Income Tax Bill
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Defeated In Council, Karnataka Temple Tax Bill Passed By Both Houses
A bill that sought to collect funds from temples with over Rs 10 lakh annual income, which was defeated by the opposition BJP-JD(S) combine in the legislative council last week, was taken up for reconsideration and passed by both houses of the legisl
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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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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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India's New Tax Rule On Crypto Losses "Detrimental," Says Exchange Chief
The government's clarification of disallowing losses incurred in a particular digital asset to be set off against income from another version of a crypto holding is "detrimental for India's crypto industry and the millions who have invested in this emerging asset class," said Ashish Singhal, Co-founder and CEO of CoinSwitch, one of India's top cryp...
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Separate Crypto Income Column In ITR Forms From Next Year: Revenue Secretary
Income tax return forms from next year will have a separate column for making disclosures on gains made from cryptocurrencies and paying taxes
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Cryptocurrency Trade Taxation in India: Finance Ministry Reportedly Forms Committee to Examine Scope
Cryptocurrency income could be taxed in India as a new committee formed by the finance ministry will reportedly submit an analysis exploring taxation options on crypto-incomes in the next four weeks.
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Man Arrested For Input Tax Credit Fraud Of Rs 38.91 Crore In Delhi
In the ongoing drive to counter the fake billing operations, the Central Goods and Service Tax (CGST) Commissionerate arrested an accused for creating a network of 38 fictitious firms to generate and pass fake Input Tax Credit (ITC) of Goods and Service Tax (GST) amounting to Rs 38.91 Crore.
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Farmers' Protest Live Updates: Punjab Farm Agent To Shut Shops For 4 Days In Protest Against IT Raids
Commission agents known as Arhtiyas in Punjab will keep their shops shut for four days from Tuesday in protest against income tax raids allegedly conducted to intimidate them for supporting the farmers' stir against the centre's agriculture laws, according to a body representing them.
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Rs 62 Crore Seized After Multi-City Raids On Hawala Operatives: Report
The Income Tax Department has made a seizure of at least Rs 62 crore in cash as part of its multi-city tax evasion operation against hawala or entry operators and individuals who prepare fake bills, official sources said on Wednesday.
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Multi-Crore Fake Billing Racket Busted, Tax Officials Seize Stacks Of Cash
The Income Tax Department has busted a fake billing racket, involving bank officials, running into several hundred crores based on documents seized during its raids on Monday at 42 locations across Delhi-NCR, Haryana, Punjab, Uttarakhand and Goa, the Finance Ministry officials said today.
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Lok Sabha Passes Taxation Bill To Relax Compliance Requirements For Taxpayers
Taxation Bill: Finance Minister Nirmala Sitharaman said the ordinance was necessary to defer various compliance deadlines under GST and Income Tax (I-T) Act during the COVID-19 times.
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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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Government Rolls Back Changes, Allows Joint Property Owners To File Returns With Simple Forms
The clarification has come days after the government modified the eligibility for filing the returns in ITR-1 and ITR-2, stating that those owning a property jointly, spending Rs 2 lakh on foreign travel and paying electricity bill of Rs 1 lakh in a year would not be able to file returns in the simpler forms.
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ITR-1 Return Form Not For Those Paying Rs 1 Lakh In Electricity Bill
Returns in ITR-1 Sahaj can be filed by an ordinarily resident individual whose total income does not exceed Rs 50 lakh.
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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.
-
Defeated In Council, Karnataka Temple Tax Bill Passed By Both Houses
A bill that sought to collect funds from temples with over Rs 10 lakh annual income, which was defeated by the opposition BJP-JD(S) combine in the legislative council last week, was taken up for reconsideration and passed by both houses of the legisl
-
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.
-
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.
-
India's New Tax Rule On Crypto Losses "Detrimental," Says Exchange Chief
The government's clarification of disallowing losses incurred in a particular digital asset to be set off against income from another version of a crypto holding is "detrimental for India's crypto industry and the millions who have invested in this emerging asset class," said Ashish Singhal, Co-founder and CEO of CoinSwitch, one of India's top cryp...
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Separate Crypto Income Column In ITR Forms From Next Year: Revenue Secretary
Income tax return forms from next year will have a separate column for making disclosures on gains made from cryptocurrencies and paying taxes
-
Cryptocurrency Trade Taxation in India: Finance Ministry Reportedly Forms Committee to Examine Scope
Cryptocurrency income could be taxed in India as a new committee formed by the finance ministry will reportedly submit an analysis exploring taxation options on crypto-incomes in the next four weeks.
-
Man Arrested For Input Tax Credit Fraud Of Rs 38.91 Crore In Delhi
In the ongoing drive to counter the fake billing operations, the Central Goods and Service Tax (CGST) Commissionerate arrested an accused for creating a network of 38 fictitious firms to generate and pass fake Input Tax Credit (ITC) of Goods and Service Tax (GST) amounting to Rs 38.91 Crore.
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Farmers' Protest Live Updates: Punjab Farm Agent To Shut Shops For 4 Days In Protest Against IT Raids
Commission agents known as Arhtiyas in Punjab will keep their shops shut for four days from Tuesday in protest against income tax raids allegedly conducted to intimidate them for supporting the farmers' stir against the centre's agriculture laws, according to a body representing them.
-
Rs 62 Crore Seized After Multi-City Raids On Hawala Operatives: Report
The Income Tax Department has made a seizure of at least Rs 62 crore in cash as part of its multi-city tax evasion operation against hawala or entry operators and individuals who prepare fake bills, official sources said on Wednesday.
-
Multi-Crore Fake Billing Racket Busted, Tax Officials Seize Stacks Of Cash
The Income Tax Department has busted a fake billing racket, involving bank officials, running into several hundred crores based on documents seized during its raids on Monday at 42 locations across Delhi-NCR, Haryana, Punjab, Uttarakhand and Goa, the Finance Ministry officials said today.
-
Lok Sabha Passes Taxation Bill To Relax Compliance Requirements For Taxpayers
Taxation Bill: Finance Minister Nirmala Sitharaman said the ordinance was necessary to defer various compliance deadlines under GST and Income Tax (I-T) Act during the COVID-19 times.
-
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...
-
Government Rolls Back Changes, Allows Joint Property Owners To File Returns With Simple Forms
The clarification has come days after the government modified the eligibility for filing the returns in ITR-1 and ITR-2, stating that those owning a property jointly, spending Rs 2 lakh on foreign travel and paying electricity bill of Rs 1 lakh in a year would not be able to file returns in the simpler forms.
-
ITR-1 Return Form Not For Those Paying Rs 1 Lakh In Electricity Bill
Returns in ITR-1 Sahaj can be filed by an ordinarily resident individual whose total income does not exceed Rs 50 lakh.
-
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.
