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Indian Income Tax Rates | India Tax rates | High taxation in India
GST Roll Out By July 1st Confirmed; FDI Rules Would Be Eased For Multi-brand Retail
Goods and Services Tax (GST), which has been hailed as the biggest and most influential tax reform since 1947, is all set to be implemented by July 1st, 2017. This has been confirmed by Shaktikanta Das, who is the Economics Affair…
Baba Ramdev’s Patanjali Yogpeeth Wins Tax Battle, Exempted From Paying Income Tax; But Patanjali…
In an interesting judgement by a Govt. designated tribunal, it has been declared that Baba Ramdev’s Patanjali Yogpeeth will not pay any income tax because it is a public charitable trust related with the education of Yoga.
However, a…
Income Tax Revolution: New PAN Card In 5 Mins Using Aadhaar e-KYC; Unified App For Paying Taxes!
Govt of India is eager to bring down the time required for registering within tax regime - be it PAN Card or the very process of filing taxes.
As per new reports coming in, Central Board of Direct Taxes, which oversees and controls…
9 Lakh Firms Identified Which Never Paid Any Tax; Officials Asked To Treat ‘Honest’ Taxpayers With…
Demonetization drive initiated in the month of November was way more than just flushing out old currencies - It was mainly to nail down those individuals and businesses which are resorting to tax evasion. And the action against this…
Comprehensive Analysis of the Income Tax Proposals of the Finance Act, 2017
When the NDA Government took power in 2014, it immediately raised hopes of a more business friendly government. Hopes of tax cuts, less governance, simplification of tax structures, unleashing the animal spirits in business. Mr. Jaitley…
Income Tax Law Changes Will Make It Easier To Carry Out ‘Raids’; Govt Gives One Last Chance For…
Section 132 of Income Tax Act is concerned with raids conducted by Income Tax officials on those businesses and individuals who are being suspected of hiding unaccounted money, often called black money.
As per reports coming in,…
GST Council Goes Soft On Rule Breakers; Tax Evasion Upto Rs 2 Crore Would Be Bailable!
Under the new GST regime, the date of implementation of which is still under doubt, is going softer on culprits of tax evasion and other soft crimes.
After a meeting of the GST Council, it has been decided that tax evasion of less…
Income Tax Joomla: Only 24 Lakh Indians With Rs 10 Lakh+ Income, But 1.25 Cr Cars Sold Since 2011!
Income Tax Department has released some interesting numbers, which showcases the depth and intensity of black money in India. After understanding these numbers, it is clear that PM Modi’s harsh, sudden demonetization drive was indeed…
Income Tax Slab May Increase From Rs 2.5 Lakh to Rs 4 Lakh; But Govt Denies This Update!
There are strong, unconfirmed reports that in the next Union Budget, Govt. of India may revise the existing Income Tax slabs for individuals. As per insider reports, this announcement can be made before UP Elections, which are most…
Netflix Reduces Fees to Accommodate Service Tax; Digital Ocean, Play Store Apps Starts Charging…
Effective December 1st, a major change in the service tax regime has been executed which completely turns the table for foreign based service providers and Indian customers.
While before, the service charge was dependent on the…
Income Tax Dept Will Mine Facebook, Twitter Data To Nab Tax Evaders Via Project Insight!
If you are an avid social media user, and love to flaunt your overseas travels and expensive iPhones but fail to declare accurate income to evade tax, then there is some bad news for you. Income Tax Department is all set to unleash…
GST Portal Is Now Live; Migration Of 65 Lakh VAT Payers, 20 Lakh Service Tax Payers Started!
GSTN, the company which is building the massive IT infrastructure for Goods and Services Tax regime in India has silently released the mega-portal for GST. Interestingly, the website was made live on the same day when PM Modi announced…
GST Tax Rate Slabs Demystified – From 0% to 28% in 4 Tax Slabs
Centre and State Governments have finally reached a consensus on determining the tax rate slabs under Goods and Services Tax Bill. This will help in breaking the barriers which restrained pan-India implementation of GST and in unifying…
IT Dept Release Draft Rules Under GST Tax Filings; Now, Tax Payers May Need To File Monthly Returns
Income Tax Department has released the first draft of rules pertaining to tax filing under the new GST regime.
Rules pertaining to invoice and payments, registrations, show-cause notices, procedures, and documents related to tax…
Beware! Govt Has Identified 1.36 Cr Indians Who Evade Income Tax; E-Filing Witness 3x Growth
Various reforms introduced by the Indian Govt. for increasing income tax filing is slowly, but gradually showing results as more and more Indians are now actually paying Income Tax. During 2012-13, only 1% of Indians paid any form of…
GST Bill Fate To Be Sealed Today – 9 Positive & Negative Changes Which GST Can Trigger
Last year in the month of May, Lok Sabha passed the GST Bill, which was hailed as the biggest tax reform of India since Independence. However, due to political reasons, the Bill couldn’t pass the Lok Sabha’s approval since then.…
9 Awesome Tax Saving Tips For a Private Limited Company
As you setup your company, sell your products and services, get appreciation from customers and having a great go at business. There is one motivational factor - a good profit. And no matter what we think bottom line is the lifeline for…
Tax on Junk Food? Kerala Becomes the First State to Impose 14.5% ‘Fat Tax’
When Kerala imposed ban on public drinking of alcohol and restricting alcohol to only five star hotels, a lot of people were unhappy with the decision, but in the end it worked out fine for everyone. The state has now imposed another…
‘Bure Din’ For Tax Defaulters As IT Dept Set To Revoke Their PAN Cards, LPG Subsidy
Willful tax defaulters in India may face some heat in the coming days as Income Tax Department has decided to take some aggressive steps against them. To start with, IT Dept. will block their PAN Cards, block their LPG subsidies and…
Draconian Angel Tax Is Finally Terminated; But Will It Be Useful For Indian Entrepreneurs?
In 2012, Indian Govt. introduced a draconian and regressive tax for startups called ‘Angel Tax’. This was included under Sec 56 (2) of the I-T Act, wherein any capital raised by any unlisted Indian company against share issuance in…