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Taxes
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.
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...
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 ti...
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,...
01, Jul 2018, by : FnF Correspondent
Marking the first anniversary of the implementation of GST, Prime Minister Narendra Modi hailed the benefits of tax policy and said that it has helped in consolidating Indian cooperative federalism and is designed to eliminate the "inspector raj".Read News
01, Feb 2018, by : FnF Correspondent
Tearing into the BJP Budget of Arun Jaitley, Congress called it 'disappointing and a big let down. Former Finance Minister Chidambaram said, 'it is the last full budget of this government, and I should add 'thank god for that'.Read News
01, Feb 2018, by : FnF Correspondent
Finance Minister Arun Jaitley presents in parliament the government's last full-year budget before the 2019 general elections. Jaitley, speaking both in English and Hindi, began his speech by listing the government's key achievements.Read News
10, Nov 2017, by : FnF Correspondent
The GST Council at its 23rd meeting today decided to cut the 28 per cent GST tax rate on a wide range of mass consumption items to 18 per cent, Bihar Deputy Chief Minister Sushil Kumar Modi said. He is attending the 23rd meeting of GST Council Read News
08, Jul 2017, by : FnF Desk
A Chennai shopkeeper has begun to split the bill for a pair of shoes, selling each separately. A garment dealer is selling the quintessential dupatta separately from the salwar suit that it ostensibly belongs to.Read News
19, Jun 2017, by : FnF Desk
The Goods and Services Tax (GST) Council at its 17th meeting on Sunday decided to increase the room tariff threshold, above which the luxury rate of 28% will apply, to ₹7,500 from the ₹5,000 decided earlier. 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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