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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

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

19, May 2017, by : FnF Correspondent

There were no unpleasant surprises. The first day of crucial Srinagar meet of the Goods and Services Tax (GST) council produced some good news for the aam aadmi. The prices of most daily use items for common man, including cereals, sugar, tea, medicines, vegetables, eggs, milk and cell phones, are kept below a moderate 18 percent rate.Read News

14, May 2017, by : FnF Desk

The income tax department has launched an online facility to correct errors in names and other details in permanent account number (PAN) and Aadhaar document. Alongside the facility to link biometric identifier Aadhaar with PAN, the department has also put two separate hyperlinks on its e-filing websiteRead News

Tax

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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