Category: Tax
-
Income Tax Department Amends Rules; Taxpayers Claiming Foreign Tax Credit To Benefit More
The Income Tax Department has given a big relief to the taxpayers. Taxpayers claiming Foreign Tax Credit (FTC) will benefit. The Central Board of Direct Taxes (CBDT) has amended the rule relating to FTC. CBDT (Central Board of Direct Taxes) has made changes in Rule 128 of the Income Tax Act, 1962. In a statement,…
-
Tax-payers now have 30 days to verify returns, here’s how to do it.
The due date to file income-tax returns (ITRs) for the assessment year 2022-23 got over on July 31. To complete the process, you must verify your ITR if you have filed one. If the return is filed after August 1, 2022, the time limit has been reduced from August 1, 2022. Why is verification mandatory?…
-
Indian Govt To Impose Highest GST Slab Of 28% On All Cryptocurrencies
GST Council, which is the highest decision-making body for indirect taxes in India, will reportedly consider levying a 28% goods and services tax on cryptocurrencies during its next meeting, according to sources. The government’s opinion is that cryptocurrencies should be kept at par with lotteries, casinos, racecourses, and betting. The GST Council will take up…
-
Thailand Scraps 15% Cryptocurrency Capital Gains Tax After Public Backlash
Thai authorities have decided to suspend the implementation of their 15% cryptocurrency capital gains tax for now. The proposal presented earlier this year triggered a lot of opposition, but it seems that some sort of crypto tax will still be implemented. The Financial Times reports that Thailand will not move forward with its 15% cryptocurrency…
-
India to Enforce 30% Crypto Tax, Digital Rupee CBDC by 2022-23
As a means to boost the country’s economic growth, Indian finance minister Nirmala Sitharaman announced the launch of a central bank digital currency (CBDC) by 2022-23. While announcing the fund allocation in the Union Budget, Sitharaman highlighted the importance of digital inclusion across numerous business sectors. In addition to introducing a digital rupee, she said…
-
Direct Income Tax Collection Increases By 100% In Last 12 Months! Rs 1.86 Lakh Cr Tax Collected
The Ministry of Finance announced on Wednesday that, for the financial year 2021-22, the net direct tax revenues by the Centre for the financial year 2021-22 have surpassed over Rs 1.85 lakh crore. Considering the disruptions to the economy caused by the Covid-19 pandemic, these results are extraordinary. Despite the economic slump, the net direct…
-
How to File ITR – Guide on How to File Income Tax Returns
ITR (Income Tax Return) filing is amongst the most important responsibilities of an individual who is earning. It is filed to the income tax department by a salaried or self-employed individual, Hindu Undivided Family (HUF), companies, or firms.A taxpayer can file the ITR online on the e-portal of the income tax department. And, this e-filing…