India's tax Solutions
(Updated as on February 4, 2019) 1. What is Sovereign Gold Bond (SGB)? Who is the issuer? SGBs are government securities denominated in grams of gold. They are substitutes for holding physical gold. Investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity. The Bond is…
There are reports in a certain section of media that the growth of direct taxes collection for the FY 2019-20 has fallen drastically and buoyancy of the direct tax collection as compared to the GDP growth has reached negative. These reports do not portray the correct picture regarding the growth of direct taxes. It is…
Read More “Growth Trajectory of Direct Tax Collection & Recent Direct Tax Reforms” »
Shri Nitin Gadkari, Union Minister for MSME and Road Transport and Highways today held meetings via video conferencing with the representatives of Council of Leather Export, FICCI-‘NBFC Program’ and IMC Chamber of Commerce and Industry on impact of COVID-19 on MSMEs. During the interaction, the Minister mentioned that for providing much needed impetus to the…
In the recent past, tweets have been noticed by the Government on the issue of waiver of late fee applicable on non-filing of GSTR 3B returns. The demands are largely for the waiver of late fee for the returns which were required to be filed from the beginning of Goods & Services Tax (GST) i.e….
In line with Government of India’s top focus on energising MSMEs in the country, a special meeting of Cabinet Committee on Economic Affairs (CCEA) was convened under the Chairmanship of Prime Minister Shri Narendra Modi, here today, which approved the upward revision of MSME definition and modalities/ road map for laying down effective implementation mechanism…
The Central Board of Direct Taxes(CBDT) has notified the Income-Tax return forms for the financial year ended March 31, 2020 (assessment year 2020-21). The I-T return forms (ITR-1 to ITR-7) incorporate the recent announcement made by the finance minister to ease the burden on taxpayers owing to the covid-19 pandemic. Under an earlier announcement in…
Read More “Income Tax Return: You can claim deduction till June 2020.” »
In line with the announcement made in the Union Budget, Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman formally launched the facility for instant allotment of PAN (on near to real time basis) here today. This facility is now available for those PAN applicants who possess a valid Aadhaar number and have a…
Read More “FM launches facility of Instant PAN through Aadhaar based e-KYC” »
The Internet and Mobile Associates of India(IAMAI) said that the tax deducted at souce (TDS) application for all product and service ecommerce firms needed to be revoked by the government. TDS, Which was introduced by through Section 194-0 of the Income Tax (I-T) act under the Finance Act 2020, mandated the deduction of 1% for…
Read More “Revoke TDS deduction for e-commerce firms: IAMAI” »
Union Minister for Home Affairs, Shri Amit Shah, thanked Prime Minister Shri Narendra Modi and Finance Minister Smt. Nirmala Sitharaman for today’s economic package announcements. He said, “Today’s announcements by Modi government will go a long way in realising the idea of Aatmanirbhar Bharat. These steps will prove to be a game changer for health,…
Union Minister for MSME and Road Transport and Highways Shri Nitin Gadkari has said that the relief package announced by the Union Government for different stakeholders/sectors including MSME, labour, agriculture etc. and the new definition of MSMEs will give huge boost to industry. He called for exploring the rating of MSMEs and asked the participants…