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Govt reviews windfall gains tax, cuts cess on crude oil

Govt reviews windfall gains tax, cuts cess on crude oil

🕔07:25, 19.Aug 2022

New Delhi, Aug 19 (IANS) Reviewing the windfall gains tax, the government slashed cess on crude oil late on Thursday, bringing it down from Rs 17,750 per tonne to Rs 13,000 per tonne. According to a Finance Ministry notification, export duty

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Govt releases two instalments of tax devolution to states amounting to Rs 1,16,665 cr

Govt releases two instalments of tax devolution to states amounting to Rs 1,16,665 cr

🕔17:10, 10.Aug 2022

New Delhi, Aug 10 (IANS) The Centre on Wednesday released two instalments of tax devolution to the state governments amounting to Rs 1,16,665.75 crore. In a statement, the Union Finance Ministry said that the two installments have been released as against

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41% income taxpayers yet to file IT return, 10% facing tech glitches

41% income taxpayers yet to file IT return, 10% facing tech glitches

🕔17:19, 28.Jul 2022

New Delhi, July 28 (IANS) As the deadline to file Income tax returns inches closer, 41 per cent of Indians who qualify to file the return are yet to file their papers for FY 2021-22, 22 per cent say it is

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Odisha’s state GST collection up 45% in June

Odisha’s state GST collection up 45% in June

🕔06:52, 7.Jul 2022

With the collection of Rs 1,247.63 crore GST (state GST), Odisha has recorded a growth of 45.27 per cent in the tax collection in the month of June as compared to the June last year. The state had collected GST

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National Biodiversity Authority made eligible for tax exemption

National Biodiversity Authority made eligible for tax exemption

🕔06:27, 2.Jun 2022

The Centre on Wednesday notified the National Biodiversity Authority (NBA) for exemption under the section 10(46) of the Income Tax Act, 1961 from 2021-22 till 2025-26. New Delhi, June 2 (IANS) The Centre on Wednesday notified the National Biodiversity Authority (NBA)

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Individuals with income above Rs 2 cr get relief in capping of LTCG surcharge

Individuals with income above Rs 2 cr get relief in capping of LTCG surcharge

🕔15:17, 1.Feb 2022

New Delhi, Feb 1 (IANS) Individuals with income above Rs 2 crore get some relief in the form of capping of surcharge at 15 per cent on long term capital gains (on specified assets) from existing graduated rates, Parizad Sirwalla, Partner

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Net Direct Tax collections up 60.8% YoY

Net Direct Tax collections up 60.8% YoY

🕔07:17, 18.Dec 2021

New Delhi, Dec 18 (IANS) Accelerated economic recovery, as well as easing Covid restrictions, have lifted the Centre’s net direct tax collections for FY22 (till December 16) by over 60 per cent on a year-on-year basis. According to the Ministry of

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Centre releases Rs 95,082 cr as 2 instalments of tax devolution to states

Centre releases Rs 95,082 cr as 2 instalments of tax devolution to states

🕔20:27, 23.Nov 2021

New Delhi, Nov 23 (IANS) The Centre has released two instalments of tax devolution to state governments amounting to Rs 95,082 crore as against the normal monthly devolution of Rs 47,541 crore to help them mobilise resources for stepped up capital

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Duty, taxes to lift solar tariffs to Rs 2.6 per unit next fiscal

Duty, taxes to lift solar tariffs to Rs 2.6 per unit next fiscal

🕔21:13, 25.Oct 2021

Mumbai, Oct 25 (IANS) Solar tariffs may rise to Rs 2.6-2.7 per unit (from an all-time low of Rs 2 unit) over the next fiscal in the wake of the recent increase in the Goods and Services Tax (GST) on renewable

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Net Direct Tax collections see 74.4% growth over pre-pandemic levels

Net Direct Tax collections see 74.4% growth over pre-pandemic levels

🕔18:28, 24.Sep 2021

New Delhi, Sep 24 (IANS) In a clear signal that the economy is on path of fast recovery post the pandemic disruptions, the government’s net direct tax collections for FY22 so far (till September 22) have grown by a staggering 74.4

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CBDT amends Income-tax Rules, 1962 to ease authentication of electronic records submitted in faceless assessment proceedings

CBDT amends Income-tax Rules, 1962 to ease authentication of electronic records submitted in faceless assessment proceedings

🕔18:35, 7.Sep 2021

For easing the process of authentication of electronic records in faceless assessment proceedings, the Government has amended Income-tax Rules, 1962 (‘the Rules’) vide notification no G.S.R. 616(E) dated 6th September, 2021. The amended Rules provides that electronic records submitted through registered

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ACs, coolers installed in factories not plant and machinery

ACs, coolers installed in factories not plant and machinery

🕔16:00, 21.Aug 2021

New Delhi, Aug 21  Air-conditioning, cooling and ventilation system installed in a factory premise will not be considered part of plant and machinery as they are not movable and thus will not be eligible for inputs tax credit, Authority for

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161st Income Tax Day: A journey towards Nation Building

161st Income Tax Day: A journey towards Nation Building

🕔12:20, 24.Jul 2021

The 161st anniversary of Income Tax Day was observed by Central Board of Direct Taxes (CBDT) and all its field offices across India here today. As part of the observance, the field formations held a range of activities. Reflecting the

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Payments made in advance may not absolve you from TDS/TCS provisions

Payments made in advance may not absolve you from TDS/TCS provisions

🕔08:10, 2.Jul 2021

New Delhi, July 2  Buyers will have to deduct tax at source at 0.1 per cent of the amount paid for goods for all purchases made during the year post June 30, 2021 if the value of purchases or advance

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Taxmen to honour honest taxpayers for valuable contribution in GST success

Taxmen to honour honest taxpayers for valuable contribution in GST success

🕔08:15, 1.Jul 2021

New Delhi, July 01  The Central Board of Indirect Taxes and Customs (CBIC) will honour taxpayers who have been a part of the GST success story on the eve of completion of four years of indirect tax reforms. The board

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CBDT to prepare list of non-filers once at beginning of assessment year

CBDT to prepare list of non-filers once at beginning of assessment year

🕔07:43, 1.Jul 2021

New Delhi, July 01  In a big relief to the taxpayers, the Central Board of Direct Taxes (CBDT) has decided not to frequently assess the tax filing status of individuals and companies, and complete the process of preparing the list

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State revenues set to top pre-pandemic heights this year

State revenues set to top pre-pandemic heights this year

🕔15:36, 24.Jun 2021

New Delhi, June 24  Revenues of India’s top 10 states, which plunged 600 basis points (bps) last fiscal, are set to exceed the pre-pandemic or fiscal 2020 – levels by 600 bps this fiscal. The recovery would be driven by

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Non-residents will be taxed if transaction value exceeds Rs 2 cr

Non-residents will be taxed if transaction value exceeds Rs 2 cr

🕔17:03, 6.May 2021

New Delhi, May 6  Non-residents undertaking transactions with Indian parties will trigger taxability under the domestic law in India even if they do not have physical presence in the country and operate digitised businesses. The Central Board of Direct Taxes

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Govt gives ad hoc IGST exemption on imports of Covid relief material

Govt gives ad hoc IGST exemption on imports of Covid relief material

🕔17:28, 3.May 2021

New Delhi, May 3  In view of the coronavirus pandemic, the Central Government has exempted IGST or integrated GST on import of such goods received free of cost for free distribution of Covid relief. The exemption is ad hoc and

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No additional tax burden on people in Budget: Pradhan

No additional tax burden on people in Budget: Pradhan

🕔16:35, 12.Feb 2021

New Delhi, Feb 12  Union Petroleum Minister Dharmendra Pradhan on Friday defended the Union Budget 2021-22, saying it did not put additional burden on people and had come at a time when the Indian economy was hit by the coronavirus

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