
It is easiest to claim refund while filing returns. But if you have not done so, use Form 30
Finance Minister Nirmala Sitharaman on Tuesday reviewed with Infosys officials the technical glitches that continue to mar the new income tax e-filing portal. Sitharaman, along with Minister of State for Finance Anurag Thakur, revenue secretary Tarun Bajaj, CBDT chairman Jagannath Mohapatra and other senior ministry officials, went point by point on the issues facing the new portal with officials of Infosys - the vendor which developed the site. While there was no official word on what transpired at the meeting, a statement issued by the Institute of Chartered Accountants of India (ICAI) said "the technical glitches shall be addressed fast". ICAI representatives attended the meeting on Tuesday.
Direct tax collections grew by a meagre 6.6 per cent during April-July of the current financial year against the Budget target of 14.4 per cent for 2018-19. Corporation taxes, in particular, grew at just 0.57 per cent, the lowest in the first four months in at least seven years.
The logic of deregulation was that the consumer was protected no matter what the price of crude. But now the reverse has happened. The government is protected no matter what the price of crude, observes Aakar Patel.
With declared assets worth over Rs 600 crore, Chennur Congress candidate G Vivekananda is the richest politician contesting in the November 30 assembly polls, followed by P Srinivas Reddy from the same party with over Rs 460 crore.
Rahman had received Rs 3,47,77,200 from Libra Mobile during 2010-11 in his individual capacity as an artiste which must have been considered for taxation and this was not considered by the Assessing Officer in the reassessment order.
In case of a physically handicapped person, he gets a threshold deduction of Rs 50,000 from the taxable income. Further if such disability is more than 80%, the limit of Rs 50,000 increase to Rs 75,000. Thus in your case you will be starting paying tax only when your income exceeds Rs 1,60,000.
Pankaj Gupta filed his nomination papers for the Chandni Chowk Lok Sabha seat, Atishi for East Delhi, Gugan Singh North West Delhi, Raghav Chadha South Delhi, Dilip Pandey North East Delhi and Brajesh Goel for New Delhi.
'They just say we agree to your demands in the meetings, which is lip service. But on the ground they do not implement anything.'
'There is a huge tax differential of 15% to 20% depending on income classification.'
Santiago Martin has funded Rs 1,368 crore to political parties between October 2020 to January 2024 through electoral bonds.
The Vivaad se Vishwas Tak scheme will be one area where some much-needed revenue can be collected by the government. The scheme can be more successful if some specific steps are taken, says investment advisor Harsh Roongta. This results in a very high tax demand. Investment advisor Harsh Roongta takes you through the maze of appeals and counter appeals.
Those earning over Rs 50 lakh a year need to disclose all jewellery and cash in their returns, says Tinesh Bhasin.
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