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Income Tax Tips: What Are The Tax Regulations On Transaction Between Spouses

Income Tax Tips: What Are The Tax Regulations On Transaction Between Spouses

Tue, Nov 07, 2023

Don't assume that all transactions between spouses are tax-free. There are some nuanced rules to be aware of, especially when it comes to gifts, investments, and rental income. In this video, we'll break down the key tax implications to keep in mind when dealing with your spouse financially.

Annual direct tax collection target of Rs 13.35 lakh crore! Strategy meeting done - Here are details

Annual direct tax collection target of Rs 13.35 lakh crore! Strategy meeting done - Here are details

Sat, Jan 04, 2020

Revenue Secretary Ajay Bhushan Pandey held a high-level meeting with senior officials of CBIC and CBDT on Friday to strategise and streamline the field functions in order to achieve the direct tax and the GST target of Rs 1.10 lakh crore each in the next two months and Rs 1.25 lakh crore in the f

After France, Italy approves digital tax on tech giants

After France, Italy approves digital tax on tech giants

Wed, Dec 25, 2019

The tax is similar to the one France implemented earlier this year which has attracted severe criticism from the US.

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Keep labour-intensive sectors out of GST ambit: Nirmala Sitharaman

Keep labour-intensive sectors out of GST ambit: Nirmala Sitharaman

Tue, Jan 03, 2017

Commerce and Industry Ministry on Tuesday asked the GST Council to grant ab-initio exemption to exporters from the Goods and Services Tax (GST) and keep the labour-intensive sectors like leather and plantation completely out of the tax net or put them in lowest slab.

What is long-term capital gains tax and why markets fell 1% even after Jaitley clarified PM Modi's comments

What is long-term capital gains tax and why markets fell 1% even after Jaitley clarified PM Modi's comments

Mon, Dec 26, 2016

India's key equity indices opened up lower in morning trade on Monday after Prime Minister Narendra Modi on Saturday hinted at increase in taxes on income from stock markets during his speech in Maharashtra. BSE Sensex and NSE Nifty lost over 1% in the morning trade on Monday.

No plans to impose long-term capital gains tax on securities transactions: Arun Jaitley

No plans to impose long-term capital gains tax on securities transactions: Arun Jaitley

Mon, Dec 26, 2016

The government has no plans to impose long-term capital gains tax on share transactions in the upcoming Budget 2017, Finance Minister Arun Jaitley clarified on Sunday, describing media reports of Prime Minister Narendra Modi`s speech earlier as erroneous.

Companies must drop retro tax cases to avail settlement scheme: CBDT

Companies must drop retro tax cases to avail settlement scheme: CBDT

Sun, Dec 25, 2016

Vodafone, Cairn Energy and other firms facing retrospective tax demand will have to withdraw legal cases and give up the right to contest constitutional validity of back-dated amendment to Income Tax (I-T) laws if they want to avail of the dispute resolution scheme ending on December 31.

Resolution to dual control issue not far off, says FM Arun Jaitley

Resolution to dual control issue not far off, says FM Arun Jaitley

Sun, Dec 25, 2016

Union Finance Minsiter Arun Jaitley on Saturday said that the Goods and Services Tax (GST) Council has made "significant progress" on the provisions relating to the indirect tax regime and resolution of the "one difficult issue" of dual control or cross empowerment that deals with assessee jurisd

Arun Jaitley faces hurdles for launch of GST by April 2017

Arun Jaitley faces hurdles for launch of GST by April 2017

Sat, Dec 24, 2016

The prospects of introducing a goods and services tax (GST) in India next April, its biggest tax reform, faded on Friday after central and state finance officials postponed talks on how to administer the tax after a two-day meeting.

GST Council makes headway on bills, stuck on taxpayer control

GST Council makes headway on bills, stuck on taxpayer control

Sat, Dec 24, 2016

The all-powerful GST Council on Friday made a 'reasonable headway' on supporting legislations for the new indirect tax regime but its rollout from April 1 looked virtually impossible as it postponed discussion on the critical issue of administration and control of tax payers.

Can make payments towards tax, surcharge, penalty in old notes under PMGKY: FinMin

Can make payments towards tax, surcharge, penalty in old notes under PMGKY: FinMin

Thu, Dec 22, 2016

On November 29, the Lok Sabha had passed by a voice vote a bill to amend the income tax laws.

Less tax for small traders on digital transactions: Govt

Less tax for small traders on digital transactions: Govt

Mon, Dec 19, 2016

Legislative amendment in this regard would be carried out through the Finance Bill, 2017, the CBDT added.

GST rollout may be pushed to July, industry needs time: Experts

GST rollout may be pushed to July, industry needs time: Experts

Sun, Dec 18, 2016

With "turf issue" over tax payer jurisdiction continuing to clog GST Council deliberations, the Goods and Services Tax (GST) rollout could be delayed by a quarter to July 1 as industry would require time to prepare itself, experts said.

GST can be rolled out anytime between April 1 to September 16: Arun Jaitley

GST can be rolled out anytime between April 1 to September 16: Arun Jaitley

Sat, Dec 17, 2016

Amid signs of slippage of the April 1 GST rollout target, Finance Minister Arun Jaitley said on Saturday ending resolution of "turf" issues, GST is a transactional levy that unlike income tax can be implemented anytime during the year.

No tax on sale of swipe machines in Gujarat

No tax on sale of swipe machines in Gujarat

Wed, Dec 14, 2016

In a bid to promote cashless transactions in Gujarat, the state government announced withdrawal of the tax applicable on the sale and rental income of the Point of Sale (PoS)-swipe machines.

India likely to miss April 1 deadline for GST

India likely to miss April 1 deadline for GST

Mon, Dec 12, 2016

India is likely to miss a self-imposed deadline to launch the Goods and Services Tax (GST) from April 1 next year after a meeting of federal and state officials ended on Sunday without deciding who would administer the tax.

Constitutional compulsion to roll out GST before Sept 16, 2017: Arun Jaitley

Constitutional compulsion to roll out GST before Sept 16, 2017: Arun Jaitley

Sat, Dec 03, 2016

Citing constitutional compulsion, Finance Minister Arun Jaitley on Friday sought to drive home the point that the Goods and Services Tax (GST) has to roll out before September 16 next year as the existing indirect taxes will come to an end by then and it would not be possible to run the country w

No tax on jewellery purchased out of disclosed income under new Bill, FinMin clarifies

No tax on jewellery purchased out of disclosed income under new Bill, FinMin clarifies

Thu, Dec 01, 2016

The Lok Sabha on Tuesday passed by a voice vote a bill to amend the income tax laws.

Unaccounted deposits post demonetisation to attract 60% tax

Unaccounted deposits post demonetisation to attract 60% tax

Fri, Nov 25, 2016

The Cabinet on Thursday discussed amending laws to levy close to 60% income tax on unaccounted deposits in banks above a threshold post demonetisation of high-denomination currency notes.

Five ways Indians are dodging 'black money' crackdown

Five ways Indians are dodging 'black money' crackdown

Sun, Nov 20, 2016

Some affluent buyers have reportedly been paying almost twice the market value for gold in old notes.

India - UK signs 3 more bilateral advance pricing agreements

India - UK signs 3 more bilateral advance pricing agreements

Sat, Nov 19, 2016

These three agreements involves international transactions in the nature of payment of intra-group service charges and is also related to the telecom industry, said in the release.

Deposits above Rs 2.5 lakh to face tax, 200% penalty on mismatch

Deposits above Rs 2.5 lakh to face tax, 200% penalty on mismatch

Thu, Nov 10, 2016

Further dangling the stick, government on Wednesday warned that cash deposits above Rs 2.5 lakh threshold under the 50-day window could attract tax plus a 200% penalty in case of income mismatch.

Elimination of high-denomination notes is a good thing; here's why

Elimination of high-denomination notes is a good thing; here's why

Wed, Nov 09, 2016

Kotak Institutional Equities said, “We see the government’s move as a positive for the economy in the medium term. The latest step appears to be the final one in the government’s systematic approach to remove black money from the economy.”

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