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20, Sep 2019, by : FnF Correspondent

Finance Minister Nirmala Sitharman on Friday slashed corporate tax rates for domestic companies and new domestic manufacturing companies. The announcement comes ahead of the crucial GST meet in a bid to boost the capital markets.The government has cut the effective corporate tax to 25.17 per cRead News

20, Aug 2019, by : FnF Correspondent

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 ensure smoother transition to the proposed direct tax code, say experts. The monetary limit for an appeal before the Income Tax Appellate Tribunal haRead News

14, Jul 2019, by : FnF Correspondent

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 of transaction. At present, banknotes in the denominations of Rs 10, 20, 50, 100, 200, 500 and 2,000 are in circulation, besides Re 1 notes issued by the Centre.Read News

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

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

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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