Tax Returns

How Budget 2022 will put curbs on ‘Entries’ that help convert black money into white

There are instances of businessmen giving their black money to other people and getting it back as a loan. Called ‘Entries’, this is how black money would get converted into white

India is losing Rs 75,000 cr in taxes per year due to tax abuse by MNCs, evasion by individuals, says report

The State of Tax Justice report said $10.3 billion, or 0.41 percent of the country's $3 trillion GDP, is lost in taxes every year due to global tax abuse

Petrol and Diesel Budget 2019: Cess on petrol, diesel hiked by Re 1 per litre; customs duty on gold increased

Sitharaman proposed to increase special additional excise duty and road and infrastructure cess each one by 1 rupee a litre on petrol and diesel.

DPIIT for shortening compliance time to just 1 hour per month for startups to ease regulatory requirements

At present, startups comply with a plethora of requirements such as GST filings, tax returns and other local laws every month, the official said.

Did 2018-19 income tax e-filings drop by 1% or jump 19%? Answer depends on which data you are looking at

Kotak researchers, in the 30 April report, cited the income tax e-filings figures on the department website which showed a decline in FY 2018-19 to 6.68 crore from 6.74 crore in the previous fiscal (2017-18).

Drop in income tax e-filers: Gains accrued from GST, demonetisation not enough, need to increase employment opportunities

Demonetisation and GST were two schemes that were brought in by the government ostensibly to bring out black money and get everyone into the tax fold.

About 60,000 Indians earned over Rs 1 crore in 2015-16; number leapfrogs 24% over last year

In AY 2014-15, crorepati individuals or those with gross income of over Rs 1 crore were 48,417 with a cumulative income of Rs 2.05 lakh crore

Direct tax revenue kitty grows 19% in Apr-July to Rs 1.90 lakh crore, says finance ministry

In 2016-17, the government collected over Rs 8.49 lakh crore in direct taxes, 14.5 percent higher than the previous year.

GST impact: Boutique players emerge to help 6 mn firms connect to tax system online

Major software and service players, IT companies and tax advisers are teaming up to market GST compliance products to firms large and small.

Donald Trump says he may release his tax returns once his term ends

President Donald Trump has said that he might release his tax returns once his tenure ends.