In the second quarter of the current fiscal year, the Central government’s collection of advance direct taxes from companies, LLPs, and individuals increased significantly by 24% compared to the previous year, reaching a total of Rs 2.38 trillion, according to data available up to Saturday. The growth was primarily driven by a substantial rise in …
The GST collection for the month of July amounted to Rs 1,65,105 crore reported by the Ministry of Finance, marking the fifth time since the introduction of the goods and services tax that it has surpassed the Rs 1.6 lakh crore mark. The revenue for July showed an 11% YoY increase compared to the GST …
The Goods and Services Tax (GST) in India has completed six years since its inception on June 30, 2023. India’s indirect tax system has witnessed significant transformations since the introduction of the Goods and Services Tax six years ago. By consolidating various taxes like excise duty, service tax, and state-specific VAT, the GST has established …
With income comes tax. Whether you are salaried or self-employed, when your income exceeds a certain threshold, you must pay Income Tax. The threshold or limits are known as ‘tax slabs and are revised by the Government of India every year. The taxes collected help with the funding of government welfare schemes and other public …
You don’t need an IT Clearance Certificate (ITCC) to conduct most transactions within the geographical boundaries of India. But it is still good to know about Income Tax Clearance Certificates and who might need them. Before the Permanent Account Number (PAN), IT Clearance Certificate was needed in cases like bidding for government projects, making real …
What is wealth tax Wealth tax, also called equity tax, net worth tax or capital tax was a 1% tax imposed on earnings of over Rs. 30 lakhs per annum of Indian residents, companies and Hindu Undivided Families (HUFs). It was a tax imposed on the net wealth as of 31st March i.e. total wealth …
What is windfall tax? A windfall is an unearned, unanticipated gain in income through no additional effort or expense. A tax imposed on such an unexpected rise in profits is called a windfall tax. They are usually imposed when there is a sudden increase in profits in a particular sector. They are also imposed if …
Investors who invest in the Indian market are well aware of the tax implications. But what about taxation when you invest in US stocks. Taxation remains the primary concern for Indian investors exploring international investments. The tax policies are critical to understanding if the net return is worth the effort. If you are exploring investment …
According to a government official, a taxpayer will be allowed to submit just one revised return every assessment year. CBDT Chairman JB Mohapatra, speaking at a CII event, said that the purpose of this provision is to assist persons who have truly missed submitting their taxes. According to Mohapatra, such taxpayers “may only submit one …
As proposed by Finance Minister Nirmala Sitharaman in her Budget 2022-23 speech, virtual digital assets (VDA) shall be taxed at a flat rate of 30%. This gave confidence to traders in cryptocurrency and other virtual digital assets about its recognition in India. Since the government is considering taxation of these assets, the banning of cryptos …
