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 …
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 …
Finance Minister, Arun Jaitley, surely had reasons to smile when he announced a growth in direct and indirect tax revenues for the April-December 2016 period. Of course, demonetization was only present in the months of November and December and could also manifest with a lag. However, it is surely gratifying that the government reported 12% …
The Budget (2020) has brought about changes in tax residency rules for non-resident Indians (NRIs). If you are an NRI, you would need to pay close attention to these changes. Read on to know more about NRI taxation and what it means. Also, before delving into what income tax for NRI or NRI tax means, …
Under the new tax rules proposed by the government, FPIs (foreign portfolio investors) may be subject to up to 43 percent tax on the dividend earned from listed Indian companies. It will be levied on investors and entities that aren’t taxed in their original country. Currently, a 20 percent flat tax is deducted at the …
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 …
Calling it an endeavour to Honour the Honest – Transparent Taxation is a platform which aims at simplifying direct tax norms to help bring transparency to the system and reduce taxpayers’ woes. In a virtual event, PM Narendra Modi will inaugurate the platform on August 12. Several chambers of commerce members, trade associations, chartered accountant associations, …
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 …
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 …
