Minister for Women and Child Development Maneka Gandhi has urged Finance Minister Piyush Goyal to make amendments to the Income Tax Act so that gifts to wives or daughters-in-law are not taxed. Maneka made the plea through her twitter post saying, “As a society, the onus of ensuring economic empowerment[Read More…]
Tag: Tax
Govt gets Rs 42,000 crore tax in first filing under GST regime so far
Nearly Rs 42,000 crore has already come in as taxes so far in the first monthly filing under the new Goods and Services Tax (GST) rule. The revenues are expected to increase further as the filing cycle closes this later this week. Reportedly, while about Rs 15,000 crore has come[Read More…]
Direct Tax Collection rises to 19% in April-July
Direct tax collections increased to 19% in the first four months of the current fiscal as demonetisation of higher denomination currency brought in more number of individuals in tax net. Collections of direct taxes, which are made up of personal and corporate taxes, soared to Rs 1.90 lakh crore in[Read More…]
I-T return: Income-tax office to remain open until midnight
To facilitate senior citizens and those with income below Rs. 5 lakh to file tax returns for 2016-17, the Income-tax office department declared to remain open until midnight on Saturday. Notably, the last date of filing Income Tax Returns (ITRs) was extended from July 31 to August 5 in view of difficulties faced[Read More…]
Trade in Uttar Pradesh to remain shut opposing GST roll out
As the government is all set to roll out Goods and Services Tax (GST) from June 30 midnight, traders in Uttar Pradesh are not happy with the decision. In Ghaziabad, opposing the GST implementation, traders will remain dysfunctional on Saturday demanding amendments to certain provisions of the GST before the[Read More…]
No tax waiver on films from July 1, says Haryana government
With the roll-out of the Goods and Service Tax (GST) regime from July 1, the tax waiver to films by the Haryana government will be a thing of past. However, if the state waives tax on a movie, it will not only lose its own share of the GST, but will[Read More…]
PM Modi reviews GST progress ahead of July 1 roll-out
On Monday, Prime Minister Narendra Modi, in view of the Goods and Services Tax (GST) said that the roll-out of the new indirect tax regime from July 1 will be a turning point for the economy. Notably, this was the first PM’s review on the freshly finalised rates by the[Read More…]
83 services exempted from GST
The Goods and Services (GST) Council agreed on the fitment of almost every commodity in the various tax slabs under the new tax regime, which will be rolled out on July 1. Milk, cereals (unpackaged and unbranded), and jaggery will be exempt from GST, while sugar, tea, coffee (except instant),[Read More…]
GST rates of 1,211 items decided; food grains exempted from levy
The Goods and service council on Thursday decided the GST rates for 1,211 items, a majority kept at 18%, though the rates on gold and beedi remained undecided. The Centre also chose to lower the incidence of tax on mass-use items to ensure that prices come down in the new[Read More…]
Delhi tax defaulters names published by the IT dept
On Thursday, the Income Tax department issued the names of five tax defaulters who owed over 10 crores to the government. This is a new strategy adopted by the government in order to shame the tax defaulters who are indebted of hefty amounts. The latest list released has five names[Read More…]
Tax Free Wings
Women’s empowerment by far is one the most vexed issues in any nation. However developed or underdeveloped, liberal or conservative a nation may be, the difficulty with empowering women is a challenge that cannot simply be tackled by any government by fiscal and legal provisions like in the case of[Read More…]
Why 542 MPs did not object to making Aadhar card mandatory, asks SC
Make sanitary napkins tax-free, LahukaLagaan campaign trends on Twitter
A campaign which asks government to make sanitary napkins tax-free has been trending on Twitter. SheSays, a non-profitorganisation, started the campaign with #LahukaLagaan. The campaign urges finance minister Arun Jaitley to exempt the tax on sanitary napkins by making it a non-luxury item under the GST. Legal representations have been[Read More…]
Operation Clean Money 2.0: I-T department serves notices to 60,000 entities
After failing to receive much response from Pradhan Mantri Garib Kalyan Yojana (PMGKY) – an income declaration scheme, the income-tax department has launched the second phase of operation ‘Clean Money.’ The mission, launched on January 31, was initiated to trace black money post-demonetisation and under the move, the I-T department[Read More…]
Tax evasion of more than Rs 1.37 lakh Cr in last 3 yrs
Tax cut only if people pay on time: Piyush Goyal
Trump to impose 20% tax on Mexican imports to finance border wall
The White house says that President Donald Trump plans on imposing a 20% tax on imports from countries which has a trade spillage with the US like Mexico to raise funds to construct a border wall along its southern border. This is a way to finance the border wall which[Read More…]
Revised double taxation avoidance agreement between India, Cyprus from April 1
April 1 has been set as the date when the revised tax treaty with Cyprus comes into force, said the government on Friday. The new treaty provisions for capital gains tax to be levied at the source of investments, reported PTI. “Both sides have now exchanged notifications intimating the completion[Read More…]
Jewellery/gold purchased out of disclosed income not to be taxed
The finance ministry on Thursday said that the Amended I-T Act will not apply to tax jewellery/gold purchased out of disclosed income or exempted income or reasonable household savings, reported Indian Express. The announcement by the Central Board of Direct Taxes (CBDT) has given a major relief to the people[Read More…]
Good news for Centre as 11 more states line up to ratify GST
At least 11 states are lining up special legislative sessions to ratify the Goods and Services Tax (GST) Bill. This is good news for the Union government, which is looking to implement the new tax regime by April 1, 2017. A minimum of 16 states need to pass GST before[Read More…]
Sycophancy at its best: This MP didn’t forget his ‘Amma’ even on GST-Day
As the entire House waited with bated breath to hear what AIADMK had to say during the discussion on the Goods and Services Tax (GST) Bill—AIADMK is one of the two opposition parties contending the legislature—MP A Navaneethakrishnan rose. “It is only because of Amma that I am able to[Read More…]
![[Archives] - Tax Free Wings, by @sushmitadevmp #SanitaryNapkins](https://newsd.in/wp-content/uploads/2016/08/GST.jpg)
6 things you should know about the much debated GST bill
Ahead of the long-delayed Goods and Service Tax (GST) bill being taken up by the Rajya Sabha, the government has circulated to the MPs the amendments it has proposed in the GST bill. There has been a lot of debate over the GST; here we have simplified what the bill[Read More…]
Cairn Energy seeks $5.6 billion from India
Cairn Energy filed a case against India in an international arbitration court seeking compensation of $5.6 billion for raising a retrospective tax demand of ₹29,047 crore on a 10-year old internal reorganisation of its Indian unit. The firm says India has not given its investments “fair treatment” as expected under[Read More…]
In Kerala, you will be taxed for eating “fat” food
The new Kerala government, led by chief minister Pinarayi Vijayan, announced its first budget on Friday. In his budget speech, finance minister Thomas Isaac introduced a “fat tax” of 14.5% on branded restaurants like McDonalds, Dominos and Pizza Hut etc. Isaac expects an estimated ₹10 crore would be raised by[Read More…]