Shakira has been charged with tax evasion by the Spanish government in relation to a tax evasion case from the time when she was living with then-partner Gerard Pique and their two sons in Barcelona.
The amended rules also retained the five new valuation methods proposed in the draft rules for consideration received from the non-residents.
As per the change, for policies issued on or after April 1, 2023, the tax exemption on maturity benefits under Section 10(10D) might be relevant in the event that the total premium paid by an individual depends on Rs 5 lakh a year.
India's gross direct tax collection grew 20.33 per cent to over Rs 19.68 lakh crore in 2022-23 fiscal. As per the return filing data shared by Sitharaman, the number of persons who filed income tax returns during the last four years has shown an increase.
ITR filing: July 31 is the due date to document personal government forms for the assessment year 2023–24 (relating to FY23), so the perfect opportunity to begin the process is when you get your Form 16.
About 5.83 crore income tax returns were filed as on July 31 last year, the last day for filing returns for the assessment year 2022-23.
Tax collection in India: While speaking to media, Bhalla said reduction in tax rate is required to accelerate the pace of economic growth.
Windfall gains tax: This is the second time that the levy, which was introduced in July last year in the form of a cess to tax supernormal gains of oil producers and fuel exporters, has been cut to nil for domestically-produced oil.
ITR Filing: If your income is below the exemption limit, send in Forms 15G or 15H right away to avoid the TDS on your investments.
During the e-Verification process, taxpayers have the opportunity to electronically confirm the data that financial institutions have provided.
ITR filing deadline: With the new assessment year starting on April 1, the filing season for Income Tax Returns (ITR) is about to begin. Taxpayers need to be aware of various aspects of ITR filing, including when to file, how to file, and which ITR form to select.
This year, the CBDT has released tax return forms for the Fiscal Year 2022-23 well in advance. The change will assist taxpayers in being well-prepared for reporting requirements on tax return forms.
United Kingdom news: In a letter to Zahawi, Sunak wrote he had been forced to act after promising at the start of his tenure that his government “would have integrity, professionalism and accountability at every level”.
The Indian edtech sector is demanding tax exemptions and increased allocation for research and development in the upcoming Union Budget 2023.
As the government prepares to release the 2023 budget, tax experts are expecting measures to boost economic growth and support small and medium-sized businesses, simplification of the tax code, measures to increase compliance and reduce tax evasion.
The government relies heavily on both tax and non-tax revenues to fund its operations. Non-tax revenues are the recurring income that the government earns from revenue sources other than taxes, while tax revenues are collected on income and profits.
As per ICC norms, the host nation is required to get tax exemption from the government for hosting tournaments organised by the global body.
India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies.
Business news: The tax department tweeted on corporate tax collection growth in April-July in an apparent attempt to counter criticism of the 2019 reduction in tax rates for companies which was alleged to have dented the Centre's revenue collections, impacting its spending on social welfare schemes.
Certain sections of the media and social media are spreading the message that GST has recently been imposed with effect from 18 July, 2022 even on ‘Sarais’ run by religious/charitable trusts. This is not true, Central Board of Indirect Taxes & Customs said.
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