Taxation

The Income Tax Act, 1961 mandates the filing of an income tax return (ITR) for each financial year from 1st April to 31st March by an assessee, under certain situations. The income tax return facilitates an assessee to report income under various heads like salary, profits and gain from...
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Garment exporter, KPR Mills on Friday became the first company to have withdrawn its buyback proposal due to the 20 per cent tax proposed on buyback obligations in the Finance Bill.   The company had proposed a buyback offer( one of the preferred ways of paying share-holders as...
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The expensive gift that you kept for your overseas cousin or friend may attract tax from this year with the Budget 2019-20 proposing to impose withholding tax all such transfers, plugging an earlier loophole that allowed its tax- free treatment.   The Finance Bill 2019 has imposed tax...
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Contrary to expectations, especially those of middle-class tax payers, Union finance minister Nirmala Sitharaman made no changes in the income tax (I-T) slabs while increasing the taxes for those with taxable income of over Rs2 crore.    Some tinkering with securities...
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Petrol and diesel prices are set to increase from Friday midnight as Finance Minister Nirmala Sitharaman announced an additional special excise duty (SAED) of Re 1 and a road and infrastructure cess of Re 1 per litre on both the transport fuel while presenting the Union Budget...
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