The Direct Tax Code Bill, which was tabled in the Lok Sabha on Monday, has been delayed by a year. The Bill will now come into effect from April 1, 2012.
The government on Monday tabled the much-awaited Direct Taxes Code Bill in the Lok Sabha which proposed to raise the exemption limit on income tax from the current Rs 1,60,000 to Rs 200,000.
The long-awaited, tax-saving infrastructure bond issue is out. Industrial Finance Corporation of India is the first company to issue these, at 7.85 and 7.95 per cent.
GST collections in March slipped below the psychological Rs 1-lakh crore mark for the first time in four months to Rs 97,597 crore as the COVID-19 lockdown that shut most businesses compounded tax collections in an already sluggish economy.
Interest payment on home loans could become fully taxable. Perks to be included in salary income and taxed.
'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.
'If I close my housing loan, are there any investment avenues (the investment should provide liquidity) to save tax?'
Recommendations on direct taxes vary from seeking cut in corporate tax, re introduction of standard deduction for salaried employees, removal of STT, DDT, etc.
Apprehensions following the imposition of GST on sports equipment has forced the National Rifle Association of India (NRAI) to 'approach' the finance ministry and take up the cudgels on behalf of a very concerned shooting community.
The finance minister's tax giveaways are what have saved tax-payers from the impact of inflation and higher home loan rates.
Budget could well determine if Achche Din will materialise
The Prime Minister's Economic Advisory Council on Wednesday favoured more income tax sops as also a revision in indirect tax rates on consumer durables in Budget 2008-09 to fire up the economy.
Here are 9 easy steps that guide you on things that you must consider before and after buying your dream home.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The interest earned on bank fixed deposits are added to an individual's taxable income and charged as per the applicable tax slab.
Here are some tips on what you must NOT do with your hard earned money.
Small scale and cottage industries which are labour intensive will be severely hit.
GST compensation law allows for imposition of cess on certain luxury goods like tobacco, high-end cars and aereated drinks to create a corpus for compensating states for any loss of revenue in the first five years
HUFs are not used for tax evasion but for tax avoidance/to save the tax within the four corners of the law. Experts say that there will be little or almost insignificant change in tax revenues.
The Budget doled out exemptions in bits and pieces. We put them together for you Rs 1,000 gift voucher: From FM with love.
Today one can easily file returns online.
After helping the government in policymaking since October 2014, Chief Economic Adviser Arvind Subramanian is returning to academics and will be teaching at Harvard Kennedy School on a visiting position. In an interview to Dilasha Seth and Somesh Jha, he says the ease of doing business agenda needs to move forward and India must try to integrate with the global value chains. Edited excerpts.
The panel has proposed lower rates of 10 per cent for annual income between Rs 5 lakh and Rs 10 lakh, 20 per cent for income between Rs 10 lakh and Rs 20 lakh. For income of Rs 20 lakh to Rs 2 crore, the suggested rate is 30 per cent.
To incentivise the Micro and Small enterprise is to offer them lower rates of interest based on their business turnover
Postal Time Deposits are similar to Fixed Deposit that you keep with Bank. For claiming deduction, the minimum period for which you should keep such Time Deposit is of 5 years.
In a major bonanza to the salaried class, the government on Friday proposed to increase the income tax exemption limits from Rs 1.10 lakh to Rs 1.50 lakh, in addition to restructuring the tax slabs.
Dear readers, we had asked you to send in your personal finance queries to be answered by Basis founder and CEO Hena Mehta. Here's the first batch of responses.
DTC task force also favoured doing away with Dividend Distribution Tax by suggesting taxing dividends in the hands of shareholders.
These officers also have been divested of their current duties on charges of violating Rules 9 and 3(1)(xx) of the Central Civil Service Conduct Rules.
The Central government will borrow up to Rs 1.1 lakh crore on behalf of the states to bridge the shortfall in GST collections, the finance ministry said on Thursday. A slowdown in the economy since last fiscal has resulted in a drop in the Goods and Services Tax (GST) collections, upsetting the budgets of states which had given up their right to levy local taxes such as sales tax or VAT when GST was introduced in July 2017. To make up for the shortfall, borrowing from the market was proposed.
The GST rates for all but six items were finalised at the first day of the two-day meeting of the GST Council, headed by Union Finance Minister Arun Jaitley and comprising state representatives.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Federation of Indian Chambers of Commerce and Industry charted a roadmap for 8-10 per cent economic growth
Govt may tighten presumptive taxation norms and also do away with some deductions.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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