Centre releases Rs 72,961.21 cr as additional installment of tax devolution to states

Dec 23, 2023, at 05:59 am

New Delhi: The Centre has authorised the release of an additional installment of tax devolution amounting to Rs 72,961.21 crore to the states, the Ministry of Finance said on Friday.

GST collection surges 15% YoY to Rs 1.68 trillion in November

Dec 02, 2023, at 06:18 am

New Delhi: Highlighting the ongoing robust activity in the Indian economy, the collection of goods and services tax (GST) witnessed a substantial 15% year-on-year surge in November.

Gross Direct Tax collection grows 18% YoY to Rs 12 lakh cr up to Nov 9

Nov 11, 2023, at 03:47 am

New Delhi: The Direct Tax collections up to November 9, 2023, continued to register steady growth with the Gross Direct Tax collections witnessing a 17.59% growth to Rs 12.37 lakh crore, compared to the corresponding period of last year.

Direct Tax collection in Oct FY24 crosses Rs 11.07 lakh cr

Oct 11, 2023, at 02:36 am

New Delhi: The gross direct tax collections in October, so far, surpassed Rs 11 lakh crore, reaching Rs 11.07 lakh crore, the Finance Ministry said in a statement on October 10.

Online real money gaming companies served Rs 55,000 cr GST demand notice: Report

Sep 27, 2023, at 06:44 pm

New Delhi: The Directorate General of GST Intelligence (DGGI) has issued approximately a dozen pre-show cause notices to online real money gaming (RMG) companies for goods and services tax dues totaling around Rs 55,000 crore, ET reported.

Net direct tax mop-up rises 23.5 pc in FY24 till mid-September

Sep 20, 2023, at 06:29 am

New Delhi: The Centre's tax kitty continues to swell on the back of strong economic growth. The latest data shows net direct tax collections rose 23.51% year-on-year to Rs 8.65 lakh crore in the current financial year till September 16 as against Rs 7 lakh crore in the same period a year ago.

Legal framework for accounting and taxation professionals in GIFT City soon: Sitharaman

Aug 20, 2023, at 06:12 am

Gandhinagar: Union Finance Minister Nirmala Sitharaman on Saturday said that a comprehensive legal framework for accounting and taxation professionals will soon be in place to enable them to provide services to the world, making GIFT City the global hub for accounting and financial back-office functions.

Direct tax collection grows 17% to Rs 5.84 lakh cr so far this fiscal

Aug 12, 2023, at 09:10 am

New Delhi: Net direct tax collection in the current fiscal year up to August 10 stood at Rs. 5.84 lakh crore, 17.33% higher than the net collections for the corresponding period of last year.

Higher TCS levy on overseas spending postponed by 3 months to Oct 1

Jun 29, 2023, at 05:17 am

New Delhi: The Finance Ministry said on Wednesday that the implementation of the increased Tax Collected at Source (TCS) on overseas spending would be delayed by three months from the initial deadline of July 1.

Gross Direct Tax collections for FY 2023-24 grow of 12.73%

Jun 19, 2023, at 01:34 pm

New Delhi: Direct Tax collections for the Financial Year 2023-24, as on June 17, show that net collections are at Rs 3,79,760 crore, compared to Rs. 3,41,568 crore in the corresponding period of the preceding Financial Year i.e. FY 2022-23, representing an increase of 11.18%.

May GST collection grows 12% YoY to Rs 1,57,090 cr

Jun 02, 2023, at 03:20 am

New Delhi: The gross Goods & Services Tax (GST) revenue collected in the month of May stood at Rs 1,57,090 crore, the finance ministry said on Thursday.

Govt increases the limit for tax exemption on leave encashment for non-government salaried employees

May 26, 2023, at 03:43 am

New Delhi/IBNS: The government has increased the tax exemption limit on leave encashment of non-government salaried employees from Rs 3 lakh to Rs 25 lakh.

Sept GST collection rises to Rs 1.52 lakh cr

Nov 02, 2022, at 04:04 am

India's GST collection rose to Rs 1.52 lakh crore in Goods and Services Tax (GST) in September, the second-highest ever collection, according to the finance ministry said on November 1.

Centre to release Rs 47,541 crore as advance installment of tax devolution to states

Jan 21, 2022, at 02:24 am

New Delhi/UNI: Finance Minister Nirmala Sitharaman on Thursday authorised the release of Rs 47,541 crore as an advance installment of tax devolution to states.

Tax Planning: Top 7 Ways to Save Tax Legally in India

Dec 22, 2021, at 05:44 pm

Shyam: Rohan, I feel there is no need to work for these long hours. 

Kolkata-based legal solution firm Legal Salah plans to expand its team

Oct 02, 2021, at 09:10 pm

Kolkata/IBNS: Legal Salah, a Kolkata-based online legal solution company which provides advice and assistance in tax and other business related matters, is planning to expand its team to reach out to more clients.

How to get tax benefits on personal loans in 2020?

Sep 10, 2020, at 04:43 pm

You may take on a personal loan to meet immediate needs or planned expenses. Whatever the use of the funds from a loan may be, you will be required to pay interest on the principal amount. The amount you pay every month to repay the loan is referred to as an EMI. While taking a loan may be necessary, the Income Tax department does offer some relief to the borrowers.

Planning to Save Taxes? Here’s How Term Plan Can Help

Jul 01, 2020, at 11:37 pm

Earning money has never been easy, as it takes not only hard work but also intelligent planning and patience. That is why making money is nothing short of a game. This game is also beset with tax problems that take away a large portion of your hard-earned money.

Centre rejects report by IRS officials suggesting Income Tax hike, calls it ill conceived

Apr 27, 2020, at 12:01 am

New Delhi/ IBNS: The Centre has rejected a report prepared by a group of IRS officers that suggested a 40 per cent hike in the income tax rate, a 4 per cent Covid-19 relief cess and imposing a super-rich tax, finance ministry officials have said, reported media. 

Tax on any gain to firms under insolvency code under hair cut be waived: ASSOCHAM to Govt.

Sep 13, 2017, at 10:43 pm

New Delhi, Sept 13 (IBNS): Apex industry body ASSOCHAM has written to the government, seeking a slew of tax reliefs, including exemption from tax on any hair cut taken by the banks in the form of a waiver of interest accrued, for the debt -ridden companies which are sought to be revived under the Insolvency and Bankruptcy Code (IBC) .

Adhaar will help to stop tax evasion: Arun Jaitley

Mar 23, 2017, at 12:30 am

New Delhi, Mar 22 (IBNS): Union Finance Minister Arun Jaitley said that the new law of making Adhaar card mandatory for filing income tax returns will help to stop tax evasion, in Lok Sabha on Wednesday.

Finance Minister reduces the tax rate from 10 to 5 per cent for individual income between Rs 2.5 to Rs 5 lakh

Feb 01, 2017, at 11:42 pm

New Delhi, Feb 1 (IBNS): Union Finance Minister Arun Jaitley reduced the rate of taxation from existing 10 per cent to 5 per cent for individual assesses between income of Rs 2.5 lakhs to Rs 5 lakhs.

Govt proposes Bill to tax black money

Nov 29, 2016, at 05:11 am

New Delhi, Nov 28 (IBNS): After banning Rs. 500/1000 notes, the Centre on Monday proposed new rules to tax black money that are being recovered.