NEW DELHI: As the GST Council readies to discuss lower levies on health and life insurance on Monday, states are seen to be reluctant to agree to cut tax, fearing significant revenue loss, particularly on medical covers.Also on the agenda for Monday’s meeting is a status report on online gaming and clarifications on GST on…
IndiGo to challenge penalties of Rs 3.5 lakh Source link
NEW DELHI: Amid growing demand for a cut, if not removal, of GST on health and life insurance, government on Monday told Parliament that the levy fetched it Rs 21,256 crore during the last three financial years, with Rs 8,263 being collected during 2023-24.Responding to a Parliament question, junior minister for finance Pankaj Chaudhary said…
NEW DELHI: Income tax returns (ITRs) touched a new record of nearly 7.3 crore, 7.5% higher compared to 6.8 crore in previous fiscal, by the July 31 deadline, the income tax department said on Friday.“Out of the total ITRs of 7.3 crore filed for AY2024-25, 5.3 crore have been filed in the new tax regime…
Are you feeling worried that the Budget has increased the tax on capital gains from stocks and equity funds? While the higher tax will certainly be a damper for investors with large portfolios, those with smaller portfolios may actually gain from the proposed change. If the long-term capital gains from stocks and equity funds are…
MUMBAI: The long-term capital gains tax provisions are not fair to certain taxpayers, and this requires an amendment in the upcoming Budget 2024. Income-tax (I-T) is a progressive tax mechanism, the more you earn the more you pay. Understandably, the very rich, having a taxable income of over Rs 5 crore pay tax at the…
NEW DELHI: GST Council on Saturday decided to exempt all hostel fees, platform ticket, railway waiting room and golf cart charges as well as employee stock options from payment of tax, while reworking the system to register for the tax regime to check frauds by bogus entities.While hostels run by education institutions were already exempt…
New Delhi: The all-powerful GST Council is scheduled to meet on June 22, the first meeting in eight months and the first after the NDA govt returned to office.While several important issues, including review of the tax on online gaming, pushed by a vocal lobby, may be on the agenda, there may be some fireworks…
MUMBAI: If a taxpayer does not file an Income-tax (I-T) return in response to a notice under section 142(1), the case will be picked up for scrutiny. This notice, seeking information, is issued when a taxpayer has not filed the tax return or is issued to seek additional preliminary information regarding a particular detail –…
Gift deed: Want to give your loved ones a special gift? A gift deed in India can make sure the transfer is smooth and secure, whether it’s a family heirloom or a valuable property. Here’s how you can make use of gift deeds to transfer your wealth: What’s a gift deed? A gift deed is…
