Page 9 - Taxation

GST: Understanding how the rules around tax on rent will apply to tenants

Businesses with a turnover of less than Rs 40 lakh per annum and salaried individuals are not required to pay the GST on rent under the new rules

ITR 2021-22: How does a belated income tax return differ from regular one?

Filing your income tax return on time is always the best option. We explain what happens when you file it late

Renting apartments gets costlier for companies with new GST rates in effect

The rent of apartments for top executives will attract an 18 per cent Goods and Services Tax (GST)

Govt slashes windfall tax on petrol, diesel, ATF as crude oil prices drop

Effective from July 20, Rs 6 a litre tax on petrol export has been completely scrapped

ITR 2021-22: Important documents required while filing income tax return

The income tax department (I-T department) has fixed the deadline as July 31, 2022. If the ITR is not filed before the due date, the taxpayer may be subjected to monetary or criminal punishment

ITR 2021-22: Penalties you may have to pay if you miss July 31 deadline

If the income is above Rs 2.5 lakh per annum, you are required to file the ITR to avoid penalties. There are several penalties that are applicable if one fails to file the ITR before the last date

ITR 2021-22: List of transactions needed to furnish your tax return

There are several transactions that one needs to mention mandatorily in the ITR 2021-22 (AY 2022-23). It is necessary to avoid a notice from the I-T department

CBIC issues clarification on GST on pre-packaged items from Monday

The Central Board of Indirect Taxes and Customs on Sunday said single packages of food items like cereals, pulses and flour weighing up to 25 kg will be considered as 'prepackaged and labelled'

ITR 2021-22: These high-value transactions must be declared in your return

Such transactions attract special attention from the income tax (I-T) department and are mandatory to be furnished. If not, they may lead to fines, penalties or even jail term

As deadline approaches, here's how to file I-T return of a deceased person

Failure in filing the ITR of a deceased person makes the heir liable to pay the penalty or fines. It may also lead to some penal consequences

ITR: 5 common mistakes you should avoid while filing your income tax return

The taxpayers are required to fill out several forms, Form 26AS, Form 16, capital gains statement, and interest certificates, among others. In all the paperwork, some mistakes are bound to happen

Huawei India sent Rs 750 crore to parent firm even as revenues fell: Report

The I-T department has accused Huawei's Indian unit of repatriating large amounts to the parent company in China to reduce its taxable income here

Cross-check data in pre-filled forms while filing income-tax return

The documents you collect for this purpose will prove handy if an assessing officer conducts inquiry

Shareholders expect Reliance Industries to unlock value in telecom, retail

Timeline for the listing of Jio Platforms and retail likely in next annual general meeting

Windfall tax: RIL's refining margins to be hit by upto $8/bbl, say analysts

The government has imposed a sharp windfall tax of Rs 13 per litre on diesel exports and Rs 6 per litre on gasoline exports

More upside in ITC stock with some help from stable taxation of cigarettes

Analysts say while valuations of global tobacco peers are back to pre-pandemic levels, ITC still trades at a 24% discount to its Jan 2019 valuation of 25.4x one-year forward EPS

GST tweak on food items to plug revenue leakages, says CBIC chief

Says it will build a robust tax system without being intrusive

Get a fix on key changes in the new Income Tax Return Forms for AY 2022-23

The forms are quite elaborate and seek a lot of information, so get the documentation and paperwork ready, and make complete disclosures while filing returns

G7 close to agreement on taxation of world's largest companies: Report

A G7 deal could be agreed as early as Friday after progress was made among top officials in recent days

The importance of being tax transparent

It is time for businesses to take stock and gear up by creating capacity and information system to anticipate new taxes and regulations around ESG and ability to factor this in their business planning