Page 13 of Tax

Within central excise, Rs 16,257 crore and Rs 6,009 crore have been pending for over five years at the Customs Excise and Service Tax Appellate Tribunal and the ‘units closed/defaulter’ level at end-March 2021.

Data Drive: Alarming arrears

Similarly, of a total of Rs 80,301 crore in pending central excise arrears, Rs 26,617 crore has been pending for…

August 15, 2022 04:00 IST

Corporate tax collection up 34 pc in April-July

The tax department said corporate tax collections at Rs 7.23 lakh crore in fiscal 2021-22 (April 2021 to March 2022)…

August 13, 2022 14:23 IST

British PM race: Rishi Sunak tables radical tax vision

Tax cuts have become the dominant issue in the election campaign and while Truss has pledged cuts from day one,…

Updated: August 19, 2022 14:42 IST

The above deductions can be claimed while furnishing return of income.

Your queries: Income Tax- Can claim home loan interest deduction when filing return

Any excess of TDS over the final tax liability shall be refunded after processing of the return.

July 25, 2022 00:45 IST

NRIs can transfer any immovable property to a person resident in India. They can transfer immovable property other than agricultural land, plantation property, or farmhouse to an Indian citizen or PIO resident outside India.

Income Tax: Tips for NRIs buying property in India

With a little due diligence, it is possible for NRIs to profitably invest in property in India for themselves and…

Updated: July 22, 2022 10:50 IST

Now, pay direct taxes online via Kotak Mahindra Bank net banking or by visiting branch

Individual as well as Corporate customers of the bank can pay their Direct Taxes conveniently through the e-pay tax tab…

July 15, 2022 15:49 IST

tuition fee tax benefit, Section 80C, eligibility, education, taxable income

Will all kinds of tuition fees qualify for tax benefit under Section 80C? Check eligibility

While tuition fee tax benefit is incidental, do have a separate investment plan to save for children’s long term goals…

July 14, 2022 17:27 IST

The company has also provided freebies worth Rs 1,000 crore by debiting in its books of account unallowable expenses for travel expenses, perquisites and gifts to doctors and medical professionals for promoting the group’s products under the heads “promotion and propaganda”, “seminars and symposiums”, “medical advisories” etc, the sources added.

Micro Labs under lens for Rs 300 crore income tax evasion

Separately, unallowable freebies expenses worth Rs 1,000 crore detected

July 14, 2022 05:45 IST

The company recorded a whopping sale of 350 crore Dolo tablets after Covid broke out in early 2020 till January 2022.

Income tax raids on Dolo-650 maker Micro Labs for alleged tax evasion

The simultaneous search and survey operations were underway at a number of locations in the country including residence of Micro…

July 7, 2022 01:15 IST

In contrast, interest on bank fixed deposits is in the 4.5-5% range in the short-term.

Smart Investing: Lock into tax-free bonds for higher yields than FDs

Investing in tax-free bonds and target maturity funds can be a better option than bank fixed deposits.

July 4, 2022 00:45 IST

Government tightens grip on petrol, diesel, ATF refiners with plan to tax windfall gains as crude price soars

After the DGFT decision, producers will hold the inventories as they will not be able to export easily due to…

Updated: July 1, 2022 17:19 IST

PM’s ‘Gabbar Singh Tax’ is now turning into ‘Grahasti Sarvnaash Tax’: Rahul Gandhi

The Prime Minister’s ‘Gabbar Singh Tax’ has now taken a formidable shape of ‘Grihasthi Sarvnaash Tax’ (household destruction tax),” Gandhi…

June 29, 2022 16:04 IST

P2P crypto deals: Tax deduction onus on buyer

After issuing guidelines about tax deducted at source (TDS) on virtual digital assets (VDAs) applicable to crypto exchanges, the Central…

June 29, 2022 08:41 IST

OECD taxation framework: Pillar One delayed Premium Story

There are ramifications for India from the equalisation-levy standpoint.

Updated: June 29, 2022 08:34 IST

The required annual growth rate to achieve the full-year net direct tax collection target of Rs 14.2 trillion in FY23 is just 2.5% over the actual collections in FY22.

Centre’s advance taxes up a third to Rs 1 trillion in Q1

The advance tax collections in June quarter stood at Rs 1.01 trillion compared with about Rs 75,783 crore in the…

June 18, 2022 00:10 IST

The advance tax collections for the first quarter this fiscal stand at over Rs 1.01 lakh crore against Rs 75,783 crore in the corresponding period last fiscal, a growth of more than 33 per cent.

Net direct tax mop-up rises 45% to over Rs 3.39 lakh cr till mid-June

The net direct tax collection of over Rs 3.39 lakh crore includes Corporation Tax (CIT) at over Rs 1.70 lakh…

Updated: June 17, 2022 19:42 IST

The new provision part of the Finance Act 2022 will become effective from July 1.

CBDT issues guidelines on TDS applicability on non-salary perquisites

According to the guidelines, it is not necessary for the payer/deductor to check the taxability of the sum in the…

June 17, 2022 05:45 IST

Grievances under faceless assessment regime would be received by email and the local committee would examine to ascertain whether there is a prima-facie case of high- pitched assessment, non-observance of principles of natural justice, non-application of mind or gross negligence of assessing officer/assessment unit.

CBDT tightens curbs on high-pitched tax assessments

“This instruction also provides for initiation of suitable administrative action against the officer concerned, in cases where assessments are found…

June 17, 2022 04:30 IST

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