Tax

Government Working On Decriminalising Certain Offences Under GST

Government Working On Decriminalising Certain Offences Under GST

Press Trust of India | Wednesday September 28, 2022, New Delhi

The government is working on decriminalisation of certain offences under GST by raising the threshold limit for launching prosecution and also lowering charges for compounding of offence, an official said on Wednesday.

Rs 58,521 Crore In Taxes Lost Due To Illicit Trade: Report

Rs 58,521 Crore In Taxes Lost Due To Illicit Trade: Report

Press Trust of India | Thursday September 22, 2022, New Delhi

The exchequer is estimated to have lost Rs 58,521 crore in taxes in 2019-20 due to illicit trade in goods in 5 key industries, including FMCG, mobile phone, tobacco products and alcohol, a Ficci report said on Thursday.

Gross Direct Tax Collection Grows 30% In 2022-23 To Rs 8.36 Lakh Crore

Gross Direct Tax Collection Grows 30% In 2022-23 To Rs 8.36 Lakh Crore

Press Trust of India | Sunday September 18, 2022, New Delhi

Gross direct tax collections grew 30 per cent to Rs 8.36 lakh crore till September 17 of current fiscal year on increased advance tax mop-up, the finance ministry said on Sunday.

Net Direct Tax Collections Rise 23% So Far In 2022-23: Official

Net Direct Tax Collections Rise 23% So Far In 2022-23: Official

Asian News International | Sunday September 18, 2022, New Delhi

Net direct tax collections so far this financial year are at Rs 700,669 crore, an increase of 23 per cent as compared to Rs 568,147 crore till the same period of the corresponding financial year, a Central Board of Direct Taxes statement said on Sunday.

Income Tax Department Relaxes Norms For Compounding Of Offence

Income Tax Department Relaxes Norms For Compounding Of Offence

Press Trust of India | Sunday September 18, 2022, New Delhi

The income tax department on Saturday said it has relaxed various norms relating to compounding of offences under the I-T Act and allowed compounding in cases where the applicant has been sentenced to up to two years of imprisonment.

GST Officers Can Take Legal Action In Cases Of Over ₹ 5 Crore Evasion

GST Officers Can Take Legal Action In Cases Of Over ₹ 5 Crore Evasion

Press Trust of India | Friday September 02, 2022, New Delhi

GST officers can now launch prosecution against offenders in cases where the amount of evasion or misuse of input tax credit is more than Rs 5 crore, the Finance Ministry has said.

GST Collection Rises 28% In August To Rs 1.43 Lakh Crore

GST Collection Rises 28% In August To Rs 1.43 Lakh Crore

Press Trust of India | Thursday September 01, 2022, New Delhi

Collections from Goods and Services Tax (GST) rose 28 per cent to Rs 1.43 lakh crore in August, the Finance Ministry said on Thursday.

Cancelling Confirmed Train Ticket? Here's How Much GST (Tax) You Have to Pay

Cancelling Confirmed Train Ticket? Here's How Much GST (Tax) You Have to Pay

Edited by Rahul Karunakar | Monday August 29, 2022

Cancellation charges of railway tickets for a class would attract GST at the same rate as applicable to the class of travel.

Gross Tax Collections This Year 38% Higher Than Last Year: Official

Gross Tax Collections This Year 38% Higher Than Last Year: Official

Asian News International | Friday August 26, 2022, New Delhi

Gross tax collections this year are 38 per cent higher when compared with the previous year, Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta said on Friday.

New TDS (Tax Deductions) Provisions' Clarification For Banks Soon: Centre

New TDS (Tax Deductions) Provisions' Clarification For Banks Soon: Centre

Press Trust of India | Friday August 26, 2022, New Delhi

The CBDT will soon come out with a circular for various stakeholders, especially banks, to "clarify" the procedures on the applicability of new TDS provisions regarding benefits or prerequisites received in a business or profession.

Tax Relief On Salary Arrears Under 7th Pay Commission: Follow These Steps

Tax Relief On Salary Arrears Under 7th Pay Commission: Follow These Steps

Edited by NDTV Business Desk | Thursday August 25, 2022

7th pay commission: To claim tax relief, government employees must file form 10E online on the Income Tax e-filing portal.

Filing Tax Return Late? Maximise Your Tax Savings With These Tips

Filing Tax Return Late? Maximise Your Tax Savings With These Tips

Edited by NDTV Business Desk | Sunday August 21, 2022

The due date for filing income tax returns for individual taxpayers for the assessment year 2022-23 was July 31. However, those who missed the deadline can still file their tax returns with a late fee till December 31.

Paying Cash Over The Limit At Hospitals, Banquet Halls, Can Land You In Trouble

Paying Cash Over The Limit At Hospitals, Banquet Halls, Can Land You In Trouble

Edited by NDTV Business Desk | Sunday August 21, 2022

Accepting Rs 20,000 or more in cash for a loan or deposit is prohibited, and such transactions must be done through banking channels.

Taxpayers Get More Time To Claim Credit For Taxes Paid Outside India

Taxpayers Get More Time To Claim Credit For Taxes Paid Outside India

Press Trust of India | Friday August 19, 2022, New Delhi

The income tax department on Friday said taxpayers can claim credit for taxes paid outside India before the end of the assessment year if the I-T return is filed within the stipulated deadline.

GST Investigation Wing Asks Officers To Refrain From Summoning CEOs

GST Investigation Wing Asks Officers To Refrain From Summoning CEOs

Press Trust of India | Thursday August 18, 2022, New Delhi

The GST investigation authority has asked field offices not to exercise the power to arrest in a mechanical manner and also refrain from summoning senior management officials like CMDs and CEOs.