Page 3 - Taxation

Industry hails decision to separate gaming from gambling, horse racing

In July, the GST Council announced a 28 per cent tax on the industry, which experts and companies largely agreed to. Currently, an 18 per cent tax is applicable on the gross gaming revenue (GGR)

Low rate regime: Why corporation tax is a hit but not personal tax?

While the new corporation tax regime has drawn a good response, the personal income tax regime seems to have attracted only a lukewarm response

Despite windfall tax, ONGC, Oil India's earnings look positive for FY23

With diverse revenue streams RIL is less impacted, while oil marketing companies have seen earnings downgrades amidst volatility in oil prices

ITR Filing AY 2022-23: What if you missed the ITR?

Missed ITR 2022-23 deadline? Under section 234F of the IT Act, a late filing will be imposed on taxpayers after the due date, July 31, 2022. How many penalties should you pay?

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: Everything you need to know about updated income tax return

In the Finance Bill, 2022, the government introduced the concept of 'updated ITR'. It allows the assessee to file the ITR within 24 months of the expiry of a financial year

GST: Understanding how the rules around tax on rent will apply to tenants

Businesses with a turnover of less than Rs 40 lakh per annum and salaried individuals are not required to pay the GST on rent under the new rules

ITR 2021-22: How does a belated income tax return differ from regular one?

Filing your income tax return on time is always the best option. We explain what happens when you file it late

Renting apartments gets costlier for companies with new GST rates in effect

The rent of apartments for top executives will attract an 18 per cent Goods and Services Tax (GST)

Govt slashes windfall tax on petrol, diesel, ATF as crude oil prices drop

Effective from July 20, Rs 6 a litre tax on petrol export has been completely scrapped

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

ITR 2021-22: List of transactions needed to furnish your tax return

There are several transactions that one needs to mention mandatorily in the ITR 2021-22 (AY 2022-23). It is necessary to avoid a notice from the I-T department

CBIC issues clarification on GST on pre-packaged items from Monday

The Central Board of Indirect Taxes and Customs on Sunday said single packages of food items like cereals, pulses and flour weighing up to 25 kg will be considered as 'prepackaged and labelled'

ITR 2021-22: These high-value transactions must be declared in your return

Such transactions attract special attention from the income tax (I-T) department and are mandatory to be furnished. If not, they may lead to fines, penalties or even jail term

As deadline approaches, here's how to file I-T return of a deceased person

Failure in filing the ITR of a deceased person makes the heir liable to pay the penalty or fines. It may also lead to some penal consequences

ITR: 5 common mistakes you should avoid while filing your income tax return

The taxpayers are required to fill out several forms, Form 26AS, Form 16, capital gains statement, and interest certificates, among others. In all the paperwork, some mistakes are bound to happen

Huawei India sent Rs 750 crore to parent firm even as revenues fell: Report

The I-T department has accused Huawei's Indian unit of repatriating large amounts to the parent company in China to reduce its taxable income here

Cross-check data in pre-filled forms while filing income-tax return

The documents you collect for this purpose will prove handy if an assessing officer conducts inquiry