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
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
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
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
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
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
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
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
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
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
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
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
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
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
New Delhi, Jan 29 The Shopping Centres Association of India (SCAI) has sought financial waivers, a loan moratorium for the sector along with easing of income tax norms in the upcoming Union Budget. In its budget recommendations, the industry body
New Delhi, Jan 26 The government proposes to offer relief to individuals who have been facing difficulty with the status of their residency in India under the provisions of the Income Tax Act due to the lockdown and suspension of
New Delhi, Sep 30 Providing clarification on the 1 per cent tax deducted at source (TDS) on e-commerce transactions, the CBDT on Tuesday said that that the payment gateway will not be required to deduct the tax under section 194-0
New Delhi, Sep 19 In yet another attempt to bring taxpayers and tax authorities closer to each other by way of better understanding of the tax systems, the Goods and Services Tax Network (GSTN) has launched a creative contest namely
New Delhi, Aug 14 The government may have eased tax compliance measures through its ‘transparent taxation’ initiative but it proposes an extensive drive to enhance the country’s tax base by aggressively pursuing reporting of high value expenditure that qualifies persons
New Delhi, July 23 The government proposes to roll out compulsory e-invoicing of GST from October 1, but has decided to raise the threshold to exempt smaller entities from this compliance, an official said on Thursday. Accordingly, e-invoicing will be
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