Tax Watch

Rs 95,000-Crore Disputed Amount Settled Under Vivad Se Vishwas: PC Mody

Rs 95,000-Crore Disputed Amount Settled Under Vivad Se Vishwas: PC Mody

Press Trust of India | Tuesday February 02, 2021

The entities who opt for the scheme have to pay a requisite tax following which all litigation against them are closed by the tax department and penal proceedings dropped.

Budget 2021: Senior Citizens 75 Years And Above To Get Major Tax Exemption

Budget 2021: Senior Citizens 75 Years And Above To Get Major Tax Exemption

Edited by Nirmalya Sen | Monday February 01, 2021

Budget 2021: Time limit to reopen an assessment case would to be reduced to three years from the current six years

Budget 2021 And The Common Man's Personal Finance

Budget 2021 And The Common Man's Personal Finance

Edited by Nirmalya Sen | Monday February 01, 2021

Higher exemption limit under Section 80D for health insurance premium will bring relief on tax as well as encourage people to opt for adequate health cover

Government May Propose Corona Cess, Says HDFC Securities

Government May Propose Corona Cess, Says HDFC Securities

Written by Abhishek Vasudev | Monday January 25, 2021

To meet Covid-19 vaccine related costs, the finance minister could introduce a corona tax, HDFC Securities said

Budget 2020: Employer Contribution To Retirement Funds Capped

Budget 2020: Employer Contribution To Retirement Funds Capped

Reported by Purva Chitnis | Sunday February 09, 2020

The budget document states, "It is proposed to provide a combined upper limit of seven lakh and fifty thousand rupees in respect of employer's contribution in a year to NPS, superannuation fund and recognised provident fund and any excess contribution is proposed to be taxable. Consequently, it is also proposed that any annual accretion by way of interest, dividend or any other amount of similar nature during the previous year to the balance at the credit of the fund or scheme may be treated as perquisite to the extent it relates to the employer's contribution which is included in total income."

Middle Class "Trained Enough" To Pick Right Income Tax Option: Niti Aayog

Middle Class "Trained Enough" To Pick Right Income Tax Option: Niti Aayog

Press Trust of India | Wednesday February 05, 2020, New Delhi

Budget 2020 Income Tax Slabs: Niti Aayog Vice Chairman Rajiv Kumar exuded confidence that the middle class's propensity to save will not come down.

Income Tax Slab: You Will Now Pay Rs 1.95 Lakh In Tax On Rs 15 Lakh Income In This Case

Income Tax Slab: You Will Now Pay Rs 1.95 Lakh In Tax On Rs 15 Lakh Income In This Case

Written by Sandeep Singh | Monday February 03, 2020

2020 Income Tax Slab: Finance Minister Nirmala Sitharaman used an example to explain the difference in tax liability for a person not claiming any exemptions. "A person earning Rs 15 lakh in a year and not availing any deductions etc will pay only Rs 1,95,000 as compared to Rs 2,73,000 in the old regime," she said.

NRIs Will Only Be Taxed On Their Indian Income: Government

NRIs Will Only Be Taxed On Their Indian Income: Government

Edited by Peter Noronha | Sunday February 02, 2020

"The new provision is not intended to tax Indian citizens who are bonafide workers in other countries. In some section of the media, the new provision is being interpreted to create an impression that those Indians who are bonafide workers in other countries, including in Middle East, and who are not liable to tax in these countries will be taxed in India on the income that they have earned there. This interpretation is not correct," the press release further noted.

Direct Tax Collection Target Scaled Down In Budget; New Slabs To Benefit Taxpayers: CBDT Chairman

Direct Tax Collection Target Scaled Down In Budget; New Slabs To Benefit Taxpayers: CBDT Chairman

Press Trust of India | Sunday February 02, 2020

"Those (earlier) estimates have been revised in the budget and our new target would be about Rs 11.80 lakh crore, which I am pretty confident that we will achieve," the CBDT Chairman told PTI in a post-budget interview.

TDS Deduction For Big E-Tailers, Relief For Small Traders: FM

TDS Deduction For Big E-Tailers, Relief For Small Traders: FM

Indo-Asian News Service | Sunday February 02, 2020, New Delhi

"In order to widen and deepen the tax net, it is proposed to provide that e-commerce operator shall deduct TDS on all payments or credits to e-commerce participants at the rate of 1 per cent in PAN/Aadhaar cases and 5 per cent in non-PAN/Aadhaar cases," said Finance Minister Nirmala Sitharaman on Saturday.

Employers' Contribution Towards Provident Fund Capped At Rs 7.5 Lakh Annually

Employers' Contribution Towards Provident Fund Capped At Rs 7.5 Lakh Annually

Press Trust of India | Saturday February 01, 2020

Any contribution by employers towards these social security schemes beyond Rs 7.5 lakh per annum would be treated as perquisite of the employee and taxed accordingly.

Budget 2020: Government Raises Import Taxes In Move Set To Spook Some Foreign Firms

Budget 2020: Government Raises Import Taxes In Move Set To Spook Some Foreign Firms

Reuters | Saturday February 01, 2020, New Delhi / Bengaluru

The measures, announced by Finance Minister Nirmala Sitharaman in her 2020-21 budget, come amid criticism from some companies that India has increasingly resorted to protectionist rules that discriminate against foreign companies.

Budget 2020: What The Common Man Can Expect From The Union Budget 2020-21

Budget 2020: What The Common Man Can Expect From The Union Budget 2020-21

Written by Sandeep Singh | Saturday February 01, 2020

New Tax Slab: Every year, speculations on major income tax changes in Union Budget - potentially sending more money to the pockets of the common man - drive investment decisions for many individuals, say financial planners.

Budget For The Common Man: Key Income Tax Changes Announced In Past Budgets

Budget For The Common Man: Key Income Tax Changes Announced In Past Budgets

Edited by Sandeep Singh | Saturday February 01, 2020

Union Budget 2020: From changes in income tax rates to the reintroduction of standard deduction and a higher income threshold for rebate, the government has made a few changes in the income tax rules over the past few years.

Industry Body FICCI Calls For Increase In Section 80C Income Tax Deduction Threshold

Industry Body FICCI Calls For Increase In Section 80C Income Tax Deduction Threshold

Edited by Sandeep Singh | Saturday February 01, 2020

Union Budget 2020: Finance Minister Nirmala Sitharaman will present the first full-year Union Budget of Prime Minister Narendra Modi's government in Parliament on February 1.

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