With advance tax collections rising over 22 per cent, the Earnings Tax Division’s direct tax mop-up topped 45 per cent of the Finances Estimate for the interval April 1 to September 17, authorities knowledge launched on Wednesday confirmed. With this, the federal government is hopeful of assembly and even exceeding the tax assortment goal for … Read more
In an effort to scale back litigation, the Earnings Tax Division on Friday introduced e-Dispute Decision Scheme (e-DRS). “That is one other initiative by the federal government in direction of minimising litigation,” the Division stated in a press release. As per e-DRS, a taxpayer can go for the scheme in opposition to the ‘specified order’ … Read more
The Indian Structure recognises Bengaluru, together with Delhi, Mumbai, Kolkata, Pune, Hyderabad, and Chennai, as metro cities. Nevertheless, solely 4 cities—Delhi, Mumbai, Chennai, and Kolkata—qualify for the 50 per cent Home Lease Allowance (HRA) exemption underneath Earnings Tax laws. Bengaluru has lengthy sought to be included on this listing, however the Centre just lately confirmed … Read more
A zillion views observe each time the Authorities presents its annual Price range — some nuanced, some analysed in depth and a few triggered by feelings. The proposed change in capital positive aspects tax on actual property noticed all of it. Whereas the tax division put out illustrations displaying why it is going to be … Read more
Let loose home not enterprise revenue The taxman has noticed that some taxpayers are reporting their rental revenue generated by letting out of home property below the top ‘Earnings and features of enterprise or career’, whereas the perfect classification could be below ‘Earnings from home property’. This helps the taxpayer scale back their tax legal … Read more
Finance Minister Nirmala Sitharaman’s seventh consecutive Funds has lots to commend itself for. Novel concepts for job creation, reform of the capital positive aspects tax construction, a leg-up for micro, small and medium enterprises (MSMEs), abolition of the devilish angel tax, a decent fiscal hand, and, in fact, the conservative Funds math, a trademark of … Read more