Tax

Not liable to pay tax? Submit Form 15G/15H right away to avoid TDS

If your income exceeds 15G/15H limit but you qualify for tax deduction at a lower rate, use Form 13

Mauritius down; Norway, Singapore gain as FPI destinations in FY23

The total assets under custody (AUC) from Mauritius declined nearly 42 per cent to Rs 6.66 trillion at the end of March 2023, from Rs 10.88 trillion a year ago.

Small savings schemes: Pay heed to return, taxation, and lock-in

Returns of some schemes remain unchanged throughout the tenure, but can fluctuate in the case of others

Fund houses ponder ways to cushion tax blow to debt mutual funds

New offerings, lowering costs, debt-plus arbitrage schemes among measures planned

Employers must seek employees preferred tax regime for deducting TDS: CBDT

The Income Tax Department on Wednesday said employers will have to seek details from employees about their preference for tax regime in the current fiscal and deduct TDS accordingly. In case an employee does not intimate his/her employer about the preferred tax regime, then the employer would be required to deduct TDS from salary income as per the new revamped tax regime announced in Budget 2023-24. Individual taxpayers have the option to select whether they want to be in the old tax regime, which provides for exemptions and deductions or switch to the new tax regime which offers low tax rates but no exemptions. The Budget 2023-24 unveiled on February 1 tweaked the optional exemption-free tax regime, which is available under section 115BAC of the I-T Act to push salaried-class taxpayers to switch to the new tax regime. The revamped concessional tax regime was made the default regime for an individual taxpayer. The Central Board of Direct Taxes (CBDT) on Wednesday issued a ...

Windfall tax on domestic crude oil cut to nil, on export of diesel halved

This means crude oil, aviation turbine fuel (ATF), and petrol will not attract windfall tax

Debt mutual funds log Rs 40K-crore inflow before tax tweak cut-off

Investors snap up popular medium- to longer-duration debt funds to lock in higher returns

Centre cuts all windfall tax on domestically produced crude oil from today

Previously in March, the Centre had slashed the windfall tax by Rs 900 per tonne to Rs 3,500 per tonne from Rs 4,400 per tonne

FinMin notifies GST amnesty scheme for non-filers, small businesses

Enterprises can apply for revocation of cancelled GST registration by June 30 after paying due taxes, interest and penalty

Jharkhand's commercial tax dept posts 114% collection in FY 2022-23

Jharkhand's Commercial Tax department posted a record collection of over Rs 21,000 crore for the financial year 2022-23, state Finance minister Rameshwar Oraon said. The target for the department for 2022-23 fiscal was Rs 18,500 crore. "The department's revenue collection is around 114 per cent against the target till Friday evening for 2022-23 fiscal. Against the target of Rs 18,500 crore, the collection reached over Rs 21,000 crore by Friday evening, which means Rs 2,500 more than the target. We hope Rs 10-15 crore will be added more to the collection by night," Oraon said, while briefing media persons on Friday. In 2021-22, the department had earned Rs 19,750 crore against the target of Rs 16,500 crore. "In 2021-22 fiscal, the collection was also more than the target but it had been achieved due to Centre's GST compensation to the states," he said. Since the GST compensation was applicable for only five years, the Centre stopped the release of compensation from July 1, 2022. "Th

From insurance policies to MFs, here are the new tax rules from April 1

What changes: Tax on proceeds from high-value insurance policies, higher tax on debt MFs and more

Hike in withholding tax rate: Indian arms of MNCs may not feel sharp pain

India's tax treaties with most major economies cap withholding tax on royalties and technical fee at 10%

Share of govt employees paying individual tax has doubled in 9 years

In FY21, the time till when data is available, the number of government employees paying personal tax increased to 12.8 million, out of 68.4 million personal taxpayers

Indian banks to gain $36 bn in deposits as mutual funds get taxed

The move comes as a respite for the financiers as the widening gap between credit off-take and deposits has sparked risks of asset-liability mismatches and pushed up funding costs

Tax treatment

Major changes without debate should be avoided

Removal of LTCG tax benefits on debt MFs pushes corporate bond yields

Following govt's latest move, tax would be computed on based the investor's tax bracket; levy could be as high as 30%; Centre's step puts the tax for MF units at parity with that for bank FD

Finance Bill 2023: Debt MF tax changes to hit fund houses; AMC stocks fall

Industry expects inflows shrinking in the medium to long-horizon debt funds

March 31 is here: Link PAN with Aadhaar, file updated ITR & submit Form 12B

Linking PAN with Aadhaar, submission of Form 12B are other tasks that must be completed be before this date

Experts welcome changes related to withholding tax hike in Finance bill

As per the Finance Bill, specified mutual funds where at least 65 per cent investment are in equity shares of domestic companies are also included in scope of the above deeming provision

Windfall tax on crude oil slashed to Rs 3,500/tonne, duty on diesel hiked

Petrol and Aviation Turbine Fuel (ATF) have been exempted from the export levy