The Goods and Services Tax (GST) in India has completed six years since its inception on June 30, 2023. India’s indirect tax system has witnessed significant transformations since the introduction of the Goods and Services Tax six years ago. By consolidating various taxes like excise duty, service tax, and state-specific VAT, the GST has established …
With income comes tax. Whether you are salaried or self-employed, when your income exceeds a certain threshold, you must pay Income Tax. The threshold or limits are known as ‘tax slabs and are revised by the Government of India every year. The taxes collected help with the funding of government welfare schemes and other public …
You don’t need an IT Clearance Certificate (ITCC) to conduct most transactions within the geographical boundaries of India. But it is still good to know about Income Tax Clearance Certificates and who might need them. Before the Permanent Account Number (PAN), IT Clearance Certificate was needed in cases like bidding for government projects, making real …
What is wealth tax Wealth tax, also called equity tax, net worth tax or capital tax was a 1% tax imposed on earnings of over Rs. 30 lakhs per annum of Indian residents, companies and Hindu Undivided Families (HUFs). It was a tax imposed on the net wealth as of 31st March i.e. total wealth …
What is windfall tax? A windfall is an unearned, unanticipated gain in income through no additional effort or expense. A tax imposed on such an unexpected rise in profits is called a windfall tax. They are usually imposed when there is a sudden increase in profits in a particular sector. They are also imposed if …
Investors who invest in the Indian market are well aware of the tax implications. But what about taxation when you invest in US stocks. Taxation remains the primary concern for Indian investors exploring international investments. The tax policies are critical to understanding if the net return is worth the effort. If you are exploring investment …
Come January, and there is a frantic rush among tax payers to rustle up all the required proof to claim deductions from taxable income. Under Section 192, your employer is obliged to deduct tax from your salary, if you are on their rolls, and deposit tax deducted at source (TDS) into the government account. How …
The current fiscal year will shortly come to a close, and the next fiscal year will begin on April 1. Certain income tax regulations have been effective for transactions beginning in the current fiscal year, and taxpayers should be aware of them. Let’s take a look at some of the significant changes that will affect …
The Central Board of Direct Taxes (CBDT) stated on January 11 that the deadline for filing income tax returns (ITR) in audit cases has been extended to March 15, 2022, while the deadline for submitting tax audit reports has been pushed back to February 15, 2022. The decision came after numerous chartered accountant groups urged …
An Overview According to figures provided by the Controller General of Accounts (CGA) on Friday, the government’s fiscal deficit at the end of June was Rs 2.74 trillion, or 18.2 percent of the full year’s budget forecast. After a drop in tax receipts owing to pandemic lockdown, which led to the worst recession in seven …
