Page 2 - Tax Benefits

GSTN rolls out form for tobacco manufacturers to report inputs, outputs

The GST Network (GSTN) has rolled out a special form for manufacturers of pan masala and tobacco products to report inputs and outputs procured with tax authorities to check evasion. This new form GST SRM-II came within a month of GSTN rolling out form GST SRM-I for registering machines of such manufacturers. "The second form namely Form GST SRM-II is also available on the portal. Taxpayers dealing in the manufacture of Pan Masala and Tobacco products can now report the details of inputs and outputs procured and consumed for the relevant month," GSTN said in an update to its taxpayers on June 7. Moore Singhi Executive Director Rajat Mohan said the newly available Form GST SRM-II requires detailed monthly reporting of inputs and outputs. "This form aims to enhance transparency and accountability in the manufacturing process of Pan Masala and Tobacco products. Taxpayers must meticulously document their procurement and consumption of inputs to avoid any discrepancies and ensure accura

Tax Implications on FDs with Monthly Interest Payouts: All You Need to Know

.

New Zealand budget expected to offer tax cuts, worsening outlook

The government has asked most departments and ministries to cut between 6.5 per cent and 7.5 per cent of their operating allowances

South Korea to detail tax incentives aimed at supporting chip industry

The government will also release next month detailed measures to support the country's semiconductor industry

Why UK's proposed tax changes will make it less attractive for wealthy NRIs

The UK plans to tax global income of NRIs, which may potentially make the country less attractive for relocation

Old or new tax regime? Which one is better for you in the new fiscal year

Are you a regular investor in tax-saving instruments? Do you own a home and pay interest on a home loan? If the answer is yes, the old regime might offer greater tax benefits

Explained: Is there a deadline to choose between old and new tax regime?

You can select the tax regime while filing your ITR. The standard due date for ITR filing is July 31st

File updated ITR before Mar 31 to reduce risk of scrutiny, penalties

ITR-U can be filed under specific conditions; can't be used to reduce tax liability

Govt exempts certain payments to units in IFSC from TDS starting April 1

The government has exempted certain payments made to units of 14 services sectors in IFSC from TDS provisions effective April 1, a move which will reduce tax compliance burden. The Central Board of Direct Taxes (CBDT) in a notification said that no TDS will have to be deducted for payments to units in sectors like FinTech, banking, fund management entity, finance company, credit rating agency, insurance intermediary and investment banking. The TDS exemption will now be applicable on payments like professional/referral fee, brokerage income, interest on External Commercial Borrowings /Loans, insurance commission, dividend and credit rating fee. International Financial Services Centre (IFSC) in Gujarat is being developed as a tax-neutral enclave for the financial sector. Nangia & Co LLP Partner Amit Agarwal said the notification by the CBDT offers a significant relief by exempting specified payments made to the units in IFSC from TDS. Previously, exemptions from withholding tax were

Centre released Rs 4,842 cr in tax devolution to Chhattisgarh: CM Sai

He also expressed his best wishes to the students appearing in the board examination and wished for their bright future, suggesting they write the examination without any fear

NRIs should check their tax residency certificates for smoother compliance

Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance

Karnataka ministers defend 10% tax on temples amid row, criticise BJP

Minister for Transport, Ramalinga Reddy alleged that BJP is 'anti-Hindu' adding that the party which was in power in 2011 had made the amendments to the Bill

Centre giving tax benefits to few chosen big corporates: Jairam Ramesh

The Congress on Wednesday accused the central government of giving tax benefits to a few chosen big corporate conglomerates and doing "anyay" (injustice) to the poor and common people of the country. Congress general secretary Jairam Ramesh said the money generated from personal income tax is higher than corporate tax and alleged this is a direct result of Prime Minister Narendra Modi giving corporate tax cut to his chosen friends while the poor are reeling under the onslaught of price rise and high taxes. "For the first time in over three decades (excluding the 2020-21 pandemic), the Union government is generating more money from personal income tax (Rs 10 lakh crore) than it is from corporate tax (Rs 9 lakh crore). "This is the direct result of PM Modi giving his close friends a Rs 1.84 lakh crore handout in the form of the September 2019 corporate tax cut just before he left for Houston's Howdy Modi event to boost Trump's re-election campaign," he said in a post on X. "This ...

TDS, explaining the rise and rise of a safe-bet tax collection method

The I-T department's cost of collection has been reduced as a share of the total direct taxes collected

FM Sitharaman's interim Budget extends tax benefits in IFSC till March 2025

Proposal will give 'some breather' business set up in GIFT city, she says

Interim Budget withdraws certain small, disputed direct tax demands

Proposal expected to help 10 million taxpayers, clean up government books

House passes bill to enhance child tax credit, revive tax breaks for biz

The House accomplished something unusual Wednesday in passing with broad, bipartisan support a roughly USD 79 billion tax cut package that would enhance the child tax credit for millions of lower-income families and boost three tax breaks for businesses, a combination that gives lawmakers on both sides of the political aisle coveted policy wins. Prospects for the measure becoming law are uncertain with the Senate still having to take it up, but for a House that has struggled to get bills of consequence over the finish line, the tax legislation could represent a rare breakthrough. The bill passed by a vote of 357-70. Speaker Mike Johnson, R-La., threw his support behind the bill on Wednesday morning. He spent part of the previous day meeting with GOP lawmakers who were concerned about particular features of the bill, namely the expanded child tax credit. Some were also unhappy that it failed to address the $10,000 cap on the total amount of property taxes or state or local taxes that

Star Health Insurance Q3 results: Net profit rises 37.5% to Rs 289.55 cr

The net commission of the health insurer dropped 13.11 per cent (Y-o-Y) to Rs 349.85 crore from Rs 402.64 crore

Donate and save tax; get the best room heater: Top personal finance stories

This week we tell you how making charitable donations can help in your taxes and the health effects of room heaters

Direct tax-GDP ratio rises to 15-year high of 6.11% during FY23, shows data

However, direct tax collections rose higher than economic growth during FY23