Income Tax Amendment
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Parliament Passes Bill to Levy 28 Percent GST on Online Games; Offshore Gaming Firms to Need Registration
Parliament on Friday approved amendments to the Central and Integrated GST laws to levy 28 percent tax on the full face value of bets in online gaming, casinos and horse race clubs. The CGST amendment bill defines 'online gaming' as a game on the internet or an electronic network.
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Relief For Individuals With Income Marginally Over Rs 7 Lakh
In a relief to taxpayers opting for new tax regime, individuals earning marginally higher income than no-tax ceiling of Rs 7 lakh will pay tax only on the differential income after the government amended the Finance Bill.
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Budget 2023: Overseas Holidays May Get Costlier, Hike In TCS Proposed
The Finance Bill, through the Budget 2023-24, amended Section 206C of the Income Tax Act levying a higher Tax Collected at Source (TCS) on overseas tour programme packages.
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Taiwan Proposes Bigger Tax Breaks for Chipmakers' Research, Development to Retain Competitive Edge
Taiwan's government has proposed larger tax breaks for chipmakers' research and development into semiconductor technology, as the island nation looks to retain its competitive edge. Governments around the world have been touting incentives to bring chip production onshore, in the wake of a global chip shortage.
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IT Department Notifies TDS Disclosure Requirements for Crypto, Virtual Digital Assets
The income tax department has announcement TDS disclosure requirements for cryptocurrency, virtual digital assets. From July 1, 1 percent TDS will be charged on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year.
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Rules Amended To Ease Verification Of Records Submitted In Faceless Tax Assessment
Central Board of Direct Taxes has said that rules have been eased to ensure that document verification of faceless assessees is done electronically.
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Budget 2021: Amend Income Tax, GST Laws To Accommodate Crypto Trading, Say Experts
Budget 2021 should bring in amendments in the Income Tax and GST laws to offer more clarity to investors, traders, and crypto organizations, said Mr Sumit Gupta, CEO, and Co-Founder, CoinDCX
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Union Budget 2021: Section 47 Of I-T Act Must Be Amended With Respect To Gold Bonds Scheme
Budget 2021: Taxmann said in its pre-budget recommendations to the government that section 47 should be amended to remove the reference of any particular year from the sovereign gold bond scheme
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Donations To PM-CARES Fund For Coronavirus Made Tax-Free By Special Order
The ordinance amends a provision in the Income Tax Act to allow 100 per cent deduction on donations to the PM-CARES Fund.
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Finance Bill 2020 Proposes Amendment To Levy 5% Tax On Overseas Remittance
In a statement on Friday, the Ministry of Finance said, "The government imposed a tax collection at source (TCS), akin to TDS on remittances after an internal survey by the income tax department which showed that not only year-on-year more and more money is being sent under LRS but also a large number of those sending out money had not filed income...
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Centre Should Desist From Amending NRI Status: Pinarayi Vijayan
Kerala Chief Minister Pinarayi Vijayan on Sunday criticised the Centre to amend the section 6 of the Income Tax Act, 1961, which stipulates conditions for determining the residential status for tax purposes in India.
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Parliament Live Updates: Calling Pragya Thakur Terrorist Worse Than Mahatma Gandhi's Murder, Says BJP
The winter session of parliament will today consider some bills for discussion and passing. They include Taxation Laws (Amendment) Bill, 2019. Finance Minister Nirmala Sitharaman is scheduled to move that the bill further to amend the Income Tax Act, 1961, and to amend the Finance Act, 2019, be taken into consideration.
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UP To Amend Law That Exempted Ministers From Paying Their Income Tax
The Uttar Pradesh cabinet on Tuesday decided to amend the law that exempted the state's chief minister and ministers from paying their own income tax, burdening the exchequer for the last 40 years.
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US Corporate Sector Hails India's Move To Slash Tax Rate For Companies
Finance Minister Nirmala Sitharaman said the reduction in tax rates was done by promulgating an ordinance to an amendment to the Income Tax Act.
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Corporate Tax Cut To 25.2% To Spur Growth, Markets Celebrate: 10 Points
The centre on Friday reduced corporate tax on domestic firms in a bid to boost the sluggish economy, hurt by slowing demand across sectors, especially manufacturing that is among the highest contributors to the Gross Domestic Product (GDP). The markets immediately rose after the announcement by Finance Minister Nirmala Sitharaman, with the S&P BSE ...
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Parliament Passes Bill to Levy 28 Percent GST on Online Games; Offshore Gaming Firms to Need Registration
Parliament on Friday approved amendments to the Central and Integrated GST laws to levy 28 percent tax on the full face value of bets in online gaming, casinos and horse race clubs. The CGST amendment bill defines 'online gaming' as a game on the internet or an electronic network.
-
Relief For Individuals With Income Marginally Over Rs 7 Lakh
In a relief to taxpayers opting for new tax regime, individuals earning marginally higher income than no-tax ceiling of Rs 7 lakh will pay tax only on the differential income after the government amended the Finance Bill.
-
Budget 2023: Overseas Holidays May Get Costlier, Hike In TCS Proposed
The Finance Bill, through the Budget 2023-24, amended Section 206C of the Income Tax Act levying a higher Tax Collected at Source (TCS) on overseas tour programme packages.
-
Taiwan Proposes Bigger Tax Breaks for Chipmakers' Research, Development to Retain Competitive Edge
Taiwan's government has proposed larger tax breaks for chipmakers' research and development into semiconductor technology, as the island nation looks to retain its competitive edge. Governments around the world have been touting incentives to bring chip production onshore, in the wake of a global chip shortage.
-
IT Department Notifies TDS Disclosure Requirements for Crypto, Virtual Digital Assets
The income tax department has announcement TDS disclosure requirements for cryptocurrency, virtual digital assets. From July 1, 1 percent TDS will be charged on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year.
-
Rules Amended To Ease Verification Of Records Submitted In Faceless Tax Assessment
Central Board of Direct Taxes has said that rules have been eased to ensure that document verification of faceless assessees is done electronically.
-
Budget 2021: Amend Income Tax, GST Laws To Accommodate Crypto Trading, Say Experts
Budget 2021 should bring in amendments in the Income Tax and GST laws to offer more clarity to investors, traders, and crypto organizations, said Mr Sumit Gupta, CEO, and Co-Founder, CoinDCX
-
Union Budget 2021: Section 47 Of I-T Act Must Be Amended With Respect To Gold Bonds Scheme
Budget 2021: Taxmann said in its pre-budget recommendations to the government that section 47 should be amended to remove the reference of any particular year from the sovereign gold bond scheme
-
Donations To PM-CARES Fund For Coronavirus Made Tax-Free By Special Order
The ordinance amends a provision in the Income Tax Act to allow 100 per cent deduction on donations to the PM-CARES Fund.
-
Finance Bill 2020 Proposes Amendment To Levy 5% Tax On Overseas Remittance
In a statement on Friday, the Ministry of Finance said, "The government imposed a tax collection at source (TCS), akin to TDS on remittances after an internal survey by the income tax department which showed that not only year-on-year more and more money is being sent under LRS but also a large number of those sending out money had not filed income...
-
Centre Should Desist From Amending NRI Status: Pinarayi Vijayan
Kerala Chief Minister Pinarayi Vijayan on Sunday criticised the Centre to amend the section 6 of the Income Tax Act, 1961, which stipulates conditions for determining the residential status for tax purposes in India.
-
Parliament Live Updates: Calling Pragya Thakur Terrorist Worse Than Mahatma Gandhi's Murder, Says BJP
The winter session of parliament will today consider some bills for discussion and passing. They include Taxation Laws (Amendment) Bill, 2019. Finance Minister Nirmala Sitharaman is scheduled to move that the bill further to amend the Income Tax Act, 1961, and to amend the Finance Act, 2019, be taken into consideration.
-
UP To Amend Law That Exempted Ministers From Paying Their Income Tax
The Uttar Pradesh cabinet on Tuesday decided to amend the law that exempted the state's chief minister and ministers from paying their own income tax, burdening the exchequer for the last 40 years.
-
US Corporate Sector Hails India's Move To Slash Tax Rate For Companies
Finance Minister Nirmala Sitharaman said the reduction in tax rates was done by promulgating an ordinance to an amendment to the Income Tax Act.
-
Corporate Tax Cut To 25.2% To Spur Growth, Markets Celebrate: 10 Points
The centre on Friday reduced corporate tax on domestic firms in a bid to boost the sluggish economy, hurt by slowing demand across sectors, especially manufacturing that is among the highest contributors to the Gross Domestic Product (GDP). The markets immediately rose after the announcement by Finance Minister Nirmala Sitharaman, with the S&P BSE ...
