GOI entered a consensus framework, an effort by the US Government, to levy taxes on MNCs. Representatives from 130 countries, including G20 and OCED members, reached this agreement on Thursday at a meeting held in Frankfurt, Germany. It presents a broader outline of the necessary changes to bring a uniform structure of imposing taxes on …
Aiming to benefit the common person, the Indian government announced exemption on an employee’s Covid treatment expenses on 25 June 2021. This exemption is also valid on expenses carried by employers or other individuals for FY2020 and the next year. Here are a few key points of this decision: The exemption is applicable to any …
El Salvador recently became the world’s first country to make Bitcoin, the cryptocurrency, legal tender. The use of the cryptocurrency will be made optional, said the country’s President Nayib Bukele. The Central American country’s president said it was aimed at enhancing financial inclusion and tourism opportunities, apart from attracting investments. The key reason for the …
Overview The Centre can use a variety of steps to make COVID-19 vaccines and other critical supplies cheaper, including lower GST prices, zero GST on critical raw materials, allowing GST-free imports, and providing direct cash incentives to manufacturers. For domestic supplies and industrial imports, the Goods and Services Tax is currently levied at a rate …
An Overview As of Thursday, May 20, 2021, the Central Board of Direct Taxes (or CBDT) has chosen to extend the deadline set in place for filing income tax returns (or ITRs) applicable for Financial Year 2020-2021 (Assessment Year 2021-2022). The new deadline in place is September 30, 2021. This move, along with the decision …
Which mutual funds help you save tax? An equity-linked savings scheme allows a Hindu Undivided Family or individual a deduction from the total income of up to ₹1.5 lakhs under Section 80C of the Income Tax Act. Thus, if an investor were to put in ₹50,000 into an ELSS scheme, this amount would be deducted …
In an increasingly digital world, online transactions have now become an everyday affair. Online shopping has picked up across India and people are now used to paying via their digital wallet apps. Access to Unified Payments Interface (UPI) helps in the smooth transfer of funds between two bank accounts. However, what does online shopping and …
Declaring your income and filing taxes on the same are one of the most important duties for a citizen. However, instead of doing it on your own, it’s best to have a professional examine your income and the taxes you are liable to pay since they would be much better placed to inform you as …
A tax consultant is an advisor who helps individuals and organisations to pay their taxes. As they are qualified professionals and experts in their field, they will help you with planning your taxes, ensure compliance and provide you insights into the various taxation laws. Here are some benefits from hiring a tax consultant: A tax consultantwill …
Have you kept track of your income and how exactly you can optimise your earnings by investing in tax-saving instruments? Tax planning is a key element of your personal finance and spending an hour learning all about it can indeed help you save taxes, almost a month’s worth of it. If you don’t make use …
