Page 12 - Taxation

Rs 58.5K cr of taxes lost in 5 industries due to illicit trade: FICCI study

Says 1.5 mn jobs lost because of such trade; FMCG sector worst affected

Crypto tax reporting app Binocs raises $4 mn in seed funding for expansion

Company enables crypto investors to manage accounting and compliance to local laws

Ola not obligated to deduct tax at source on payment to driver: ITAT

Tribunal says Ola is a mere intermediary; its role is limited to managing OLA app, facilitating transport services by the driver to the rider and payment collection via e-wallet on driver's behalf

Tax payments: spurt in quarter-end activity may squeeze liquidity further

Interest rates on term deposits, money market instruments could go up further, even as RBI may conduct repo operations to maintain liquidity in the system

Address cause of tax refund failure, then request reissuance: Experts

Failure to verify return, incorrect bank address are key reasons for not receiving timely refund

Industry hails decision to separate gaming from gambling, horse racing

In July, the GST Council announced a 28 per cent tax on the industry, which experts and companies largely agreed to. Currently, an 18 per cent tax is applicable on the gross gaming revenue (GGR)

Low rate regime: Why corporation tax is a hit but not personal tax?

While the new corporation tax regime has drawn a good response, the personal income tax regime seems to have attracted only a lukewarm response

Despite windfall tax, ONGC, Oil India's earnings look positive for FY23

With diverse revenue streams RIL is less impacted, while oil marketing companies have seen earnings downgrades amidst volatility in oil prices

ITR Filing AY 2022-23: What if you missed the ITR?

Missed ITR 2022-23 deadline? Under section 234F of the IT Act, a late filing will be imposed on taxpayers after the due date, July 31, 2022. How many penalties should you pay?

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: Everything you need to know about updated income tax return

In the Finance Bill, 2022, the government introduced the concept of 'updated ITR'. It allows the assessee to file the ITR within 24 months of the expiry of a financial year

GST: Understanding how the rules around tax on rent will apply to tenants

Businesses with a turnover of less than Rs 40 lakh per annum and salaried individuals are not required to pay the GST on rent under the new rules

ITR 2021-22: How does a belated income tax return differ from regular one?

Filing your income tax return on time is always the best option. We explain what happens when you file it late

Renting apartments gets costlier for companies with new GST rates in effect

The rent of apartments for top executives will attract an 18 per cent Goods and Services Tax (GST)

Govt slashes windfall tax on petrol, diesel, ATF as crude oil prices drop

Effective from July 20, Rs 6 a litre tax on petrol export has been completely scrapped

ITR 2021-22: Important documents required while filing income tax return

The income tax department (I-T department) has fixed the deadline as July 31, 2022. If the ITR is not filed before the due date, the taxpayer may be subjected to monetary or criminal punishment

ITR 2021-22: Penalties you may have to pay if you miss July 31 deadline

If the income is above Rs 2.5 lakh per annum, you are required to file the ITR to avoid penalties. There are several penalties that are applicable if one fails to file the ITR before the last date

ITR 2021-22: List of transactions needed to furnish your tax return

There are several transactions that one needs to mention mandatorily in the ITR 2021-22 (AY 2022-23). It is necessary to avoid a notice from the I-T department

CBIC issues clarification on GST on pre-packaged items from Monday

The Central Board of Indirect Taxes and Customs on Sunday said single packages of food items like cereals, pulses and flour weighing up to 25 kg will be considered as 'prepackaged and labelled'