Page 29 - Tax

TDS on benefits: Section 194R of the I-T Act has confused people

Sec 194R of the IT Act, 1961, mandates a person giving any benefit to another person to deduct 10% of the value of the benefit at source. It has created confusion as a similar section is already there

Diesel export falls 11%, petrol 4.5% in July on levy of windfall profit tax

India's diesel exports fell by 11 per cent in July and overseas shipment of petrol dropped by 4.5 per cent after the government slapped a windfall profit tax on such sales, official data showed. Diesel exports dropped to 2.18 million tonnes in July from 2.45 million tonnes a month back, data from the Oil Ministry's Petroleum Planning and Analysis Cell (PPAC) showed. Similarly, petrol exports fell to 1.1 million tonnes from 1.16 million tonnes in June. India first imposed windfall profit taxes on July 1, joining a growing number of nations that taxes super normal profits of energy companies. Export duties of Rs 6 per litre were levied on petrol and aviation turbine fuel and Rs 13 a litre on diesel. The duties were partially adjusted in three rounds on July 20, August 2 and August 19, and have now been removed for petrol, with Rs 7 per litre and Rs 2 per litre remaining for diesel and ATF, respectively. The export levies helped ease the strain on domestic fuel supply. The levies wer

Paid tax abroad? Remember to submit Form 67 and proof at earliest

If you don't do so, both processing of your tax return and refund could get delayed

Why urban families earning Rs 1L a month should be considered low income

Those who the govt thinks are rich are actually quite poor, and we need to rethink our notions of rich and poor for tax purposes

US: Companies facing first tax on stock buybacks in Joe Biden's bill

Democrats have pulled off a quiet first in their just-passed legislation: the creation of a tax on stock buybacks, a cherished tool of Corporate America that had long seemed untouchable.

Cong questions govt over corp tax cut resulting in negative revenue impact

The Congress on Tuesday questioned the BJP government over corporate tax cut leading to a revenue loss of Rs 1.84 lakh crore while the middle-class was charged at the peak rate of 30 percent.

Giving tax money back to people can't be called 'revris': Punjab CM Mann

We are giving people's money back to them. We are not borrowing money, said Mann as he was referring to the decisions of free medical care in Aam Aadmi clinics and free electricity to each household

Tax payers can no longer be a part of the Atal Pension Yojana: FinMin

A notification by the Ministry of Finance further said that those who are already a part of the APY scheme, will cease to be so from October 1 but they will receive their accumulated money

Centre releases two instalments of Rs 1.16-trn tax devolution to states

The Centre on Wednesday released two instalments of tax devolution totalling Rs 1.16 lakh crore to states

States' share in central taxes come down to 29-32% against recommended 41%

The previous five years saw the states' share, except for 2019-20, in between 34.5% and 37%, whereas the recommendation was to give them a 42% share

India at 75: Prudent public finance policy still remains a challenge

Among other things, making the direct tax regime less confusing and bringing in expenditure reform are crucial challenges for the central government

ITR 2021-22: How to e-verify income tax return to complete filing process

If the income tax return (ITR 2021-22) is not verified before the last date, it is deemed invalid (not filed) by the Income Tax Department

ITR 2021-22: Top 5 benefits of filing ITR before the July 31 deadline

ITR is generally filed to claim the tax deductions and exemptions from the long-term capital gains, however, the benefits of filing the ITR 2021-22 before July 31 are not limited to this

ITR 2021-22: What do you lose if you file a belated income tax return?

Under section 234F of the Income Tax Act, 1961, the taxpayer is required to pay a penalty of Rs 5,000 for delaying the ITR and filing a belated ITR

ITR 2021-22: Key points to keep in mind as the last date approaches

If the income is above Rs 2.5 lakh per annum, not filing the income tax return (ITR) can even land a person in jail

Lessons from a tax cut

Fears of a huge revenue loss from the 2019 reduction in corporation tax rates were exaggerated

Explained: Easy steps to file ITR

The last date to file your income tax return without a fine is 31st July. Watch this video to know how you can file your returns online.

ITR: What happens if you miss July 31 deadline for filing income tax return

For people with an annual income of over Rs 2.5 lakh, filing an ITR is mandatory. Failing to do so may attract fines and penalties

ITR filing: Know how to file income tax return as the deadline approaches

According to the revenue secretary Tarun Bajaj, over 2.3 crore income returns have been filed by July 20. However, the numbers are expected to pick up as the last date approaches

Will RIL Q1 numbers spring a surprise?

Shares of Reliance are at crossroads. The govt slashed windfall tax on fuel exports. And Singapore Gross Refining Margins are down to about $4 a barrel. This may fade RIL's abnormal profits in Q1FY23