The tax that 1.3 billion Indians will pay on buying salt to luxury cars and on services like phone calls to dining out will be decided at the Goods and Services Tax (GST) Council meeting starting today in Srinagar
President Donald Trump is proposing “the biggest tax cut” ever even as the government struggles with mounting debt, in an effort to fulfil promises of bringing jobs and prosperity to the middle class.
It surely looks like comedy king of Bollywood Govinda is having a tough year. Recently, his latest flick “Aa Gaya Hero” failed terribly. The film not only crashed at the box-office but also it couldn’t
In a move apparently aimed at avoiding the requirement for approaching Parliament for any change in rates in future, the GST Council has proposed to raise the peak rate in the Bill to 20 per
The tax department clarified that the people above 70 years of age will be exempted from the process of verification post note ban, but the limit has been fixed at Rs. 2.5 lakh for other
Putting 'bogus' long-term capital gains by 'khoka' companies at Rs 80,000 crore, the tax department today said the levy of long-term capital gains tax on share transfer in unlisted companies is an anti-abuse measure and
Finance Minister Arun Jaitley today justified levy of 10 per cent surcharge on rich saying the resources in a largely non-tax compliant society will have to come from the more affluent. Reading out tax-payer data,
The government is yet to take a final call on the recommendation of the high-powered chief ministers’ panel to levy a Banking Cash Transaction Tax (BCTT) on cash deals of Rs 50,000, the Finance ministry
Income Tax department has begun to scan data generated in the past two months to fish out the details related to high value purchases.
The Central Board of Direct Taxes (CBDT) has extended the deadline for the tax settlement scheme to settle retrospective tax disputes till January 31. The Direct Tax Dispute Resolution Scheme, announced by Finance Minister Arun
The Central Board of Direct Taxes (CBDT) today notified that traders receiving cash worth more than Rs 2 lakh in any single transaction for the sale of goods and services will have to send reports
Finance Minister Arun Jaitley today said the government's decision to tweak the presumptive income norms would reduce the tax liability by up to 30 per cent for those small traders opting for digital transactions. He
A bill that provides for 50 per cent taxes and surcharge on declarations of unaccounted cash deposited in banks is likely to be notified this week, giving tax dodgers another opportunity to come clean.
The Associated Chambers of Commerce of India (Assocham) on Friday has sought an exemption for industries from the Rs 50,000 cap stipulated for current accounts by the government, saying thr amount was too low and
the government said that jewellery and gold in all its form purchased out of disclosed income or legally inherited from ancestors is not chargeable to tax under the amended I-T law
Demonetisation: IT officials ‘don’t know’ how to slap 200 pc penalty as announced by PM Modi: Report
The upcoming GST regime may see a higher levy on goods and commodities related to the common man likely to result in expanded assessments on kitchen staples, for example, eatable oils, flavors and chicken. According
Finance Minister Arun Jaitley on Saturday said that ‘one nation, one tax’ will reduce the taxation levels and will also help in eliminating corruption in the country. “This whole idea of one nation one
Keeping in mind the convenience of a common man, the government today directed all the states to remove all sorts of local taxes on essential food items such as pulses and edible oils. This step
New Delhi: A visit to God’s own country could be taxing, especially if you are a junk food freak. In a first-of-its-kind move for an Indian state, the Kerala government today introduced a ‘fat tax’
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