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Taxes
New Delhi: Choosing the right tax regime at the start of the fiscal year is crucial from the perspective of tax planning for taxpayers who are in employment. An I-T circular, issued earlier this month, said that businesses must ask employees about their preferred tax regime for the current fiscal year.
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The deadline to file tax audit report has been increased till February 15 and similarly, the last day for filing income tax returns has also been extended to March 15, 20...
An individual whose estimated tax liability for the year is ₹10,000 or more is required to pay advance tax. The advance tax payment can be made in four instalments ...
21, Jan 2021, by : FnF Correspondent
French energy giant 'Total' has agreed to buy a 20% stake in Adani Green Energy Limited (AGEL), touted to become the world's largest renewable firm by 2025 for $2.5 billion or Rs 18,327 crore, at a significant discount to its market price of $4.09 billion or Rs 30,000 crore. Read News
28, Nov 2020, by : FnF Correspondent
Delhi: India's Gross Domestic Product (GDP) has contracted 7.5% in the second quarter, July-September period as compared to the same period last year. According to data released by the National Statistical Office on Friday although there are signs of economic recovery since the lockdown, with two consecutive quarters of negative growth, India has for the first time since independence officially entered a technical recession.Read News
19, Oct 2020, by : FnF Correspondent
Delhi: In the wake of Covid-19 pandemic, the Central Board of Direct Taxes (CBDT) had extended the last date for filing ITR for AY 2019-20 (FY 2018-19) to 30th November from its previous deadline of July 31. However, the tax department has specified a criteria where an individual cannot use ITR1 to file his or her income tax. Also, the new ITR forms have a separate table to update tax saving investment made in Q1 2020 for availing them in FY 2019Read News
13, Aug 2020, by : FnF Correspondent
Several tax reforms were introduced as Prime Minister Narendra Modi launched Transparent Taxation scheme on Thursday. Faceless assessment and taxpayers charter will come in force from today, whereas faceless appeal service will be available from September 25, announced Prime Minister Modi. Read News
08, Feb 2020, by : FnF Correspondent
The Income-Tax Department has launched an e-calculator for individuals to estimate their tax liability if they opt for the new tax slabs, without claiming deductions and exemptions, for ITR filing as announced in the recent Budget, officials said on Thursday. Read News
04, Feb 2020, by : FnF Correspondent
The new lower income tax rates offered in the Budget 2020-21 will leave more cash in the hands of those who do not wish to make compulsory investments to save tax, said Revenue Secretary Ajay Bhushan Pandey. In an interview with PTI, he said the Budget gives an option to individuals to migrate tRead 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 Reportâ€, which recommended the blueprint of State Value Added Tax design, recognized that VAT may not be the first best solution, but it is only fe...
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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