TAX

India is preparing an overhaul of its direct tax laws, including potential increases in capital gains taxes for top income earners, to help the government reduce widening income inequality

In respect of bills of entry for which the import duty payment has already occurred and integrated in ICES, a claim for refund of interest will be allowed

Filing an income tax return is mandatory for individuals and entities whose income exceeds the exemption limit specified by the IT Department.

Personal Finance Changes in Budget 2023: Some of the top announcement being the new tax regime is now the default tax regime, income tax rebate for individuals.

If you could not file income tax return by July 1 or filed ITR but made some mistake in that, you can file a belated or revised ITR by December 31, 2022

Experts say that as this meeting may be the last meeting prior to Union Budget 2023, the Council may also discuss certain tax rate changes and system reforms for ease of compliance

The GST Council is going to conduct its 48th meeting next week, December 17, via videoconferencing

Generally, 20th of every month is the last date for filing GSTR 3B and it has been extended to October 21 for GSTR-3B filing for September

At present, the government levies a 30 per cent income tax on capital gains made through virtual digital assets and cryptocurrencies, and a 1 per cent TDS.

GST Council Meet: Hotel rooms under Rs 1,000 per day will attract 12 per cent GST; hospital room rent (excluding ICU) exceeding Rs 5,000 per day per patient will be taxed at 5 per cent

Finance Minister Nirmala Sitharaman in Budget 2022 introduced the provision of TDS at 1 per cent levied on payments made on transfer of virtual assets

The new Income Tax portal, which was aimed at giving users a smooth experience while filing taxes and claim refunds, had witnessed major glitches on the day of its launch on June 7 last year.

This decision has been taken despite the fact that only about Rs 25,000 crore is available in the GST Compensation Fund, said the finance ministry.

GST collections in April are Rs 25,000 crore more than the previous highest collection of Rs 1,42,095 crore recorded in March

In the face of rising inflation and waning average per capita incomes, the salaried class will be looking to Finance Minister Nirmala Sitharaman to provide some relief in Budget 2022.

The income tax e-portal had several glitches but those have been fixed. Here is how taxpayers can log in to income tax e-portal to file ITR for FY21-22