No GST on tax accumulated at source levied on items: Finance ministry

New Delhi: The finance ministry on Friday supplied comfort to buyers with the aid of withdrawing a rule that required them to charge goods and services tax (GST) at the obligatory income tax to be gathered at source (TCS) from purchasers who make high price purchases consisting of top rate cars. A round issued in […]

People with earnings up to Rs 9.5 lakhs can escape tax liability: Piyush Goyal

Stressing that tax concessions were furnished as a way to help negative and center elegance humans living on decent finance, Finance Minister Piyush Goyal on Tuesday stated that now people are earning up to Rs nine. Five lakh can get away liability by taking advantage of saving schemes. Replying to the controversy at the Finance […]

Promoters arrested as tax officers raid businesses suspected of round alternate

MUMBAI: Suspecting companies of evading goods and services tax (GST), tax officers have commenced going after corporations which can be into round buying and selling, and arrested several promoters of such entities. While numerous insiders suspect round buying and selling may be used to inflate turnover or for bringing in black money in a device, […]

High tax exemption limit isn’t a very good idea

In gratitude for the valuable contribution made via taxpayers to nation constructing, small and center income taxpayers have been provided a tax ruin in the interim finances 2019. It is proposed that taxpayers with incomes less than or identical to ₹five,00,000 will no longer pay any tax. Such relief to taxpayers is not specific for […]

Relief for startups stuck in angel tax imbroglio, DPIIT, CBDT hold discussions on needs

NEW DELHI: India’s tax officials will consider the brand new policy framework for startups that changed into announced on February 19 and not press in advance with showcause notices that have already been issued, providing comfort to organisations caught up inside the angel tax net. Also, cases wherein assessment proceedings were initiated may be resolved […]

Your parents, spouse and kids permit you to shop taxes. Here’s how

When it comes to saving taxes, maximum folks try to make the most use of section 80C restriction of profits tax Act. However, there are several ways where your parents, wife, and youngsters can also assist you in storing taxes. Here is a take a look at how this can be done. 1. Buy medical […]

Shell-bowled over: Companies cutting offers to launder money face Supreme Court warmth

MUMBAI: The Supreme Court has dealt a blow to companies which reduce dubious deals with shell corporations to launder cash and escape tax. Over a long time, groups have perfected the artwork of moving coins to paper corporations which invest or lend the price range back into the corporations to legitimise the latter’s ‘black’, or […]

Crypto Tax Season 101 – The Basics You Should Know About

For the wave of latest cryptocurrency traders who jumped into the fray in late 2017 and early 2018, the approaching tax season goes to provide a few new demanding situations. Regulation is continuously being evolved and introduced, and the endure marketplace continues as the April fifteenth deadline processes. Government institutions had been in particular care of […]

Angels & demon: Decoding the tax row it is making startups nervous

India is the second one largest hub for startups within the global in terms of some agencies while the Narendra Modi government has the said intention of selling entrepreneurship within you. S. A ., the startup sector is now smarting beneath tax scrutiny which it says is unnecessary and dangerous for its economic health. Angel […]

High-Value Cars, Jewellery To Be Cheaper As Tax Collected At Source To Be Excluded In Computing GST

In a remedy to consumers of high fee motors and jewelry, the Central Board of Indirect Taxes and Customs said the tax amassed at source quantity might be excluded from the value of goods for computing items and services tax legal responsibility. Under the Income Tax Act, charge gathered at supply is levied at one […]