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Taxes
A number of trusts set up in overseas tax havens using a complex maze of entities have come under the scanner of Indian and Swiss authorities for suspected tax evasion by parking of illicit funds in Switzerland-based banks, as per notices issued to those entities. In addition, several individuals who are suspected to have moved abroad after evading taxes back in India are also being probed and their banking details are in the process of being shared by the Swiss authorities with their Indian counterparts.
Finance Minister Nirmala Sitharman on Friday slashed corporate tax rates for domestic companies and new domestic manufacturing companies. The announcement comes ahead of ...
The finance ministry's decision to significantly increase the limit for the income tax department to appeal disputes in higher forums will reduce litigation and ensu...
The Reserve Bank of India will come out with a mobile application to help visually challenged people in identifying currency notes as cash still remains a dominant mode o...
17, Jun 2019, by : FnF Correspondent
Tightening the screws around tax evaders, the revised guidelines issued by the tax department has made serious offences of black money and 'benami' laws 'generally' non-compoundable. This in general terms means that a person or entity would not be able to settle a case of tax evasion by just paying the tax demand, penalty and interest. The new guidelines will kick in from June 17, 2019 and apply to all cases for compounding received on or after this date. Read News
03, Jun 2019, by : FnF Correspondent
India's economic growth rate slowed to five-year low of 5.8 per cent in January-March 2018-19, due to poor performance in agriculture and manufacturing sectors, official data released Friday said.The Central StatisticsRead News
01, Feb 2019, by : FnF Correspondent
The government may also increase the basic income tax deduction under Section 80C from Rs 1,50,000 to Rs 2,00,000 per annum. Those with investments such as PPF, LIC, and mediclaim will be able to save more on income from investments.Read News
24, Dec 2018, by : Desk FnF
The subscriber shall be allowed to make partial withdrawals for a maximum of 3 times during the entire tenure of subscription under the NPS. There is, however, no minimum time gap now stipulated between two partial withdrawalsRead News
12, Dec 2018, by : FnF Correspondent
Further, the government has also decided to increase its contribution to its employees' NPS accounts from 10% to 14%, which will be tax free. In fact even the tier-II account—an optional account that allows frequent withdrawal making it similar to your savings bank account—for government employees will enjoy tax benefits, as per the government release, and will come with a lock-in of 3 years. "They should not restrict it to only government employees. When the finaRead News
02, Jul 2018, by : FnF Correspondent
President Ram Nath Kovind, inaugurated the platinum jubilee celebrations of the Institute of Chartered Accountants of India (ICAI) in New Delhi. Speaking on the occasion, the President said that adherence to a fair taxation system is much more than merely providing revenue to the government.Read News
A survey by the All India Trade Union Congress (AITUC) in July found that a fifth of India's 63 million small businesses – contributing 32 percent to the economy and employing 111 million people - faced a 20 percent fall in profits since the GST rollout, and had to sack hundreds of thousands of workers.
Home buyers who had pinned high hopes on GST for reduction in property prices are disappointed as the overall cost of a property purchase has not come down - rather, in s...
Touted as the biggest economic reform since Independence, the Goods and Services Tax (GST) was supposed to replace the complex indirect tax system prevalent in the countr...
The "Bagchi Report”, which recommended the blueprint of State Value Added Tax design, recognized that VAT may not be the first best solution, but it is only feasib...
30, Jun 2017, by : FnF Correspondent
Exactly 24 hours from now, India will see a sweeping change in its existing tax regime in the form of the Goods and Services Tax (GST). The much-anticipated tax reform will receive a red carpet welcome in Parliament's Central Hall when the clock strikes midnight on June 30.Read News
11, Jun 2017, by : Venkatachari Jagannathan
The Goods and Services Tax (GST) system should first be implemented in select industries and service sectors to test it before rolling it out on a full scale across the nation, a top tax lawyer said.Read News
05, May 2017, by : Amit Kapoor and Chirag Yadav
Taxing agricultural income has always been a politically sensitive topic. This was evident last week after NITI Aayog member Bibek Debroy spoke in favour of this above a certain threshold. Immediate clarifications followed that the official stance was not the same.Read News
17, Feb 2017, by : FnF Desk
Uttar Pradesh's revenue has taken a big hit - first due to demonetisation and now because most government employees are out on election duty. Officials in the concerned departments fear that the revenue targets for the current fiscal might take a knock of 25-30 per cent. Read News
03, Jan 2017, by : Biswajit Choudhury
The year was supposed to be that of final preparations for rolling out the comprehensive reform of India's indirect tax system through the Goods and Services Tax (GST), but progress towards meeting the government's implemention target of April 2017 was stymied by its November move to demonetise high-value currency. Read News
05, Aug 2016, by : FnF Desk
About 42 per cent of the Rs 22 lakh crore ($328 billion) revenue of the central government and 35 states and union territories will now be subsumed under the goods and services tax (GST), passed by parliament's upper house on August 3, 2016 and being touted by some as one of independent India's 'boldest reforms'.Read News
To tax (from the Latin taxo; "I estimate", which in turn is from tango; "I touch") is to impose a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state such that failure to pay is punishable by law. Taxes are also imposed by many subnational entities. Taxes consist of direct tax or indirect tax, and may be paid in money or as its labour equivalent (often but not always unpaid labour). A tax may be defined as a "pecuniary burden laid upon individuals or property owners to support the government a payment exacted by leg... Read News
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Yesterday i.e. on 8th July 2019, the 106th birth anniversary of comrade late Shri Jyoti Basu was cel...
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Continuous deadly events happening every now and then prove that Indian Government has utterly faile...
