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Develop mechanism for online audit of GST: Parliamentary Panel on Finance A high-level Parliamentary panel has suggested to the government to look into the possibility of developing a mechanism for online audit in GST, in order to make the process more efficient and less intrusive. The Parliamentary Standing Committee on Finance in its report on demands for grants for Finance Ministry's Revenue Department, which was presented in Parliament on Thursday, has recommended that government should prepare a white list of documents that would be necessarily required...
Develop mechanism for online audit of GST: Parliamentary Panel on Finance
Develop mechanism for online audit of GST: Parliamentary Panel on Finance
Source: IANS
24/03/2023 9:08:25 AM
Innovative, bold and stellar budget to take India to stronger growth trajectory over next few years: USISPF President The US India Strategic and Partnership Forum (USISPF) President Mukesh Aghi has said that the innovative, bold and stellar budget presented by Union Finance Minister Nirmala Sitharaman will take India to a stronger growth trajectory over the next few years. Applauding the finance minister, the USISPF said the budget is a blueprint for the year, outlining the vision for the next 25 years leading to the centenary of India's independence (2047). He said ‘India’s rise from the ...
Innovative, bold and stellar budget to take India to stronger growth trajectory over next few years: USISPF President
Innovative, bold and stellar budget to take India to stronger growth trajectory over next few years: USISPF President
Source: Accord Fintech
3/02/2023 9:41:48 AM
Removal of Excessive TDS, Rather Than Reduction in Tax Rates, the Main Expectation of NRIs from Union Budget 2023-24 Survey involves 450 NRIs from 15 countries -Canada, USA, Kenya, Nigeria, Mauritius, Netherlands, Germany, Singapore, Malaysia, Indonesia, Australia, Kuwait, Abu Dhabi, Dubai, and China Mumbai: According to a Ministry of External Affairs report, there are 32 million Non-Resident Indians and Overseas Citizens of India across the world, and Overseas Indians comprise the world's largest Diaspora. From several decades, remittances and investments from overseas Indians have been one of ...
Removal of Excessive TDS, Rather Than Reduction in Tax Rates, the Main Expectation of NRIs from Union Budget 2023-24
Removal of Excessive TDS, Rather Than Reduction in Tax Rates, the Main Expectation of NRIs from Union Budget 2023-24
Source: PR Agency
31/01/2023 2:24:44 PM
Insurers hope for tax concessions to underwrite industry's growth With 2024 being the Lok Sabha election year, Indian insurers are expecting more tax concessions for their policyholders from Finance Minister Nirmala Sitharaman, so that industry can also prosper. Scrapping or slashing of Goods and Services Tax (GST) on insurance premiums, making pension/annuity proceeds tax-free, and creating a separate category for tax deduction for premium paid are some of the budget wishlist of Indian insurers. The industry players are also expecting the Indian gove...
Insurers hope for tax concessions to underwrite industry's growth
Insurers hope for tax concessions to underwrite industry's growth
Source: IANS
22/01/2023 12:20:18 PM
Gross direct tax collections grow 26% to over Rs 13.63 lakh crore so far this fiscal The Central Board of Direct Taxes (CBDT) has said that the gross direct tax collections have grown 26 per cent to over Rs 13.63 lakh crore so far this fiscal, aided by TDS deductions and healthy corporate advance tax mop-up. After adjusting for refunds, the net direct tax collection so far this fiscal stands at Rs 11.35 lakh crore, which is about 80 per cent of the full-year gross Budget target. Refunds worth about Rs 2.28 lakh crore have been issued till December 17, 2022, a growth of 68 per...
Gross direct tax collections grow 26% to over Rs 13.63 lakh crore so far this fiscal
Gross direct tax collections grow 26% to over Rs 13.63 lakh crore so far this fiscal
Source: IANS
19/12/2022 9:54:22 AM
CBDT issues circular on TDS on salaries for current fiscal The Central Board of Direct Taxes (CBDT) in a circular related to TDS deduction from salaries has said that any person responsible for paying salary must deduct income tax while paying the amount. The circular said that the tax should be deducted at the average rate calculated, based on the rates in force for the current financial year, on the estimated salary income of the recipient for that year. The circular was issued last week by CBDT. The circular basically explains the obligat...
CBDT issues circular on TDS on salaries for current fiscal
CBDT issues circular on TDS on salaries for current fiscal
Source: IANS
12/12/2022 9:46:32 AM
1% TDS on crypto investments in India, industry players say `wait and watch`  As the Reserve Bank of India (RBI) further tightens its stand on cryptocurrencies, the 1 per cent tax deducted at source (TDS) on virtual digital assets (VDAs) and cryptocurrencies came into effect from Friday. The 1 per cent TDS will be levied on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year, according to the Section 194S in the I-T Act (as per the Finance Act, 2022). The Central Board of Direct Taxes (CBDT) on June 21 notified certain ame...
1% TDS on crypto investments in India, industry players say `wait and watch`
1% TDS on crypto investments in India, industry players say `wait and watch`
Source: IANS
1/07/2022 3:49:47 PM
Cryptocurrencies could attract tax rates similar to lottery, TDS provisions If the government does not prohibit Indians from dealing in cryptocurrencies, it could introduce a regressive tax regime for cryptocurrencies, according to Taxmann. Taxmann said in a note that a Bill was expected to be presented during the Winter Session of Parliament to regulate cryptocurrencies. However, it was not introduced, and it is now expected that the government may take up this Bill in the upcoming Budget Session. Considering the size of the market, the amount involved, and th...
Cryptocurrencies could attract tax rates similar to lottery, TDS provisions
Cryptocurrencies could attract tax rates similar to lottery, TDS provisions
Source: IANS
18/01/2022 10:09:26 AM
Net direct tax collection grows 74% to Rs 5.70 lakh crore so far this fiscal The Central Board of Direct Taxes (CBDT) said the net personal income and corporate taxes collection grew 74 per cent to Rs 5.70 lakh crore so far this fiscal, driven mainly by advance tax and TDS payments. as per the data, the mop up of net direct tax (which is arrived at after deducting refunds from gross collection) between April 1-September 22 was at Rs 5,70,568 crore, a 74.4 per cent growth over Rs 3.27 lakh crore collected in the same period last fiscal. It was 27 per cent growth over R...
Net direct tax collection grows 74% to Rs 5.70 lakh crore so far this fiscal
Net direct tax collection grows 74% to Rs 5.70 lakh crore so far this fiscal
Source: Accord Fintech
27/09/2021 10:26:53 AM
No TDS on transfer of assets from Air India to SPV In a bid to further sweeten the Air India sale offer, the government has decided to waive taxes on the transfer of assets from the national carrier to Air India Assets Holding Limited, a special purpose vehicle (SPV). "The Central Government hereby specifies that no deduction of tax shall be made under section 194-IA of the said Act on any payment made to the Air India Ltd for transfer of immovable property to Air India Assets Holding Ltd under a plan approved by the Central Governmen...
No TDS on transfer of assets from Air India to SPV
No TDS on transfer of assets from Air India to SPV
Source: IANS
13/09/2021 9:15:18 AM
New norm to calculate interest on overdue term deposits The Reserve Bank of India (RBI) has amended the norms as per which unclaimed maturity proceeds of term deposits (TDs) with banks will attract the rate of interest as applicable to savings accounts or the contracted rate of interest on the matured TD, whichever is lower. As per the current rules, if a term deposit matures and proceeds are unpaid, the amount left unclaimed with the bank shall attract rate of interest as applicable to savings deposits. "On a review of these instructio...
New norm to calculate interest on overdue term deposits
New norm to calculate interest on overdue term deposits
Source: IANS
4/07/2021 5:53:08 PM
Firms do not have to deduct TDS on shares, commodities traded on bourses In a major move towards ease of doing business, new guidelines direct that businesses buying shares or commodities traded through recognised exchanges will not be required to deduct TDS on the transaction. The Central Board of Direct Taxes (CBDT) has brought into effect a provision relating to tax deducted at source (TDS) applicable to businesses with turnover of over Rs 10 crore. The Finance Act, 2021 inserted a new section 194Q in the Income-tax Act 1961 which takes effect from July 1...
Firms do not have to deduct TDS on shares, commodities traded on bourses
Firms do not have to deduct TDS on shares, commodities traded on bourses
Source: IANS
4/07/2021 3:20:05 PM
Payments made in advance may not absolve you from TDS/TCS provisions Buyers will have to deduct tax at source at 0.1 per cent of the amount paid for goods for all purchases made during the year post June 30, 2021 if the value of purchases or advance payments during the year between April and June exceeds Rs 50 lakh. In a clarification issued by the Central Board of Direct Taxes (CBDT), it said that since the threshold of Rs 50 lakh for the payment of TDS or TCS is with respect to the previous year, calculation of sum for triggering TDS under Section 194Q sh...
Payments made in advance may not absolve you from TDS/TCS provisions
Payments made in advance may not absolve you from TDS/TCS provisions
Source: IANS
2/07/2021 9:02:28 AM
Higher TDS if PAN not linked with Aadhaar by today As per the directives of the Central Board of Direct Taxes (CBDT), it is mandatory for all Permanent Account Number (PAN) card holders to link their Aadhaar with PAN on or before March 31. 'If your Aadhaar is not linked then your PAN will be considered inoperative and this will have an impact on the TDS rate at the time of receiving any policy payouts', insurance companies have informed policy holders. If PAN and Aadhaar are not linked, then the TDS rate on taxable payout will b...
Higher TDS if PAN not linked with Aadhaar by today
Higher TDS if PAN not linked with Aadhaar by today
Source: IANS
31/03/2021 3:34:57 PM
Give TDS relief to small sellers on e-commerce platforms: IAMAI The Internet and Mobile Association of India (IAMAI) on Thursday said that its has appealed to the government to reduce TDS on e-commerce platforms to 0.25 per cent from 1 per cent to give a much-needed relief to small sellers in the Union Budget 2020-21. The uniform TDS on e-commerce transactions is creating major challenges for the small sellers who are conducting business via e-commerce platforms. "Reducing TDS will help achieve the tax trail without creating the unintended cash...
Give TDS relief to small sellers on e-commerce platforms: IAMAI
Give TDS relief to small sellers on e-commerce platforms: IAMAI
Source: IANS
14/01/2021 5:12:32 PM