Page 7 - Tax

Cong questions govt over corp tax cut resulting in negative revenue impact

The Congress on Tuesday questioned the BJP government over corporate tax cut leading to a revenue loss of Rs 1.84 lakh crore while the middle-class was charged at the peak rate of 30 percent.

Giving tax money back to people can't be called 'revris': Punjab CM Mann

We are giving people's money back to them. We are not borrowing money, said Mann as he was referring to the decisions of free medical care in Aam Aadmi clinics and free electricity to each household

Tax payers can no longer be a part of the Atal Pension Yojana: FinMin

A notification by the Ministry of Finance further said that those who are already a part of the APY scheme, will cease to be so from October 1 but they will receive their accumulated money

Centre releases two instalments of Rs 1.16-trn tax devolution to states

The Centre on Wednesday released two instalments of tax devolution totalling Rs 1.16 lakh crore to states

States' share in central taxes come down to 29-32% against recommended 41%

The previous five years saw the states' share, except for 2019-20, in between 34.5% and 37%, whereas the recommendation was to give them a 42% share

India at 75: Prudent public finance policy still remains a challenge

Among other things, making the direct tax regime less confusing and bringing in expenditure reform are crucial challenges for the central government

ITR 2021-22: How to e-verify income tax return to complete filing process

If the income tax return (ITR 2021-22) is not verified before the last date, it is deemed invalid (not filed) by the Income Tax Department

ITR 2021-22: Top 5 benefits of filing ITR before the July 31 deadline

ITR is generally filed to claim the tax deductions and exemptions from the long-term capital gains, however, the benefits of filing the ITR 2021-22 before July 31 are not limited to this

ITR 2021-22: What do you lose if you file a belated income tax return?

Under section 234F of the Income Tax Act, 1961, the taxpayer is required to pay a penalty of Rs 5,000 for delaying the ITR and filing a belated ITR

ITR 2021-22: Key points to keep in mind as the last date approaches

If the income is above Rs 2.5 lakh per annum, not filing the income tax return (ITR) can even land a person in jail

Lessons from a tax cut

Fears of a huge revenue loss from the 2019 reduction in corporation tax rates were exaggerated

Explained: Easy steps to file ITR

ITR: What happens if you miss July 31 deadline for filing income tax return

For people with an annual income of over Rs 2.5 lakh, filing an ITR is mandatory. Failing to do so may attract fines and penalties

ITR filing: Know how to file income tax return as the deadline approaches

According to the revenue secretary Tarun Bajaj, over 2.3 crore income returns have been filed by July 20. However, the numbers are expected to pick up as the last date approaches

Will RIL Q1 numbers spring a surprise?

Shares of Reliance are at crossroads. The govt slashed windfall tax on fuel exports. And Singapore Gross Refining Margins are down to about $4 a barrel. This may fade RIL's abnormal profits in Q1FY23

ITR 2021-22: Using the Demat account to verify your income tax return

Once the ITR 2021-22 is filed, the taxpayer needs to verify their return within 120 days, or it is deemed invalid

ITR 2021-22: Important documents required while filing income tax return

The income tax department (I-T department) has fixed the deadline as July 31, 2022. If the ITR is not filed before the due date, the taxpayer may be subjected to monetary or criminal punishment

ITR 2021-22: Penalties you may have to pay if you miss July 31 deadline

If the income is above Rs 2.5 lakh per annum, you are required to file the ITR to avoid penalties. There are several penalties that are applicable if one fails to file the ITR before the last date

Talk of socialism adds spice to abrasive UK leaders' debate in race for PM

Rishi Sunak accused Foreign Secretary Liz Truss and former Defence Secretary Penny Mordaunt, his two closest rivals, of "socialism" as he attacked their plans to cut taxes and borrow more

New GST rates come in effect from today: Check the rate change list here

While the GST council proposed to withdraw tax exemptions for a few items and rate changes for others, exemptions for many others were removed