CBDT’s move aimed at curbing unaccounted financial transactions and keeping a check on cash transactions, say tax experts
The figure, which has not been disclosed by Ukraine's government before, lays bare the economic maelstrom that Ukraine is navigating as its soldiers try to keep Russia's renewed offensive at bay in the country's east.
Public Provident Fund, arguably one of the best fixed-income investments, comes with a 15-year tenure. But there is a way to continue it without locking in your money for another 15 years
Making a statement in the Tamil Nadu Assembly, Stalin said since 2014, whenever international crude rates dipped, the NDA government did not pass on the benefit to the customers but only pocketed the additional revenue earned from the differential.
Minister for Finance and Human Resources Management Palanivel Thiaga Rajan said the taxes on fuel prices levied by the Centre continue to be "exorbitant" and it was neither 'fair' nor 'feasible' for the State to further reduce it.
The proposal for raising road tax on specific categories of vehicles has been forwarded by the transport department to the finance department, they claimed.
Aside from the flat tax rate, the government has also imposed a 1% withholding tax. But when the buyer and seller of virtual digital assets on exchanges are unknown to one another, deducting the TDS will be a challenge
The regime can be used, or sometimes abused, by foreigners, or British citizens, to avoid paying tax altogether. While in principle they are required to pay tax in the countries where income is earned, the fact that they live (and are tax residents) in the UK makes it easier to arrange their affairs and end up paying little or no tax at all.
Secretary, Commercial Taxes, Aradhana Patnaik said: "The department had set a target of Rs 18,422 crore collection for the last fiscal; the collection was up 107 percent of the target and increased 25 percent in comparison to the previous fiscal."
According to the Central Board of Direct Taxes' internal action plan for FY23, persons named in global leaks may be searched, shown-caused, and prosecuted,
The Central Board of Direct Taxes (CBDT) has notified the new ITR forms—ITR-1 to ITR-6—for Assessment Year 2022-23 to file return of income for Financial Year 2021-22.
This move will be a major hurdle for the smaller investors and is anticipated to drive the retail investors to the grey market, that is the decentralised exchanges.
Key changes to watch out for in 2022-23 include tax on cryptocurrency, tax relief on Covid-19 treatment expenses, and higher benefits for state government employees investing in the National Pension System.
Although the income-tax slabs and rates remain the same for the new financial year, there are a number of tax-saving instruments to choose from. Just make sure they fit well in your overall financial planning.
Aside from investing and paying your taxes on time, keep one day a month to account for your expenses and finances. And pay your credit card bills on time.
GST Council should make GoM reports public and decide the next course of action fast so that the country has the revenue cushion to absorb economic shocks
Moneycontrol presents a list of the most liquid tax-free bonds that also give high returns. These bonds can be a better investment solution for fixed income investors including retirees
It may sound too difficult to execute task when you have a few hours on hand. But not all is lost. You can still make some simple investments and save tax.
Some years ago, many fund houses used to launch fixed maturity plans (FMPs). These days barring a few FMPs, many fund houses are starting target maturity funds (TMF).
By not allowing the set-off of losses in one crypto coin against another, the Government has treated each virtual digital asset as a separate asset class
Those who opt for the presumptive taxation scheme are not required to maintain books of accounts. They also have to pay advance tax in one go instead of four instalments.
Make sure you clear 100% of your advance tax liability for the financial year 2021-22 by today, March 15, 2022. Non-payment of advance tax attracts penal interest until you clear your dues.
Any loss arising from crypto trading cannot be offset against any other kind of income