Clipped from: https://www.financialexpress.com/economy/indias-tax-revenue-below-potential-by-about-4-of-gdp-15th-finance-commission-chairman-nk-singh/2239130/ Speaking at the CSEP-IMF event on “Securing Sustainable Finances and Medium-term Fiscal Frameworks: International Experience and Relevance for India”, Singh said there is
Category: Income Tax
CBDT issues procedure and guidelines for submission of Statement of Financial Transactions for dividend, interest income – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/cbdt-issues-procedure-and-guidelines-for-submission-of-statement-of-financial-transactions-for-dividend-interest-income/2239006/ The statement of financial transactions shall be furnished on or before the 31 st May, immediately following the financial year in which the
Tax query: Does inheritance attract income tax? – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-does-inheritance-attract-income-tax/article34346650.ece Money received as legal heir shall not be taxable at recipient’s hands My wife has received some money being the second holder in
Data drive: The FY21 tax suprise – The Financial Express
Clipped from: https://www.financialexpress.com/opinion/data-drive-the-fy21-tax-suprise/2234816/ The Centre’s indirect tax collection grew 12%, to Rs 10.71 lakh crore, in FY21 on the back of higher collection from central excise
Restrained by COVID-19: Auditors ask management to confirm certain sales, debt, physical verification of inventory – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/services/consultancy-/-audit/restrained-by-covid-auditors-ask-for-managements-assurance/articleshow/82090788.cms Synopsis–Auditors are raising questions around the authenticity of sales, inventory and debtors in the financials of several companies, say insiders. Auditors have to
Avail of tax relief on terminal compensation: Here’s how to file Form 10E | Business Standard News
lipped from: https://www.business-standard.com/article/pf/avail-of-tax-relief-on-terminal-compensation-here-s-how-to-file-form-10e-121041500032_1.html You must have completed 3 years of continuous service and have another 3 years of employment left Apart from compensation on termination, relief
Taxing thoughts – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/editorial/janet-yellens-proposal-of-a-minimum-global-corporate-tax-rate-is-not-feasible/article34328496.ece Yellen’s proposal of a minimum global corporate tax rate is not feasible There are no easy solutions to the long-drawn battle between tax
cryptocurrency: Cryptos put India’s richie rich in a catch-22 situation, legality of transaction may be questioned – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/finance/cryptos-put-indias-richie-rich-in-a-catch-22-situation-legality-of-transaction-may-be-questioned/articleshow/82076589.cmsSynopsis Others have purchased cryptos online from foreign sellers using their debit and credit cards. But there are question marks whether the LRS route
Related Party Transactions – Section 188 of Companies Act, 2013–TAX GURU
Clipped from: https://taxguru.in/company-law/related-party-transaction-sections-188-companies-act-2013.html How to Identify whether the proposed transaction is a Related Party Transaction u/s 188 of Companies Act, 2013 or not? 1st Stage (Preliminary
Extension of time barring assessments –taxscan
Clipped from: https://www.taxscan.in/cbdt-extends-time-barring-assessments-to-30th-april-2021-and-penalty-to-29th-june-2021-read-notification/102878/ By Taxscan Team – On March 1, 2021 11:01 am The Central Board of Direct Taxes (CBDT) notifies CBDT notifies Extension of time barring Assessments to 30th April
How to E-File Your Income Tax Return (ITR)–tax guru
Clipped from: https://taxguru.in/income-tax/e-file-income-tax-return-itr.html THE PROCESS OF ELECTRONICALLY FILING INCOME TAX RETURN THROUGH THE INTERNET IS KNOWN AS e-FILING. WHO CAN e-FILE? -Individual -HUF -Company/BOI/A0P/Firm/Trust/Local authority/Artificial juridical
Time Limit Reduced for Re-opening Income Tax Proceedings proposed in Budget 2021 | CA Club
Clipped from: https://www.caclub.in/time-limit-reduced-for-re-opening-income-tax-proceedings/ Reduction in Time Limit has been proposed in Budget 2021 for Re-opening of Income Tax Proceedings within 3 years, as against existing limit
OCI card holders: Expert Take: All your questions about the recent OCI changes, answered. – The Economic Times
Clipped from: https://economictimes.indiatimes.com/nri/migrate/expert-take-all-your-questions-about-the-recent-oci-changes-answered-/articleshow/82059519.cmsSynopsis An important modification introduced by the March 2021 circular changes the reporting obligations of OCI cardholders in India. They now have to report
TDS on Dividend Income: How to get relief if you don’t have taxable income – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/tds-on-dividend-income-how-to-get-relief-if-you-dont-have-taxable-income/2232150/ The details of dividend income and TDS will now be available on the new format of Form 26AS to make filing of Income
Invest in spouse or child’s name to avail of exemption, say analysts | Business Standard News
Clipped from: https://www.business-standard.com/article/pf/invest-in-spouse-or-child-s-name-to-avail-of-exemption-say-analysts-121041201386_1.html Both Sections 54 and 54F allow taxpayers to claim exemption from tax on long-term capital gains Invest the entire sale consideration net of
Your Income Tax Queries: Is it mandatory to transfer PF to a new company account after switching jobs? – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/your-income-tax-queries-is-it-mandatory-to-transfer-pf-to-a-new-company-account-after-switching-jobs/2231722/ You can adjust loss on NCD sale within 3 years against short/ long term capital gains he loss that you have incurred shall
Bengaluru lone bright spot in direct tax mop-up with 7.3% growth | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/bengaluru-lone-bright-spot-in-direct-tax-mop-up-with-7-3-growth-121041200008_1.html Hyderabad reported a 4 per cent decline with a collection of Rs 55,000 crore in FY21 against Rs 57,000 crore a year earlier.
When to Say No to Cash Transaction under Income Tax Act, 1961–tax guru
Clipped from: https://taxguru.in/income-tax/cash-transaction-income-tax-act-1961.html A. Income Tax Act, 1961 discourages transactions in cash through several of its provisions. This is done with a view to- counteracting money
Net direct tax mop up exceeds revised estimates at Rs 9.45 lakh crore in FY21 – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/finance/indias-income-tax-receipts-surpass-revised-budget-target-for-2020/21-official/articleshow/81983940.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis “Net direct tax collections for the financial year 2020/21 have shown an upswing, despite the inherent challenges brought on by the COVID-19 pandemic,”
Crackdown on tax evaders: I-T notices to holders of foreign assets | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/crackdown-on-tax-evaders-i-t-notices-to-holders-of-foreign-assets-121041000067_1.html Seek action under black money and benami laws for non-disclosure The notices have been issued ahead of the April 30 deadline, which has
