Tax
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GST collections surge to second highest ever at 1.72 lakh crore in January
Business | Feb 01, 2024, 07:13 AM ISTThe highest-ever monthly GST collection was recorded in April 2023 at Rs 1.87 lakh crore.
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Direct tax to GDP ratio climbs to 6.11% in F.Y. 2022-23: CBDT releases comprehensive data
Business | Jan 23, 2024, 07:52 PM ISTDirect Tax to GDP ratio seen an upward trajectory, ascending from 5.62% in F.Y. 2013-14 to 6.11% in F.Y. 2022-23, showcasing enhanced fiscal contribution.
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Are donations for Ram Mandir eligible for income tax deduction? Here's all you need to know
Business | Jan 21, 2024, 01:26 PM ISTThe government officially designated Shri Ram Trust as a site of historic significance and a place of renowned public worship for the purpose of Section 80G(2)(b), effective from FY21.
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'Can't put India and US, China in same basket': European Parliament official on high emissions
World | Dec 09, 2023, 03:21 PM ISTThe EU has planned to launch the Carbon Border Adjustment Mechanism (CBAM) that will impose a 'carbon tax' on goods from developing countries like India and China to reduce emissions. Union Minister Piyush Goyal threatened to retaliate against such "unfair taxes".
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Shakira tax evasion case: Spain charges singer for second time, demands $7.1 million
Hollywood | Sep 27, 2023, 06:09 PM ISTShakira 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.
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IT department notifies 'Angel Tax' rules for valuing equities in start-ups: Know all about it
Business | Sep 26, 2023, 01:45 PM ISTThe amended rules also retained the five new valuation methods proposed in the draft rules for consideration received from the non-residents.
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Is your life insurance premium above Rs 5 lakh? Check new tax rules
Income Tax | Aug 17, 2023, 03:09 PM ISTAs 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.
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Unless we get into technology, system cannot be taxpayer friendly: Finance Minister Sitharaman
Business | Jul 24, 2023, 11:21 PM ISTIndia'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.
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Income Tax Return: 10 ITR filing mistakes to avoid, check all details here
Income Tax | Jul 18, 2023, 01:08 PM ISTITR 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.
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File ITR at earliest as govt not contemplating extension of July 31 deadline: Revenue secretary
Business | Jul 16, 2023, 04:18 PM ISTAbout 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.
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Tax collection in India one of the highest, says Economist Surjit Bhalla | DETAILS
Business | May 28, 2023, 06:24 PM ISTTax collection in India: While speaking to media, Bhalla said reduction in tax rate is required to accelerate the pace of economic growth.
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Union government slashes windfall gains tax on domestic crude oil to zero | Details inside
Business | May 16, 2023, 01:56 PM ISTWindfall 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.
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Not liable to pay tax? Submit form 15G/15H to avoid TDS
Income Tax | Apr 11, 2023, 04:13 PM ISTITR Filing: If your income is below the exemption limit, send in Forms 15G or 15H right away to avoid the TDS on your investments.
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ITR e-Verification: What to do if you receive an e-verification notice?
Technology | Mar 29, 2023, 09:15 PM ISTDuring the e-Verification process, taxpayers have the opportunity to electronically confirm the data that financial institutions have provided.
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ITR filing deadline AY 2023–24: Where and how to file income tax returns – detailed instructions
Business | Mar 29, 2023, 12:55 PM ISTITR 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.
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Here is how new ITR forms are different from old ones - all you need to know
Income Tax | Feb 16, 2023, 06:21 PM ISTThis 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.
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United Kingdom PM Rishi Sunak fires party chairman Nadhim Zahawi over 'tax bill' allegations
World | Jan 29, 2023, 03:28 PM ISTUnited 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”.
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Union Budget 2023: Indian Edtech sector wants tax breaks, more funding for research
Budget | Jan 18, 2023, 12:09 PM ISTThe Indian edtech sector is demanding tax exemptions and increased allocation for research and development in the upcoming Union Budget 2023.
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Budget 2023: What tax experts in India really want from Finance Minister Nirmala Sitharaman
Budget | Jan 16, 2023, 04:42 PM ISTAs 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.
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Union Budget: What are the income sources of government
Budget | Jan 14, 2023, 05:53 PM ISTThe 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.