The government may soon modify the capital tax structure to make it easier. According to The Economic Times (ET), the major focus will be asset parity, and the Centre may even consider modifying tax rates. The several holding periods might be rationalized as well. “The capital gains tax structure is a little convoluted, and there…
The education cess, which is collected at 4% of the tax payable, is charged as a supplementary cost on taxpayers to finance certain government welfare programs, primarily elementary and secondary education. The education cess is paid solely on the tax owed, and if your income falls under the non-taxable slab of the IT taxing slab,…
The implementation of the GST law in India has been prefaced by a narrative of national aspiration and global exceptionalism. The government has been working to simplify the whole GST framework for India Inc. by changing the reporting technique to make GST a “Good and Simple Tax,” so that only non-compliant assessors are questioned or…
The first challenge a taxpayer encounters when submitting an Income Tax Return (ITR) is determining which ITR Form to use. A salaried taxpayer, for example, is intended to file ITR-1, however having more than one residential property, having any capital gain, and a variety of other factors preclude such an assessee from filing ITR-1. With…
The Kochi Zonal Unit of the Directorate General of GST Intelligence, which has authority over Kerala and Lakshadweep, has discovered 420 crores in GST evasion. It has recovered around 115 crores of tax evasion amount in FY 2021-22 across various sectors. In the current fiscal year, the Unit discovered around 283 crores with a realization…
The Income Tax Appellate Tribunal (ITAT) Bangalore Bench has ruled that the distribution fees paid by Google India to Google Ireland under a Distribution Agreement, under which Google India was appointed as a distributor of the AdWords program to advertisers in India, do not constitute ‘Royalty’ under the India-Ireland DTAA. The Bench of George George…
According to official sources, the Narendra Modi 2.0 administration may choose not to restructure the Goods and Services Tax (GST) slabs before leaving power in May 2024, because inflation is expected to remain high for a longer length of time. Following state assembly elections in Himachal Pradesh this November and Gujarat in December, as many…
Pressure is mounting on the leaders of Britain’s two major political parties to embrace greater wealth taxes, as concerns rise about the impact of a fresh austerity push amid the cost-of-living crisis. A new coalition of 40 charities and campaign groups, including Oxfam, Save the Children, and Christians Against Poverty, said Britain’s tax system was…
The Central Board of Direct Taxes (CBDT) has extended the deadline for filing income tax returns (ITRs) for corporations and individuals whose accounts must be audited until November 7, 2022. Previously, the deadline for submitting ITR for these assessees was October 31, 2022. The CBDT extended the deadline for filing audit reports last month. As…
Diwali is a large event in which people share presents with family, relatives, and friends. However, the monetary worth of these donations may occasionally exceed the threshold limit. If unreported in your income tax return, or if you fail to quote your PAN as required by law, it is guaranteed to attract the attention of…