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Income Tax
Indian Income Tax Rates | India Tax rates | High taxation in India
1% Additional Tax on Car Purchase with Cash; Govt.’s Fresh Salvo Against Black Money?
Campaign against black money is long and full of interesting stories. For instance, in the last 1970s, Indian Govt. withdrew Rs 5000 and Rs 10,000 currency notes to curb circulation of black money as transacting heavier amounts…
New Effective Service Tax is 15% From June 1st, Thanks to Krishi Kalyan Cess
From tomorrow Indians will need to pay more for any kind of services they pay for which includes eating out, traveling, internet services, mobile bills among others. The Krishi Kalyan Cess of 0.5 percent proposed by Finance Minister…
Only 4% Indians Paid Tax Last Year; 13 Surprising Details Taxes Paid By Indians!
For the first in the history of India, Income Tax records of Indians have been made public. Central Board of Direct Taxes and Department of Revenues under Ministry of Finance revealed Income Tax data between 2000-01 to 2014-15 last…
Is Service Tax Applicable on My Service? – Everything About Service Tax Applicability
Is Service tax is applicable on my service? This is one of the most important questions that every service provider asks from this legal advisor. Service tax is one of largest revenue source for the Indian government and hence,…
Income Tax Dept Enables Aadhaar, Net Banking Based E-filing Appeal System
Income Tax department has taken another major leap towards tax reforms by inducing technology into the appeal system. In a first of it’s kind decision, gap between the taxpayer and the taxman has been further reduced, as Aadhaar Card,…
Side-Effects of Digital India – Emails, Blogs, Downloads Shall be Soon Taxed Under Ecommerce…
What is the common theme between tax and friction? Both are necessary evils which we, human beings need to embrace and live with.
In a decision which can have far reaching consequences, Government is all set to brutally execute a…
Govt. Withdraws Tax on Provident Fund With Immediate Effect
Ever since Finance Ministry decided to impose tax on provident fund withdrawal, there has been intense pressure on the Government to reconsider the decision. Every employee union across the nation, irrespective of their political…
Income Tax Reurn Forms & Filings: 7 New Updates
After a lot of criticism in the past two months for the complicated Income Tax mechanism, the Government has rolled out new Income Tax Return forms and Tax filing procedures, this week. The Income Tax Department (ITD) has introduced…
Income Tax Department to Launch Dedicated Mobile App For Filing Returns
Its not just ecommerce companies which are keenly exploring the mobile landscape in India; Income tax department too is interested to tap this potential.
In a historical move, Income Tax Department of India has announced that a…
Yay! Tax Payers to Get Tax Refunds in Just 7-10 Days as E-Filing Boosts Efficiency
Coming in as a good news for the large number of tax paying populous in the country, the Income Tax Department will now be sending across refunds in just about 7-10 days. This move follows what we have lately seen, as to how the use of…
NRI Taxation Issues: Overview and Solutions
The NRIs (Non Resident Indians) are having lots of taxation issues especially when it comes to sale or purchase of property, securities, investments settlement, filling of returns, other various compliances etc. So, we will be…
Income Tax Return: Be Careful, These 5 Common Errors Will Affect your Tax Liability
The season of filing Income Tax Return has arrived, and now it’s time to take up the responsibility of filing the tax return seriously. Here is a list of 5 serious errors committed by tax payers which not only affects their tax…
Tax Filing Is All Set To Start. But First, Check Your Form 26AS Thoroughly!
Don’t you dare to forget to check Form 26AS prior to filing your Income Tax Return. Form 26AS, a consolidated tax statement, is issued to PAN holders. Also referred to as Annual Statement or Tax Credit Statement, it has every tax…
CBDT To Use PAN-Based Intelligent Data Mining Tool To Check Tax Evasion
I have long wondered why our government doesn’t use some PAN-based information for finding out financial status of individuals. The tool would not only simplify the taxing procedure but would also help in quick tax redressal.
As per…
No Service Tax At Non AC Restaurants, applicable on 40% of Bill Amount at AC places: FinMin
Often when we go for dining at a restaurant and the waiter comes up the bill; there exists much ambiguity and confusion regarding the taxes applicable. Most of the time, in order to avoid embarrassment infront of our guests, we skip the…
Govt. Simplifies Income Tax Return Form To 3 Pages Only; No Need To Declare Foreign Visits &…
Much to the relief of tax payers in the country, Finance Ministry has issued a fresh notification regarding filing of Income Tax for the financial year 2014-15 (Assessment year 2015-16) making the process even simpler.
As per the…
Lok Sabha Passes GST, Biggest Reform Since 1947 May Boost GDP By 2%
Lok Sabha finally passed the much awaited Goods & Services Tax (GST) Bill, which has been pending since last 12 years. 352 MPs voted for the bill, whereas 37 voted against this bill, which has been hailed as India’s biggest tax…
PAN Card Will Be Issued Within 48 Hrs, Income Tax Dept. Promises!
An official from Income Tax department has stated that a new methodology would be soon adopted by the Govt., which will enable issuance of Permanent Account Number (PAN) within 48 hours flat.
As of now, it usually takes 15-20 days…
Full Overview Of Direct & Indirect Taxation Structure In India
This paper seeks to provide a bird eye’s view of the taxation structure in India. The topics broadly covered here are Direct Taxes (Income Taxes) and Indirect taxes (At Central Government level and State Government level). The other…
Service Tax Hike Will Severely Impact Your Expenses. Here’s How…
Among various other announcements made during the Union Budget 2015-16, Finance Minister Arun Jaitley made a very crucial decision of increasing service tax from 12.36% to 14%. Additionally, a 2% Swatch Bharat cess will also be…