Page 14 of Tax News: Tax Latest News, Tax Today news, Tax Breaking News

If there are changes in your personal situation, such as rental agreement changes (HRA) then take these into consideration and intimate your employer for accurate TDS.

Tax Planning: Four smart ways to save on taxes

Plan for your taxes at the beginning of the year. That will give you time to vet the returns on…

June 17, 2022 00:30 IST

advance tax liability, calculation, computation, installment, dates, penalty, tax, presumptive taxation scheme

Steps to calculate advance tax liability for paying the 1st installment by June 15

If there is a change in the tax liability, then the taxpayer can revise the quantum of advance tax in…

June 14, 2022 16:56 IST

Last fiscal year, indirect taxes grew at 20 per cent and direct taxes at 49 per cent. The tax-to-GDP ratio in 2021-22 jumped to 11.7 per cent -- the highest since 1999. In 2020-21, the ratio was 10.3 per cent.

Tax revenue collection in FY23 expected to be far better than budget estimate: Revenue Secretary

Bajaj was speaking at the Iconic Week celebration as part of the ‘Azadi Ka Amrit Mahotsav’, to mark 75 years…

June 9, 2022 19:10 IST

States’ tax revenues grew a third in FY22, so did capex

The 20 states saw their revenue expenditure rise 12.5% on year in in FY22, lower than the budgeted rate of…

May 30, 2022 01:30 IST

The total additional expenditure is seen about Rs 2 trillion on account of higher subsidies on fertilisers, free grains scheme and LPG subsidy for Ujjwala beneficiaries in FY23. The excise duty cuts on auto fuels on Saturday would result in a revenue loss of about Rs 85,000-90,000 crore during the little over 10 months left in the current fiscal.

Buoyant tax receipts to minimise extra borrowing in FY23: Analysts

This may result in an additional tax revenue collection of about Rs 2 trillion over and above the Budget estimates,…

May 24, 2022 02:30 IST

Under complete scrutiny, a detailed scrutiny of the return of income is carried out by tax officers to confirm the genuineness of various claims, deductions, etc made by the taxpayer.

Income-Tax dept issues guidelines for selection of tax returns for complete scrutiny

The objective of this is to confirm that the taxpayer has not understated the income, computed excessive loss or underpaid…

May 12, 2022 18:46 IST

Tax reassessment: Supreme Court sets aside HC orders, revives show-cause notices

The SC order would mean that the the change in law can’t be an alibi for taxpayers to escape the…

May 5, 2022 03:30 IST

This may fasten TDS obligation on the former employer even where the individual exercising option is no longer its employee.

Tax talk: Need clarity on tax on ESOPs of ex-employees

Clarity on taxation front begins to turn obscure when ESOPs are exercised and shares allotted, post cessation of employer-employee relationship.…

April 25, 2022 01:45 IST

The surge in tax revenues and a reining in of welfare spending after two years of Covid-related splurge seem to have also enabled state governments to scale up their capital expenditure in FY22.

Not just Centre, states also saw jump in FY22 tax revenue

Thanks to buoyancy in tax revenues, the Centre released Rs 8.83 trillion to states for FY22 as their share of…

April 18, 2022 04:50 IST

Once the child completes 18 years of age, the name of the guardian will be removed and the adult child can continue investing in the fund by renewing it every five years after the 15-year maturity.

Tax talk: Save tax by investing in your child’s name

Either of the parents can open a PPF account on behalf of the minor and avail tax exemption under Section…

April 18, 2022 01:00 IST

Direct tax collections up nearly 50%, indirect taxes rose by a fifth

Direct tax collections grew by a massive 49% on year, and indirect taxes by 20%.

Updated: April 8, 2022 23:05 IST

Tax devolution to states 19% over FY22RE

Thanks to buoyancy in tax revenues, the Centre released 8.83 trillion in devolution to states for FY22, 19% more than…

April 1, 2022 08:23 IST

Asking the department to handle search and seizure operations with adequate caution, the committee said while stepping up enforcement action against wilful or chronic evaders, the department should not alienate honest taxpayers.

Revenue dept should devise concrete action plan to clear Rs 21 lakh cr tax arrears: Parliamentary panel

“Noting the fact that tax arrears have been increasing year on year, the committee would recommend devising a concrete action…

March 22, 2022 21:19 IST

With the robust mop-up, the government could appropriate a sum marginally higher than it could have got from Life Insurance Corporation's initial public offering, which has now been postponed to the next fiscal year.

FY23 tax revenue target looks easy: Direct tax receipts exceed revised estimate by Rs 1.1 trillion

Lower refunds, better compliance boost revenue

March 18, 2022 04:30 IST

India needs uniform, consistent policy measures for alcohol industry’s sustained growth, say industry leaders

India is infamous for the kind of taxes and policy implementation that follows the liquor industry in the country with…

March 17, 2022 18:56 IST

The National Pension Scheme (NPS) is an ideal investment tool for retirement planning as it enables individuals to accumulate a retirement corpus by investing regularly and receive a fixed monthly payout on purchase of annuity from a life insurance.

Last-minute tax planning: Check out these easily accessible investment and tax-saving options

Tax planning must involve selecting a right mix of debt- and equity-related instruments for higher long-term returns

March 11, 2022 01:15 IST

Making faceless assessments more efficient

Based on the recommendations of a 13-member task force set up by the Central Board of Direct Taxes CBDT in…

Updated: February 22, 2022 08:32 IST

Direct tax receipts touch Rs 11 lakh crore; FY22 mop-up to exceed RE by Rs 50,000 crore

The spurt in tax mop-up is also driven by the formalisation of the economy and greater compliance.

February 22, 2022 03:15 IST

Page 14 of Tax

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