Cars and bikes likely to go cheaper ahead of Diwali following tax rate
September 21, 2019 10:50 ISTThe festival season is all set to bring good news for those planning to buy cars or bikes. Details inside.
The festival season is all set to bring good news for those planning to buy cars or bikes. Details inside.
Taking a pot shot at the Rs 1,45,000 crore revenue that the government will have to forego due to the reduction in corporate tax rate and other relief, Rahul Gandhi said that the Prime Minister's trip is proving to be the world's most expensive event ever.
The reactions came as the government on Friday slashed the income tax rate for companies by almost 10 percentage points to 25.17 per cent and offered a lower rate to 17.01 per cent for new manufacturing firms to boost economic growth rate from a six-year low by incentivising investments to help create jobs.
The announcements in the last few weeks clearly demonstrate that the government is leaving no stone unturned to make India a better place to do business, improve opportunities for all sections of society and increase prosperity to make India a USD 5 trillion economy, he said on Twitter "The step to cut corporate tax is historic.
"A headline-itis afflicted, panic-stricken Modi Sarkar has cut corporate tax rates less than 3 months after a Budget and 4 months before the next one. This is welcome but it is doubtful whether investment will revive. This does nothing to dispel fear that pervades in India Inc'," he said on Twitter.
The govt on Friday slashed corporate tax rates for companies by almost 10 per cent to 25.17 per cent to bring them at par with Asian rivals, as it looked to boost demand and investments.
Giving a brief idea for the first time about the new Direct Tax Code (DTC), the Central Board of Direct Taxes (CBDT) member and also Convenor of the Task Force Akhilesh Ranjan on Thursday said the draft law focuses on improving litigation system and easing compliance among others.
As against a steep 17.5 percent higher tax collection budgeted for the full year, the government could mop-up only 4.7 percent more so far this year, with the direct tax kitty growing to Rs 5.50 lakh crore as of September 17, up from Rs 5.25 lakh crore a year-ago.
"We have put an end to the tax and related disputes we had had in France for many years," Google said in a statement, Efe news reported on Thursday.
The Central Board of Indirect Taxes and Customs (CBIC) - the agency that overseas GST and import tax collections - compulsorily retired 22 superintendent rank officers under Fundamental Rule 56(J) on corruption and other charges, official sources said.
Maruti Suzuki India (MSI) is pitching for tax relief for hybrid and CNG cars in addition to electric vehicles in order to promote green mobility in the country.
If we talk about low risk and better returns, NSC is a better option to invest and save tax. Whereas, ELSS are those in which money can be invested through mutual funds in equity markets. One can invest in other options as well like fixed deposits, Public Provident Fund, National savings certificate, ELSS and many in the market, through which one can avail tax benefits depending on risk and returns.
Even as the government pressed additional state transport corporation buses to facilitate pick up of tourists at the Dabolim International Airport, railway and bus stations, Chief Minister Pramod Sawant urged taxi operators to withdraw the strike.
While she stressed that taxpayers should treat tax payment as a contribution towards nation-building and not as a punishment, the minister asked three investigating wings of the revenue department to share information among themselves to nab evaders.
ITR Filing: The last day for filing Income Tax Return (ITR) for the assessment year 2019-20 (the financial year 2018-19) is July 31. Taxpayers should know that they can file ITR through online mode as well. As per the notification of the Income Tax Department, certain sections of ITR forms will be pre-filled this year. The pre-filled ITR-1, ITR-2, ITR-3 and ITR-4 forms have already been provided by the I-T department and you can download those in XML file format.
Life Insurance Corporation of India (LIC) is the State-owned largest insurance policy provider - for life insurance, health insurance, pension plans or several other insurance and pension schemes. There are several tax benefits LIC policyholders can get on their LIC policies.
ITR Filing: To file an income tax return (ITR) for the assessment year 2019-20 for FY 2018-19, July 31 is the last date. Individuals can file ITR online through income tax's e-filing ITR website. Here is a step-by-step guide on how to file ITR online – Part A and Part B.
Startups should not have any concern related to taxation and the government is putting in place an administrative mechanism to resolve the legacy issues, CBDT chief P C Mody said on Tuesday.
According to the Union Budget for 2019-20, filing of returns has been made compulsory for those who deposit more than Rs 1 crore in a current account in a year, spend more than Rs 2 lakh on foreign travel or have an annual electricity bill of more than Rs 1 lakh. The official data reveals 6.86 crore income tax returns (ITRs) were filed in 2017-18 registering a growth of 23 per cent over the previous year.
Budget 2019-20: Union Finance Minister Nirmala Sitharaman's proposal to slap a 5 per cent customs duty on imported books in order to encourage the domestic publishing industry has not gone down well with book lovers, while publishers feel the government could help the publishing industry with some more concrete measures, like reducing the cost of paper.
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