Government expects tax revenues to increase after GST roll-out NEW DELHI: The government expects its tax buoyancy to increase after the goods and services tax (GST) is rolled out, a sharp contrast to many experts warning of disruptions in tax machinery and slower revenue growth in the initial years of this tax reform. In the medium term expenditure framework released last … [Read more...] about Government expects tax revenues to increase after GST roll-out
FINMIM Released FAQs on Goods and Services Tax (GST) Following are the answers to the various frequently asked questions relating to GST: Question 1.What is GST? How does it work? Answer: GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the … [Read more...] about FINMIM Released FAQs on Goods and Services Tax (GST)
Guidelines for Grant of Rewards to Informers of Tax Evasion The details with regard to guidelines in respect of rewards to informers of tax evasion are: Direct Taxes:- Any person who provides specific information with respect to evasion of direct taxes and such information helps in detection of undisclosed income and/or seizure of undisclosed cash, valuables resulting in … [Read more...] about Guidelines for Grant of Rewards to Informers of Tax Evasion
CBDT sets-up a Dedicated Structure for delivery and monitoring of Tax Payer Services in the Income Tax Department Grievance redressal is a major aspect of citizen centric governance and is an important feature of the activities of the Income Tax Department. The Income-tax Department is addressing grievances through a multi-layered grievance redressal machinery including … [Read more...] about Central Board of Direct Taxes : Sets-up a Dedicated Structure for delivery and monitoring of Tax Payer Services in the Income Tax Department
Central Government decides to withdraw tax on Provident Fund "Prime Minister has recommended the Finance Minister to stop the tax on the PF withdrawals, and to conduct a thorough study on this." News have surfaced that the Prime Minister has instructed the Finance Minister to put a hold on the proposed plan to impose taxes on PF withdrawals. Finance Minister Arun Jaitley is … [Read more...] about Central Government decides to withdraw tax on Provident Fund
Certain Tax Reliefs announced for small tax payers and others. While presenting the General Budget 2016-17 in Lok Sabha here today, the Union Finance Minister Shri Arun Jaitley said that the taxation is a major tool available to Government for removing poverty and inequality and this has to be cautiously exercised. But, he would like to give relief to small tax payers, the … [Read more...] about Certain Tax Reliefs announced for small tax payers and others.
Inauguration of Non tax Receipt Portal (NTRP) Finance Minister Shri Arun Jaitley inaugurates the Non-Tax Receipt Portal (NTRP); Portal provides a one-stop platform to citizens/corporates/other users for making online payment of Non-Tax Receipts to Government of India; At the launch today, NTPC remitted an Interim Dividend to Government, through NTRP, amounting to Rs. 989 … [Read more...] about Inauguration of Non tax Receipt Portal (NTRP)
Budget 2016 – Tax Exemption Threshold to be Raised - Currently, tax is payable at 10% of the amount by which the income exceeds Rs 2.5 lakh. Individual taxpayers could get some relief as finance minister Arun Jaitley is likely to raise the minimum income threshold for paying personal income tax for those below 60 years of age to Rs 3 lakh a year from Rs 2.5 lakh at present, … [Read more...] about Budget 2016 – Tax Exemption Threshold to be Raised