Sumit Jha

Articles By Sumit Jha

498 Articles

Budget 2019: Exemptions provided to stressed firms would remove several pain points, explain experts

Budget 2019: The Budget said that any buyback of shares from a shareholder by a company listed on recognised stock exchange, on or after July 5 2019, will also be covered by the provision of Section 115QA of the Income-Tax A

Union Budget 2019 India News

GST completes two years: Fewer rates, wider net key to economic gains

In the place of a complex system that included multiple taxes at the Central, state and local levels, there is now a comprehensive tax subsuming most of the important indirect taxes.

GST, GST Return, Number of GST return filers, GST collection News

Income Tax dept to share data on defaulters’assets with PSU banks

Central Board of Direct Taxes (CBDT) has directed zonal heads of the income tax department (ITD) to share information related to assets and liabilities of defaulters with banks on their request.

cbdt, income tax News

How Centre offsetting loss due to higher transfers to states

As most cesses applied on indirect taxes collapsed into GST, receipts shrank to Rs 71k cr in FY18.

Economy News

Exporters’ wait for I-GST refunds may get even longer – Here’s why

In the online system, a firm offsets taxes paid on input from the IGST to be paid on export and then applies online for refund. The entire process of receipt of refund takes about two weeks or less.

Economy News

Budget 2019: Acquirers of insolvent firms may get tax relief

Budget 2019-20: The special waiver from Section 56 (2)(x) of the Income Tax Act — in force since Finance Act 2017-18 — may be announced in the forthcoming Budget, according to a source.

narendra modi budget 2019 News

Budget 2019: Modi govt may extend tax reliefs to SEZs to attract companies fleeing China

India Budget 2019: The SEZ Act was introduced in 2005 along with tax exemptions through Section 10AA of the Income Tax Act.

Budget 2019 News

GST evasion: Govt plans big move to stop large-scale dodging

Once real-time reporting of transactions to a central portal starts, it will be practically difficult for the businesses concerned to reduce their tax liability by inflating the claims for input tax credits.

The government is concerned about the GST collections continuing to trail the targets by wide margins. News

GST rates: Centre to resist demand for pruning 28% slab

Two important items for which a rate cut to 18% has been sought are two wheelers and cement, for which the annual revenue impacts are seen to be Rs 8,400 crore and Rs 12,000 crore respectively.

A need to spur consumption, given the slowing down of economic growth, is being flagged by those who advocate the GST rate reductions. News

Income tax evasion: How India’s crorepatis dodge tax system

FE has juxtaposed the I-T data for FY16 with the Household Survey on India’s Citizen Environment & Consumer Economy (ICE 360° Survey), conducted by the People Research on India’s Consumer Economy (PRICE) for the referenc

India tax system, crorepatis, tax evasion, checking evasion, I-T database, I-T returns, PRICE survey,  ICE, PAN, demonetisation, Narendra Modi News

Income tax blues: Most enter top tax bracket due to inflation, not rise in real income

Taxpayers in top slab grew 100% between AY2013-14 and AY2017-18, almost all of this increase due to those reporting income of `10-20 lakh

Budget 2019, Section 87A, Income Tax Act, Union Minister of Finance Nirmala Sitharaman, section 80C News

Anti-profiteering mechanism: Slew of stay orders by high courts expose NAA lacunae

A review by FE revealed that at least five firms have got reliefs from the high courts, in what allowed them to defer coughing up an aggregate amount of Rs 430 crore.

The NAA, the apex payer of the three-tier anti-profiteering mechanism which includes state-level screening committees and a standing committee at the national level, was approved by the Cabinet in November 2017. (Illustration: rohnit phore) News

GST rate on homes: Most builders opt for 12% GST for ongoing projects

Most real estate developers have opted for 12% GST rate for housing units in ongoing projects as it allows them to retain their profit margin due to availability of input tax credit (ITC), analysts said.

Economy News

Income tax returns shrink in FY19 as demonetisation effect wanes

By FY18, the share of e-returns filers among all categories of taxpayers to the total taxpayer base (which include non-filers as well) had crossed 90% from around 60% in FY15.

Economy News

Electoral bonds worth Rs 1,366 crore purchased in March

Further, over 77% of the bonds in terms of value was redeemed in designated State Bank of India branch in New Delhi, an RTI response to FE query revealed.

Elections News

Flawed GST structure putting domestic makers of Indian Railways locomotives, rolling stocks at a disadvantage

Under Chapter 86 of the GST tariff rules, specified items for supplies to the railways are taxed at a benign 5% but without a refund of unutilised input tax credit (ITC).

Flawed GST structure, gst structure, indian railways, gst  tariff rules, ITC, rolling stocks, GST rates, railways capital goods supplier News

I-T finds Rs 12 lakh crore mismatch in ITRs declared in FY 2016

A big reason for not being able to catch such tax evasion is due to the fact that the government has not, so far, implemented the invoice-matching feature of GST.

Economy News

GST fraud: Probe body seeks e-surveillance powers

In the pre-GST regime, the organisation was tasked with gathering intelligence on companies that came under the excise and service tax regime.

Roll-out of new, simplified GST return forms deferred News

GST on liquor: Two contradictory rulings raise scope of litigation

Both the firms wanted clarity on the applicability of GST on proceeds received from contract bottling units (CBUs). Sale of alcohol for human consumption is outside GST purview, and only state-specific taxes are levied on it

Karnataka Appellate Authority for Advance Ruling (AAAR), Maharashtra AAR, GST , United Breweries , CBUs , News

Lok Sabha Elections: Jobs matter the most for voters — How Modi govt fared

Surveys reveal respondents want red tape, corruption out for ease of doing biz

Elections News

Maharashtra and Haryana have shown the way to implement NOTA

Jagdeep S Chhokar, one of founders of the Association for Democratic Reforms (ADR) and the former IIM Ahmedabad professor says that even though there are no real positive changes in the country’s democracy, there is hope fo

NOTA. lok sabha elections 2019, Haryana, Maharashtra, electoral bonds scheme, ADR, implementation of NOTA, NOTA meaning News

IGST-credit-first rule: Taxpayers unsure of GSTN fiat’s legal status

The GST Act saw several amendments last year, which included changes in discharge of tax liability from the existing input tax credit (ITC) in the electronic ledger of an assessee.

Economy News

Cause of worry: Norms tightened after hundreds of auditors resign

Registrar of companies tightens norms for auditors, asked to specify reasons

Industry News

Rs 50,000 crore tax shortfall upsets budget maths

As GST revenue collections consistently missed the estimates by a wide margin, the government in the interim budget brought down FY19 estimate for central GST by Rs 1 lakh crore.

tax collection in india, tax collection shortfall, tax revenue shortfall, budget 2019 News

Money laundering in garb of donations; govt denies tax benefit to Bioved research society donors

The denial of the benefit to donors is on the ground that they were in connivance with Bioved, which was found to be at fault.

tax, income tax, cbdt, money laundering News

Demonetisation effect: Income tax department to crack down on 87,000 people

CBDT tells field officers to complete a probe into these cases by March end, outlines SOPs.

Economy News

Angel tax: No coercive action, dispose of cases quickly, CBDT instructs I-T

Also, there are talks going on that the government would give relaxation to start-ups who have already had negative assessment orders.”

GST on insurance premium, life insurance GST rate, gst rate on insurance premium, Tax savings, Section 80D , Section 80C, insurance premium, GST, insurance, News
Income Tax Calculator, Budget 2019, How to Calculate Income Tax


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