Budget 2020 India: Also, the GST collections seem to be rising (January mop-up was about Rs 1.11 lakh crore, the second highest in any month since the launch of the tax) and if the trend is sustained, the shortfall could be r
Budget 2020 India: Given that the indirect tax scheme appealed mostly to smaller taxpayers in the cost-benefit analysis, the same could replicate for the scheme resulting in personal income tax disputes getting resolved.
Budget 2020-21: On the personal income tax front, the government has cut the RE by only about Rs 9,500 crore and the BE for next fiscal has been pegged to grow at 14% over the RE of the current fiscal.
Over 87% of 1.8 lakh eligible taxpayers applied for the leniency scheme by Monday, according to officials. The government had earlier said 1.6 lakh taxpayers committed to pay Rs 35,094 crore of Rs 79,968 crore claimed by the
An analysis by the goods and services tax (GST) department showed that as much as 39% or Rs. 2.5 lakh crore of input tax credit (ITC) claimed by taxpayers in FY18 remained unmatched with the invoices uploaded by their supplie
Budget 2020: The Budget in July raised the surcharge on taxable income between Rs 2-5 crore to 25% from 15% earlier. For taxable income above Rs 5 crore, the surcharge was enhanced to 37% from 15% earlier.
Currently, some returns (ITR-1 and 2) are pre-filled, with information related to the taxpayer and employer, break-up of the salary into
taxable component and tax deducted at source (TDS) through Form 16, and the final liab
India’s share of tax from multinational digital companies like Google and Facebook, among others, would be substantially lower than the current mop-up under equalisation levy if the taxation formula suggested in the OECD co
With indirect tax administration moving entirely on the IT platform in India with the advent of Goods and Services Tax (GST) in 2017, and a similar push for direct tax, the government is now sitting on a pile of ever expandin
For instance, an assessee can receive an adversarial assessment from the department by an assessing officer, which can then be overturned in his favour by the department (CIT appeals) and can further appealed against by the s