Thursday, May 23, 2024

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Taxation

Complexity of taxes in India

By taking steps to simplify the tax laws, the government can make it easier for taxpayers to comply with the law, reduce the cost of compliance, and promote economic growth.

‘Expenditure Tax’ in place of Income Tax : Indeed a block-buster reform

If Personal Income Tax (PIT) is done away with, not only more than 6 Crore people will have freedom from the burden of submitting the annual ITRs for which now the last date has further been extended from 31st December 2021 till 31st March 2022 but even the organizations complying with the TDS will also be free from the burden of collecting, remitting and submitting various returns if PIT is shelved.

Four years journey of GST: Meaning, problems and suggestions from trader’s perspective

The law is still a work in progress, and the process of evolution cannot be removed in such a complex trip. In the future, the government should continue to take steps to fulfil its promise of a "Good & Simple Tax."

You can submit Form 15G/Form 15H even if your gross interest income exceeds your apparent tax-exempt slab, provided

Many banks interpret the term ‘total income’ concerning declaration in 15G/H, as any non-professional would and not as expected of them under the IT Act and due to lack of proper understanding, many times reject an otherwise in order Form 15G or 15H.

GST reforms: Recent issues and reforms required

GST was a huge bargain when States gave up their rights to collect sales tax while the Centre gave up excise and service tax. Australia also shares the GST anniversary with us where the rates have been constant at 10%. Thus, a single rate in India can be a huge reform, and a matter of discussion too! But there is an urgent need for structural reforms in GST, in order to be a leading economy.

Taxes, the Bhagavad Gita, and the Bible

A response to those of the Left who point out apparent hypocrisy of religious people in demanding low taxes.

E- Invoicing Under GST Regime

Recently announced E- invoicing or Electronic invoicing can be said as one of the efforts to curb tax evasion through digitization.

Corporate tax cut, a sensible move to boost the spirit of market and customer delight – Hail Modi Govt

If Modi had only weighed political interest and winning election, he could have be tougher with corporate and generous in social welfare schemes. But Modi never believes and want politics in governance and for Modi India comes first.

Why agricultural income is tax free in India without any limit

If agri income is made completely tax free without any limit, it clearly means that the farmers are not the real beneficiaries of this tax exemption and there is a larger conspiracy for providing this exemption of unlimited amount, by making a provision for the same in the Income Tax Act.

कैपिटल गेन्स से सम्बन्धित वरिष्ठों की पीड़ा

शेयरों पर कैपिटल गेन्स यानि LTCG वाले मामले में राजस्व में बढ़ोत्तरी होगी साथ में सही मायने में Senior Aged Small Stock Investors को उचित राहत भी मिल जायेगी।

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