tax News

‘Faceless’ tax filing: E-assessment scheme notified

The new e-assessment regime will be voluntary and taxpayers can take a call on whether to conduct their dealings over the e-system or through the existing procedure of manual submission of documents by visiting the tax office.

Tax on food: All you need to know

Here's a list of all items which are tax-free and which invite a specific percentage of tax.


Toys, phones and sneakers: The Chinese goods Trump wants to tax next

The list reads like a shopping list for Target or Walmart, including toys, shoes, coffee makers and watches. Smartphones, photocopiers and video game consoles will face a tax.

NPS benefits: Know all about National Pension Scheme tax benefits

NPS (National Pension Scheme) Tax Benefits: Any individual, who avails the NPS, can claim a deduction in tax up to 10 percent of his/her gross income.

Growth in direct tax collections in last 4 years: Haryana registers 102% rise, UP’s mop-up declines 13.4%

Maharashtra, accounting for nearly 40 per cent of the total tax collections, has seen its direct tax collections grow by 38.4 per cent during the period.

State opens probe into Trump tax allegations in NYT report

The newspaper said it had reviewed 100,000 documents, including the elder Trump’s tax returns, to calculate that Trump and his siblings had received the equivalent in today’s dollars of $413 million worth of assets.


Maharashtra plans to write off Rs 118 crore tax arrears for big winemakers

Earlier on May 8, Chief Minister Devendra Fadnavis had formed the Jain-led committee in light of a representation from the Indian Wine Producers’ Association (IWPA), which had sought the concession.

CBDT to Income tax officials on Angel tax: ‘No coercive action over startup valuation’

CBDT said that in all the cases that are pending with the Commissioner (Appeals), necessary administrative steps should be taken for expeditious disposal of appeals, “preferably by March 31, 2018”.

Direct tax collections rise 14% to Rs 4.8 lakh crore in April-Nov

According to the statement, the net direct tax collections represent 49 per cent of the total Budget Estimates of direct taxes for 2017-18 (Rs 9.8 lakh crore).

For upstream companies: Exemption of petro products from GST to push up cost of production

One of the reasons petroleum products such as crude oil, natural gas are not part of the GST is the reluctance on part of the states and the Centre to share this steady stream of revenues from the sector, which is a cash cow for them.

tax Videos

Budget 2019 could give tax breaks for home buyers, rented properties

Poorva Prakash, Senior Director, Deloitte India, explains what can be expected in the upcoming Vote on Account to make it a populist one.

Budget 2019 could raise basic tax exemption limit to Rs 3 lakh

Poorva Prakash, Senior Director, Deloitte India, explains that as a trend Finance Ministers don't make any major personal tax changes in a Vote on Account. However, she expects the Finance Minister to lay a roadmap for tax sops in this.


I-T Department To Have A CPC For Scrutiny of Income Tax Cases

The I-T department is considering setting up a centralised cell for scrutiny of income tax cases as part of efforts to reduce personalised interface between the taxmen and taxpayers with a view to curb corrupt practices. The proposed cell will be on the lines of the Central Processing Centre (CPC) that the department currently has […]

Opinion | Is GST Good For India?

The GST Council, in its 14th round of deliberations in Srinagar over two days, focused on the approval of the GST rules, the fitment of over 1,200 commodities into the five pre-announced tax slabs and the tax rates on services. The Council decided to tax services under four slabs of 5 per cent, 12 per […]

Government Suspects Tax Evasion In Deposits In Banks Post Demonetisation

As it analyses bank deposits post-demonetisation, the government has found that an estimated Rs 3-4 lakh crore of tax-evaded income could have been deposited during 50-day window provided to get rid of junked Rs 500/1000 notes. A senior official said Income Tax Department has been asked to scrutinise details and send notices to depositors of […]

Arun Jaitley: India Plans to Address Some Pending Tax Disputes Within Days

Speaking at the India Economic Convention, finance minister Arun Jaitley said that the Indian government will put to rest pending tax disputes with companies in the coming days as the it strives to make the country an attractive investment destination. In a big relief to Foreign Institutional Investors, the government recently accepted recommendation of a […]