The Union Budget for the fiscal year 2022-23 will be presented on February 1, 2022. The budget should aim to put more money in the pockets of the common man. While we discuss the budget, let us not forget the challenges that the country has been facing due to Covid-19. Although the government has been …
The current fiscal year will shortly come to a close, and the next fiscal year will begin on April 1. Certain income tax regulations have been effective for transactions beginning in the current fiscal year, and taxpayers should be aware of them. Let’s take a look at some of the significant changes that will affect …
The Central Board of Direct Taxes (CBDT) stated on January 11 that the deadline for filing income tax returns (ITR) in audit cases has been extended to March 15, 2022, while the deadline for submitting tax audit reports has been pushed back to February 15, 2022. The decision came after numerous chartered accountant groups urged …
The Association of Mutual Funds in India (AMFI) has pressed the government to enable debt-linked saving schemes for tax deductions, with the Union Budget only a month away. Tax-saving mutual funds are now equity plans. Here’s how the ELSS category as a whole has fared. Is it better to save money on taxes or to …
An Overview Several exporters that took use of government plans to reduce tax outlays in exchange for anticipated export volumes have written to the government, requesting concessions due to ongoing pandemic problems. Due to the pandemic, exporters allege they have been unable to meet their responsibilities. They argue that the government should either extend their …
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 …
