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GST Council clarifies on popcorn taxation

GST Council clarifies on popcorn taxation

Sat, Dec 21, 2024

GST Council on Saturday agreed to issue a clarification on taxation of popcorn, saying that pre-packed and labelled ready-to-eat snacks will attract a 12 per cent tax while an 18 per cent GST will be levied if it is caramelised.

IT department issues guidance note on Vivad Se Vishwas dispute resolution scheme

IT department issues guidance note on Vivad Se Vishwas dispute resolution scheme

Wed, Oct 16, 2024

It would also include cases pending before the Dispute Resolution Panel (DRP) and revision petitions pending before the Commissioner of Income Tax.

Budget 2024: How can Budget make the new income tax regime more attractive for salaried tax payers?

Budget 2024: How can Budget make the new income tax regime more attractive for salaried tax payers?

Mon, Jul 22, 2024

Budget 2024: The government is set to table its first full budget after elections and the wish list of taxpayers is as long as ever. This is especially so as the government did not make any key changes in the interim budget as it was a Vote on Account budget.

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GST Council makes headway on bills, stuck on taxpayer control

GST Council makes headway on bills, stuck on taxpayer control

Sat, Dec 24, 2016

The all-powerful GST Council on Friday made a 'reasonable headway' on supporting legislations for the new indirect tax regime but its rollout from April 1 looked virtually impossible as it postponed discussion on the critical issue of administration and control of tax payers.

Can make payments towards tax, surcharge, penalty in old notes under PMGKY: FinMin

Can make payments towards tax, surcharge, penalty in old notes under PMGKY: FinMin

Thu, Dec 22, 2016

On November 29, the Lok Sabha had passed by a voice vote a bill to amend the income tax laws.

Less tax for small traders on digital transactions: Govt

Less tax for small traders on digital transactions: Govt

Mon, Dec 19, 2016

Legislative amendment in this regard would be carried out through the Finance Bill, 2017, the CBDT added.

GST rollout may be pushed to July, industry needs time: Experts

GST rollout may be pushed to July, industry needs time: Experts

Sun, Dec 18, 2016

With "turf issue" over tax payer jurisdiction continuing to clog GST Council deliberations, the Goods and Services Tax (GST) rollout could be delayed by a quarter to July 1 as industry would require time to prepare itself, experts said.

GST can be rolled out anytime between April 1 to September 16: Arun Jaitley

GST can be rolled out anytime between April 1 to September 16: Arun Jaitley

Sat, Dec 17, 2016

Amid signs of slippage of the April 1 GST rollout target, Finance Minister Arun Jaitley said on Saturday ending resolution of "turf" issues, GST is a transactional levy that unlike income tax can be implemented anytime during the year.

No tax on sale of swipe machines in Gujarat

No tax on sale of swipe machines in Gujarat

Wed, Dec 14, 2016

In a bid to promote cashless transactions in Gujarat, the state government announced withdrawal of the tax applicable on the sale and rental income of the Point of Sale (PoS)-swipe machines.

India likely to miss April 1 deadline for GST

India likely to miss April 1 deadline for GST

Mon, Dec 12, 2016

India is likely to miss a self-imposed deadline to launch the Goods and Services Tax (GST) from April 1 next year after a meeting of federal and state officials ended on Sunday without deciding who would administer the tax.

Constitutional compulsion to roll out GST before Sept 16, 2017: Arun Jaitley

Constitutional compulsion to roll out GST before Sept 16, 2017: Arun Jaitley

Sat, Dec 03, 2016

Citing constitutional compulsion, Finance Minister Arun Jaitley on Friday sought to drive home the point that the Goods and Services Tax (GST) has to roll out before September 16 next year as the existing indirect taxes will come to an end by then and it would not be possible to run the country w

No tax on jewellery purchased out of disclosed income under new Bill, FinMin clarifies

No tax on jewellery purchased out of disclosed income under new Bill, FinMin clarifies

Thu, Dec 01, 2016

The Lok Sabha on Tuesday passed by a voice vote a bill to amend the income tax laws.

Unaccounted deposits post demonetisation to attract 60% tax

Unaccounted deposits post demonetisation to attract 60% tax

Fri, Nov 25, 2016

The Cabinet on Thursday discussed amending laws to levy close to 60% income tax on unaccounted deposits in banks above a threshold post demonetisation of high-denomination currency notes.

Five ways Indians are dodging 'black money' crackdown

Five ways Indians are dodging 'black money' crackdown

Sun, Nov 20, 2016

Some affluent buyers have reportedly been paying almost twice the market value for gold in old notes.

India - UK signs 3 more bilateral advance pricing agreements

India - UK signs 3 more bilateral advance pricing agreements

Sat, Nov 19, 2016

These three agreements involves international transactions in the nature of payment of intra-group service charges and is also related to the telecom industry, said in the release.

Deposits above Rs 2.5 lakh to face tax, 200% penalty on mismatch

Deposits above Rs 2.5 lakh to face tax, 200% penalty on mismatch

Thu, Nov 10, 2016

Further dangling the stick, government on Wednesday warned that cash deposits above Rs 2.5 lakh threshold under the 50-day window could attract tax plus a 200% penalty in case of income mismatch.

Elimination of high-denomination notes is a good thing; here's why

Elimination of high-denomination notes is a good thing; here's why

Wed, Nov 09, 2016

Kotak Institutional Equities said, “We see the government’s move as a positive for the economy in the medium term. The latest step appears to be the final one in the government’s systematic approach to remove black money from the economy.”

There should be minimum tax on ayurvedic products: Acharya Balkrishna

There should be minimum tax on ayurvedic products: Acharya Balkrishna

Fri, Nov 04, 2016

After the GST Council fixed the tax rates on various products on Thursday, Patanjali Ayurved's chief executive officer Acharya Balkrishna told Zee Business that there should be minimum tax on ayurvedic products.

GSTN, DGFT agreement to strengthen processing of exporter tax transactions, boost robotics

GSTN, DGFT agreement to strengthen processing of exporter tax transactions, boost robotics

Fri, Oct 28, 2016

State-owned IT service provider, Goods and Services Network (GSTN) signed a Memorandum of Understanding (MoU) with Director General of Foreign Trade (DGFT) for sharing of foreign exchange realisation and Import Export code data on Thursday.

Now get an SMS alert on your TDS deduction

Now get an SMS alert on your TDS deduction

Tue, Oct 25, 2016

The Ministry of Finance said, "This initiative will initially benefit approximately 2.5 crore salaried cases. The CBDT will soon extend this facility to another 4.4 crore non-salaried taxpayers. The frequency of SMS alerts will be increased, once the process for filing TDS returns is streamlined to receive such information on a real-time basis."

Did you know that gifts you receive are also taxed?

Did you know that gifts you receive are also taxed?

Mon, Oct 24, 2016

As far as gifts received from anyone who is not related to you are concerned, they will not be taxed until their aggregate value does not exceed Rs 50,000.

Tax department to submit info exchange request a month in advance

Tax department to submit info exchange request a month in advance

Tue, Oct 04, 2016

In efforts to effectively deal with the menace of black money stashed abroad, the revenue department has asked field officers to submit their request for information under tax treaties at least one month in advance for time barred cases.

Discussion | Failure of Income declaration scheme and CBDT's raiding small businessmen, Part-II

Discussion | Failure of Income declaration scheme and CBDT's raiding small businessmen, Part-II

Fri, Sep 23, 2016

Failure of Income declaration scheme and CBDT's raiding small businessman. Watch complete news story for getting detailed updates!

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