IT Returns 2024: New Income Tax rules introduced in 2023 that would affect you in 2024

IT Returns 2024: New Income Tax  rules introduced in 2023 that would affect you in 2024

New Tax rules 2023: The Government of India announced several new rules for the Income Tax in the Union Budget 2023. One of the significant announcements regarding personal taxation was the declaration of the New Income Tax Regime as the default tax regime. In her Budget speech for 2023-24, Union Finance Minister Nirmala Sitharaman said budget … Read more

Why has India’s corporate tax mop-up failed to match the pace of personal income-tax collection?

Why has India’s corporate tax mop-up failed to match the pace of personal income-tax collection?

Back in 2010-11, India’s corporate tax mop-up was twice its personal income tax (PIT) collection. Now both are almost equal. In the past decade, the nation’s direct tax story has shown a trend: while the growth of companies’ tax payouts has been modest, citizens are contributing much more to the exchequer than what they used … Read more

CBDT: TDS applicable on buyer-seller transactions above Rs 50 lakh after July 1, 2021

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The Central Board of Direct Taxes (CBDT) Wednesday clarified that buyers would need to deduct tax at source at 0.1% of amount exceeding Rs 50 lakh when paid or credited to a resident seller on transactions after July 1, 2021, under section 194Q of the income tax Act which comes into effect from July 1. … Read more

Withdraw cases lodged against farmers for protest marches: Samyukt Kisan Morcha

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Samyukt Kisan Morcha (SKM) on Sunday demanded the withdrawal of cases registered against farmers during their protest marches on June 26 to mark seven months of their agitation against the Centre’s three farm laws. SKM, the umbrella body of farmer bodies spearheading the agitation, said the Chandigarh police has booked several farmer leaders on several … Read more

New income tax e-filing portal to be launched from June 7, payment services from June 18

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The income tax department will launch a new e-filing portal on June 7, which will be integrated to immediately process returns and issue refunds. The new tax payment system will be launched on June 18, 2021 after the advance tax instalment date to avoid any taxpayer inconvenience. “The new e-filing portal is aimed at providing … Read more

View: Few suggestions for finance minister on how to tax the new normal

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These favourable amendments to the Income-Tax (I-T) Rules will not cost the exchequer much, and need not add to the cost of the company as the existing salary can be restructured to maintain the cost-to-company Synopsis Let’s begin with the stark reality of work from home (WFH). Currently, computers and laptops provided by employers for … Read more

President gives assent to Taxation and Other Laws bill

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The President of India gave his assent to the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020, which will extend compliance-related timelines for taxpayers while offering significant relief to foreign investors. The ministry of law and justice issued a notification to the effect. The bill, which now becomes an Act, was … Read more

Government proposes to cap surcharge on dividend income of FPIs that use trust structure at 15%

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New Delhi: India has proposed to cap the surcharge levied on the dividend income of foreign portfolio investors (FPIs) that use a trust structure at 15% against 25-37% charged now, offering them significant relief after the row that broke out over the so-called super-rich tax last year. FPIs that operate as trusts now face a … Read more

Advance tax mop-up falls 25.5% in Q2, led by plunge in corporate tax: Source

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Mumbai: Advance tax collections fell 25.5 per cent to Rs 1,59,057 crore in the second quarter of the fiscal, an income tax official said on Thursday. However, there was improvement over the first quarter ended June, when advance tax revenue had plunged 76 per cent to a tepid Rs 11,714 crore as the whole economy … Read more