With this interpretation, papad cannot be equated with any other un-fried fryums and hence it is liable to pay 18 per cent GST, as against nil GST applicable for papad, the AAR has said.
President Donald Trump spent a decade unsuccessfully pursuing projects in China, operating an office there during his first run for president and forging a partnership with a major government-controlled company.
The Jammu and Kashmir administration on Tuesday withdrew the additional excise duty of 50 per cent levied on liquor after the outbreak of COVID-19 as a new excise policy for the remainder of 2020-2021 financial year came into force in the Union Territory, a senior government officer said.
The gross advance tax collection fell 31 per cent in the first quarter. Advance corporate tax mop-up declined 79 per cent in the same period, PTI reports quoting an income tax official.
By imposing a healthcare tax on liquor and fuel, the Uttarakhand cabinet on Thursday increased the price of liquor by amounts between Rs 20 and Rs 200 per bottle and that of petrol and diesel per litre by Rs one and Rs two respectively.
The income tax department on Monday said employees will have to inform their employers about their intention to opt for the new optional tax regime to enable the latter to deduct TDS while paying salaries.
With about Rs 18,000 crore of refund claims stuck, the CBIC on Thursday said it has launched a special drive to facilitate disposal of all such pending claims. The 'Special Refund and Drawback Disposal Drive', which will go on till month end,
Petrol, diesel and liquor are set to cost more in Karnataka from April 1 as the BJP government in its 2020-21 budget on Thursday proposed to hike the taxes to mop up additional resources in the face of unprecedented "financial difficulties".
A bill providing opportunity to taxpayers to settle disputes by paying just due taxes with complete waiver of interest and penalty by March 31 was passed by the Lok Sabha amid din on Wednesday.
The number of income tax appeals pending at various judicial fora stood at 4,78,801 at the end of the financial year 2018-19, the Lok Sabha was informed on Monday.
This is that time of the year when we try to evaluate all our investment proofs to submit in order to justify our earnings. Only a few days are left for the financial year to end and many of us have still not submitted our tax savings investment.
Goa Chief Minister Pramod Sawant on Tuesday reportedly assured a delegation to restructure the proposed excise tax by keeping the interests of the state government and liquor traders in mind.
The Income Tax department has launched an e-calculator to answer all your queries on the new vs old tax regime. People can calculate how much they will have to pay in eighter of the tax regimes, how much they can save and which scheme will be suitable for an individual.
Individuals having an annual salary income of over Rs 13 lakh and availing deductions of up to Rs 2 lakh will save on their tax outgo if they opt for the new tax regime proposed in the Budget, government sources said on Sunday.
Beginner's Guide to Income Tax Sections and How to Save Taxes: A quick look at some of the most commonly-availed sections of the Income Tax Act which provide you tax savings.
The Bharatiya Janata Party (BJP) has recommended adjusting rules on taxing equity market returns in the upcoming budget, news agency Reuters reported on Wednesday. The report said the proposal, if accepted, could attract more capital inflows into the stock markets.
As we’re approaching the end of the financial year, many of us are on the hunt for a tax-saving investment plan or insurance policy. Last-minute tax-saving decisions have the potential to be poorly thought.
Last month, the department had raised its GST tax collection target to Rs 1.1 lakh crore per month with Rs 1.25 lakh crore for a single month for the remaining period of this financial year while the direct tax target was to remain at Rs 13.35 lakh crore sans the corporate tax relief of Rs 1.45 lakh crore.
The government is considering a proposal to extend further incentives to salaried taxpayers in the upcoming budget. The Finance Ministry may allow individual taxpayers to pay a lower flat rate of tax if they forego all exemptions.
The common man has his eyes set on Finance Minister Nirmala Sitharaman's second Budget next month for relief in income tax, but an economic slowdown and a sharp reduction in corporate tax rates hint that she has very little flexibility to dole out a big largesse.
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