Tax optimiser: NPS, perks can help Yadalam reduce tax outgo by Rs 87,000
Yadalam should opt for the NPS benefit offered by his company. Under Sec 80CCD(2), up to 10% of the basic salary put in the scheme is tax free.
After Sonia Gandhi, DMK's Kanimozhi raises the issue of delayed and reduced maternity benefits
In states like Tamil Nadu and Odisha, maternit...
52,720 Integrated GST refund claims pending for more than one year: Thakur
A number of companies applied for Goods & Services Tax (GST) refun...
Govt taking adequate measures to control onion prices: FM Nirmala Sitharaman
Nirmala Sitharaman said there are several structural issues related to storage of onions and the government is trying to address them. Steps taken by the government to check rising prices of onion include ban on exports, imposition of stock limit, and import and transfer of onions from surplus to deficit areas, FM said.
Banks can’t claim tax relief on FD insurance
Reversal of credit would lead to an increase in cost by anywhere between Rs 200 to Rs 500 crore for banks.
Taxmen catch Bengaluru dealers not issuing GST invoices, slap penalty
The officials also found suppressed turnover of about 21 crore involving taxes of about Rs 3 crore, Commercial Taxes Commissioner MS Srikar said in a press release. The officials visited business premises in the guise of customers at SP Road, BVK Iyengar Road, Sultan Pet, Raja Market etc., in Bengaluru and conducted test purchases of goods in 113 premises.
Tax queries: No GST on sale of unfinished flat to another home buyer
Dilip Lakhani, Senior Chartered Accountant, answers queries from our readers on income tax and other levies.
Tax dept issues 2.10 crore tax refunds till November; Rs 1.46-lakh crore refunded
It processed 2.10 crore tax refund cases for current Assessment Year 2019-20 as on November 28, 2019, compared to 1.75 crore refunds for the same period in FY 2018-19, an increase of 20 per cent. The total amount of refunds issued in FY 2019-20 till Nov 28 was Rs 1.46 lakh cr as compared to Rs 1.19 lakh cr in the same period of the previous year.
France, US Spar over Digital Tax
The French parliament infuriated the administration of President Donald Trump in July by adopting a law taxing digital firms like Google, Apple, Facebook and Amazon for revenues earned inside the country. Talks to resolve the issue have so far failed, and on Monday Washington threatened to impose tariffs of up to 100% on $2.4 billion in French goods.
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PAN-Aadhaar linking deadline is December 31. Here is how to link the two
Linking your PAN with Aadhaar is mandatory to file your income tax return. Another thing you to keep in mind is that if your PAN is not linked with Aadhaar by the December 31 deadline, then as per current laws your PAN will become inoperative.
GST panel may recommend to hike 5% tax slab to 6% to boost revenues
A revamp of goods and services tax (GST) structure is on the cards as the committee for augmenting GST revenue collections is likely to reji...
We are not done with stimulus: Nirmala Sitharaman on reviving economy
A personal income tax rate cut for Sitharaman would be difficult at this juncture.
How mutual fund investments are taxed
Indexation refers to recalculating the purchase price, after adjusting for inflation index, as published by the Income Tax authorities. Since the purchase price is adjusted for inflation, the capital gain gets reduced.
ELSS and IDFC Tax Advantage (ELSS) fund
ELSS and IDFC Tax Advantage ELSS fund Equity Linked Saving Scheme ELSS is a category of mutual fund that lets you invest in equity market for long term w...
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