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Parliament Passes Bill to Levy 28 Percent GST on Online Games; Offshore Gaming Firms to Need Registration
Parliament on Friday approved amendments to the Central and Integrated GST laws to levy 28 percent tax on the full face value of bets in online gaming, casinos and horse race clubs. The CGST amendment bill defines 'online gaming' as a game on the internet or an electronic network.
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Taiwan Proposes Bigger Tax Breaks for Chipmakers' Research, Development to Retain Competitive Edge
Taiwan's government has proposed larger tax breaks for chipmakers' research and development into semiconductor technology, as the island nation looks to retain its competitive edge. Governments around the world have been touting incentives to bring chip production onshore, in the wake of a global chip shortage.
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IT Department Notifies TDS Disclosure Requirements for Crypto, Virtual Digital Assets
The income tax department has announcement TDS disclosure requirements for cryptocurrency, virtual digital assets. From July 1, 1 percent TDS will be charged on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year.
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Centre Should Desist From Amending NRI Status: Pinarayi Vijayan
Kerala Chief Minister Pinarayi Vijayan on Sunday criticised the Centre to amend the section 6 of the Income Tax Act, 1961, which stipulates conditions for determining the residential status for tax purposes in India.
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Parliament Live Updates: Calling Pragya Thakur Terrorist Worse Than Mahatma Gandhi's Murder, Says BJP
The winter session of parliament will today consider some bills for discussion and passing. They include Taxation Laws (Amendment) Bill, 2019. Finance Minister Nirmala Sitharaman is scheduled to move that the bill further to amend the Income Tax Act, 1961, and to amend the Finance Act, 2019, be taken into consideration.
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UP To Amend Law That Exempted Ministers From Paying Their Income Tax
The Uttar Pradesh cabinet on Tuesday decided to amend the law that exempted the state's chief minister and ministers from paying their own income tax, burdening the exchequer for the last 40 years.
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Don't Levy Income Tax On Gifts To Wives, Daughters-In-Law: Maneka Gandhi
Minister for Women and Child Development Maneka Gandhi has urged Finance Minister Piyush Goyal to make amendments to the Income Tax Act so that gifts to wives or daughters-in-law are not taxed.
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Transgenders Can Now Get PAN Card Under 'Independent' Gender Category
The government has amended Income Tax rules that will now allow transgenders to be recognised as an independent category of applicants for obtaining a Permanent Account Number (PAN) for their tax-related transactions.
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State Bank Of India (SBI) Public Provident Fund (PPF) Accounts: 10 Points
State Bank of India, the largest lender in the country allows customers to invest in public provident fund (PPF) accounts. SBI allows customers to open PPF accounts under the Public Provident Fund (Amendment) Scheme, 2016. The scheme was introduced by the National Savings Organization in 1968 to mobilize small savings. It offers an investment avenu...
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Tax Defaulters Not To Get Off The Hook Easily. 5 Things To Know
The government of India has recently amended the rules and empowered the taxman to use banking, insurance and municipal corporation's database to obtain address of an untraceable income tax defaulter
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Keep Away From Benami Transactions, Warns Income Tax Department
The department started initiating action under the new Benami Transactions (Prohibition) Amendment Act, 2016 from November 1, 2016.
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Deadlines For Aadhaar Linking With Bank Account, PAN 'Valid', Says UIDAI
The Income Tax Act was amended in March 2017 to make Aadhaar mandatory for PAN cards.
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Aadhaar-PAN Linking Mandatory From July 1, Government Notifies Rules
The government has made it mandatory to link existing Aadhaar numbers with PAN of taxpayers with effect from July 1. Amending income tax rules and notifying the same, the government has made quoting of the 12-digit biometric Aadhaar or the enrollment ID a must at the time of application of Permanent Account Number (PAN).
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Compulsory To Link Aadhaar With PAN Cards? Supreme Court Decision Today
Can the income tax department cancel PAN cards and prevent people from filing their income-tax returns from 1 July if they do not produce an Aadhaar number? Today, a two-judge bench of the Supreme Court will rule on a bunch of petitions challenging the constitutional validity of the controversial amendment to the income tax law that forces people t...
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Taxmen Won't Need Reason To Raid After Changes To Law: 10 Points
Tax raids based on unsubstantiated rumours or simply suspicion will be legit after the government's tweaks to the Income Tax law. But the changes will be effective retrospectively in an apparent turnaround by the government despite its promise not to do so. The amendment to Section 132 of the Income Tax Act dealing with searches by taxmen says that...
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Parliament Passes Bill to Levy 28 Percent GST on Online Games; Offshore Gaming Firms to Need Registration
Parliament on Friday approved amendments to the Central and Integrated GST laws to levy 28 percent tax on the full face value of bets in online gaming, casinos and horse race clubs. The CGST amendment bill defines 'online gaming' as a game on the internet or an electronic network.
-
Taiwan Proposes Bigger Tax Breaks for Chipmakers' Research, Development to Retain Competitive Edge
Taiwan's government has proposed larger tax breaks for chipmakers' research and development into semiconductor technology, as the island nation looks to retain its competitive edge. Governments around the world have been touting incentives to bring chip production onshore, in the wake of a global chip shortage.
-
IT Department Notifies TDS Disclosure Requirements for Crypto, Virtual Digital Assets
The income tax department has announcement TDS disclosure requirements for cryptocurrency, virtual digital assets. From July 1, 1 percent TDS will be charged on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year.
-
Centre Should Desist From Amending NRI Status: Pinarayi Vijayan
Kerala Chief Minister Pinarayi Vijayan on Sunday criticised the Centre to amend the section 6 of the Income Tax Act, 1961, which stipulates conditions for determining the residential status for tax purposes in India.
-
Parliament Live Updates: Calling Pragya Thakur Terrorist Worse Than Mahatma Gandhi's Murder, Says BJP
The winter session of parliament will today consider some bills for discussion and passing. They include Taxation Laws (Amendment) Bill, 2019. Finance Minister Nirmala Sitharaman is scheduled to move that the bill further to amend the Income Tax Act, 1961, and to amend the Finance Act, 2019, be taken into consideration.
-
UP To Amend Law That Exempted Ministers From Paying Their Income Tax
The Uttar Pradesh cabinet on Tuesday decided to amend the law that exempted the state's chief minister and ministers from paying their own income tax, burdening the exchequer for the last 40 years.
-
Don't Levy Income Tax On Gifts To Wives, Daughters-In-Law: Maneka Gandhi
Minister for Women and Child Development Maneka Gandhi has urged Finance Minister Piyush Goyal to make amendments to the Income Tax Act so that gifts to wives or daughters-in-law are not taxed.
-
Transgenders Can Now Get PAN Card Under 'Independent' Gender Category
The government has amended Income Tax rules that will now allow transgenders to be recognised as an independent category of applicants for obtaining a Permanent Account Number (PAN) for their tax-related transactions.
-
State Bank Of India (SBI) Public Provident Fund (PPF) Accounts: 10 Points
State Bank of India, the largest lender in the country allows customers to invest in public provident fund (PPF) accounts. SBI allows customers to open PPF accounts under the Public Provident Fund (Amendment) Scheme, 2016. The scheme was introduced by the National Savings Organization in 1968 to mobilize small savings. It offers an investment avenu...
-
Tax Defaulters Not To Get Off The Hook Easily. 5 Things To Know
The government of India has recently amended the rules and empowered the taxman to use banking, insurance and municipal corporation's database to obtain address of an untraceable income tax defaulter
-
Keep Away From Benami Transactions, Warns Income Tax Department
The department started initiating action under the new Benami Transactions (Prohibition) Amendment Act, 2016 from November 1, 2016.
-
Deadlines For Aadhaar Linking With Bank Account, PAN 'Valid', Says UIDAI
The Income Tax Act was amended in March 2017 to make Aadhaar mandatory for PAN cards.
-
Aadhaar-PAN Linking Mandatory From July 1, Government Notifies Rules
The government has made it mandatory to link existing Aadhaar numbers with PAN of taxpayers with effect from July 1. Amending income tax rules and notifying the same, the government has made quoting of the 12-digit biometric Aadhaar or the enrollment ID a must at the time of application of Permanent Account Number (PAN).
-
Compulsory To Link Aadhaar With PAN Cards? Supreme Court Decision Today
Can the income tax department cancel PAN cards and prevent people from filing their income-tax returns from 1 July if they do not produce an Aadhaar number? Today, a two-judge bench of the Supreme Court will rule on a bunch of petitions challenging the constitutional validity of the controversial amendment to the income tax law that forces people t...
-
Taxmen Won't Need Reason To Raid After Changes To Law: 10 Points
Tax raids based on unsubstantiated rumours or simply suspicion will be legit after the government's tweaks to the Income Tax law. But the changes will be effective retrospectively in an apparent turnaround by the government despite its promise not to do so. The amendment to Section 132 of the Income Tax Act dealing with searches by taxmen says that...
