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Six crore ITRs filed in 2023-24, 70 pc under new tax regime Around six crore income tax returns have been filed in 2023-24, of which 70 per cent were filed under the new simplified tax regime which offers a lower rate of tax but fewer deductions, Revenue Secretary Sanjay Malhotra has said.  Addressing the post-budget session of PHD Chamber of Commerce and Industry, Malhotra said initially some apprehensions were raised in some sections as to whether people would shift to the simplified tax regime. However, the large percentage of taxpayers ...
Six crore ITRs filed in 2023-24, 70 pc under new tax regime
Six crore ITRs filed in 2023-24, 70 pc under new tax regime
Source: IANS
2024-07-31 01:50:24 pm
Budget simplifies tax provisions, ensures fairness and equity: Revenue Secretary The Union Budget aims to simplify tax provisions and reduce complexity and disputes, while ensuring that those more capable bear a burden than the lesser, Revenue Secretary Sanjay Malhotra said here on Tuesday.   At a post-budget session at the leading industry chamber PHDCCI, Malhotra said the budget not only aims to adopt a collaborative, non-adversarial approach but also stimulate growth and employment, "with a significant shift from principal accounts to normative and presump...
Budget simplifies tax provisions, ensures fairness and equity: Revenue Secretary
Budget simplifies tax provisions, ensures fairness and equity: Revenue Secretary
Source: IANS
2024-07-31 10:17:26 am
Government looking at bringing down number of customs duty levies to five from about dozen presently: Sanjay Malhotra Revenue Secretary Sanjay Malhotra has said that the government is looking at bringing down the number of customs duty levies to five from about a dozen presently, as part of the duty rationalisation exercise. He stated the reduction in the number of customs rates will help reduce classification disputes. On Tuesday, Finance Minister Nirmala Sitharaman in her Budget speech said the government will undertake a comprehensive review of the customs rate structure over the next six months to rat...
Government looking at bringing down number of customs duty levies to five from about dozen presently: Sanjay Malhotra
Government looking at bringing down number of customs duty levies to five from about dozen presently: Sanjay Malhotra
Source: Accord Fintech
2024-07-25 10:44:17 am
India`s Delta Corp falls to near three-year low on second tax blow in two months Shares of India's Delta Corp fell to a near three-year low on Monday, after the casino operator said its unit received an additional tax shortfall notice to pay 63.84 billion rupees ($766.8 million).This compares to the company's third-quarter net revenue of 2.71 billion that it reported last week and a notice to pay tax arrears of 111.40 billion rupees last month.Delta shares fell 10% to their lowest since November 2020 following the news, after the company lost roughly 40% of its market sha...
India`s Delta Corp falls to near three-year low on second tax blow in two months
India`s Delta Corp falls to near three-year low on second tax blow in two months
Source: Reuters
2023-10-16 03:05:26 pm
Guarantees provided by corporates to subsidiaries to attract 18% GST: GST Council The GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state ministers, has clarified that guarantees provided by corporates to their subsidiaries will attract an 18 per cent GST, but no tax will be levied on the personal guarantee given by a director of a company raising loans from the market. The council also capped the maximum age for appointment of President and members in the GST appellate tribunal (GSTAT) at 70 years and 67 years, respectively.Revenue Secre...
Guarantees provided by corporates to subsidiaries to attract 18% GST: GST Council
Guarantees provided by corporates to subsidiaries to attract 18% GST: GST Council
Source: Accord Fintech
2023-10-09 03:44:09 pm
Retirement age of GST Appellate Tribunal chief, members raised The GST Council at its meeting held on Saturday recommended an increase in the retirement age of the president and members of the GST Appellate Tribunal.Finance Minister Niramala Sitharaman announced at a press conference that the age of retirement for the president of the appellate tribunal had been raised from 67 years to 70 years while that of the members had been raised from 65 years to 67 years.She said that an advocate would have to have a minimum experience of 10 years to be eligible f...
Retirement age of GST Appellate Tribunal chief, members raised
Retirement age of GST Appellate Tribunal chief, members raised
Source: IANS
2023-10-07 06:22:54 pm