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Cumulative collections from major tax revenues such as corporation tax, central GST, excise duty and customs duty before devolution to the states dipped marginally in October 2023.
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The taxpayer is required to show interest earnings from all their savings accounts within a financial year in his ITR under the head Income from other sources.
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Many people earn a lot from interest on fixed deposits, recurring deposits and savings accounts. Is it necessary to declare interest earned in income tax return? How will the interest received from FD be taxed? What action can be taken if interest income is not shown in ITR?
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If an employee receives money from the company in cash or in his account, then it will be considered as Income From Salary
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Employees get gifts or bonuses on Diwali, but many people are unaware about the associated tax rules? How much tax is levied on the bonus received from employer on Diwali? When and how much tax is levied on office gifts?
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Detailing how the revenue collection exceeded projections in FY23, an official statement said, “The provisional figures of direct tax collections for the Financial Year (FY) 2022-23 show that net collections are at Rs. 16.61 lakh crore, compared to Rs. 14.12 lakh crore in the preceding Financial Year i.e. FY 2021-22, representing an increase of 17.63%.
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Delhi’s economic landscape has recently witnessed a significant surge in GST collection, indicating promising economic growth. Data released by the Delhi government revealed a substantial 17% increase in GST collection during the first six months of the fiscal year compared to the previous year. Notably, collection figures surpassed the Rs 3,000-crore mark in key months, […]
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Did you know you can get tax exemptions on house rent even if you don't receive HRA from your employer!
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Can a father give a home loan to his son to buy a house? Can the son avail tax exemption on the home loan taken from his father? What things will be required for availing tax exemption?
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The average gross total income of individual taxpayers rose 56% to touch Rs 7 lakh in assessment year (AY) 2021-22 from Rs 4.5 lakh in AY 2013-14, said Central Board of Direct Taxes (CBDT)
