Taxation - Angel One

The government may reportedly bring out new rules in the coming days in a bid to resolve the issue of retrospective taxation. According to reports, the government is considering feedback it has received from firms on the draft rules it had issued earlier on the subject. The Central Board of Direct Taxes (CBDT) had issued …

An Overview On Friday, Reserve Bank Governor Shaktikanta Das praised the government’s decision to remove retrospective taxation, calling it “timely”. He praised the government’s handling of the pandemic-induced crisis as reasonable and balanced. The government introduced a bill in the Lok Sabha on Thursday to cancel all back tax demands against businesses, and to restore …

An Overview According to figures provided by the Controller General of Accounts (CGA) on Friday, the government’s fiscal deficit at the end of June was Rs 2.74 trillion, or 18.2 percent of the full year’s budget forecast. After a drop in tax receipts owing to pandemic lockdown, which led to the worst recession in seven …

GOI entered a consensus framework, an effort by the US Government, to levy taxes on MNCs. Representatives from 130 countries, including G20 and OCED members, reached this agreement on Thursday at a meeting held in Frankfurt, Germany. It presents a broader outline of the necessary changes to bring a uniform structure of imposing taxes on …

Aiming to benefit the common person, the Indian government announced exemption on an employee’s Covid treatment expenses on 25 June 2021. This exemption is also valid on expenses carried by employers or other individuals for FY2020 and the next year. Here are a few key points of this decision: The exemption is applicable to any …

El Salvador recently became the world’s first country to make Bitcoin, the cryptocurrency, legal tender. The use of the cryptocurrency will be made optional, said the country’s President Nayib Bukele. The Central American country’s president said it was aimed at enhancing financial inclusion and tourism opportunities, apart from attracting investments. The key reason for the …

Overview The Centre can use a variety of steps to make COVID-19 vaccines and other critical supplies cheaper, including lower GST prices, zero GST on critical raw materials, allowing GST-free imports, and providing direct cash incentives to manufacturers. For domestic supplies and industrial imports, the Goods and Services Tax is currently levied at a rate …

An Overview As of Thursday, May 20, 2021, the Central Board of Direct Taxes (or CBDT) has chosen to extend the deadline set in place for filing income tax returns (or ITRs) applicable for Financial Year 2020-2021 (Assessment Year 2021-2022). The new deadline in place is September 30, 2021. This move, along with the decision …

Which mutual funds help you save tax? An equity-linked savings scheme allows a Hindu Undivided Family or individual a deduction from the total income of up to ₹1.5 lakhs under Section 80C of the Income Tax Act. Thus, if an investor were to put in ₹50,000 into an ELSS scheme, this amount would be deducted …

In an increasingly digital world, online transactions have now become an everyday affair. Online shopping has picked up across India and people are now used to paying via their digital wallet apps. Access to Unified Payments Interface (UPI) helps in the smooth transfer of funds between two bank accounts. However, what does online shopping and …