This year, the CBDT has released tax return forms for the Fiscal Year 2022-23 well in advance. The change will assist taxpayers in being well-prepared for reporting requirements on tax return forms.
United Kingdom news: In a letter to Zahawi, Sunak wrote he had been forced to act after promising at the start of his tenure that his government “would have integrity, professionalism and accountability at every level”.
The Indian edtech sector is demanding tax exemptions and increased allocation for research and development in the upcoming Union Budget 2023.
As the government prepares to release the 2023 budget, tax experts are expecting measures to boost economic growth and support small and medium-sized businesses, simplification of the tax code, measures to increase compliance and reduce tax evasion.
The government relies heavily on both tax and non-tax revenues to fund its operations. Non-tax revenues are the recurring income that the government earns from revenue sources other than taxes, while tax revenues are collected on income and profits.
As per ICC norms, the host nation is required to get tax exemption from the government for hosting tournaments organised by the global body.
India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies.
Business news: The tax department tweeted on corporate tax collection growth in April-July in an apparent attempt to counter criticism of the 2019 reduction in tax rates for companies which was alleged to have dented the Centre's revenue collections, impacting its spending on social welfare schemes.
Certain sections of the media and social media are spreading the message that GST has recently been imposed with effect from 18 July, 2022 even on ‘Sarais’ run by religious/charitable trusts. This is not true, Central Board of Indirect Taxes & Customs said.
Windfall tax on domestically produced crude oil was hiked to Rs 17,750 per tonne from Rs 17,000, a move that will hit producers like ONGC and Vedanta Ltd.
The tax on crude oil producers like Oil and Natural Gas Corporation (ONGC), Oil India Ltd and Vedanta Ltd alone will fetch the government Rs 69,000 crore annually considering 29.7 million tonnes of oil production in 2021-22 fiscal (April 2021 to March 2022).
The levy on crude, which follows record earnings by state-owned Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) and private sector Cairn Oil & Gas of Vedanta Ltd, alone will fetch the government Rs 67,425 crore annually on 29 million tonnes of crude oil produced domestically.
Poll bound states of Uttar Pradesh will receive Rs 17,056.66 crore, Uttarakhand Rs 1,063.02 crore, Punjab will receive Rs 1,718.16 crore and Goa is going to get Rs 367.02 crore along with all other states.
The deadline for filing the Equalisation Levy statement in Form-1 for the Financial Year 2020-21 has been extended till December 31, against the original due date of June 30.
The income tax department on Tuesday extended the deadline for various compliances, including the filing of statements related to equalisation levy and remittances.
Out of the total revenue collected CGST was Rs 22,197 cr, SGST was Rs 28,541 cr, IGST was Rs 57,864 cr- including Rs 27,900 cr collected on import of goods- and Cess was Rs 7,790 cr- including Rs 815 cr collected on import of goods.
Rahul Gandhi on Tuesday took a dig at the Centre over its tax collections on petrol and diesel.
In a statement on Wednesday, Chidambaram said, "GST started as a good idea, BJP converted it into a bad law. It was notified with horrendous rates of tax."
Buyers of new vehicles after opting for the scrapping of their old and polluting vehicles will be offered benefits under the new policy to phase out old and polluting vehicles, Union minister Nitin Gadkari has said.
Union Finance Minister Nirmala Sitharaman on Monday proposed the extension of tax holiday for startups by one more year.
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