Tag: tax

Union Budget 2023: Buoyant tax collections cushion Govt on fiscal front, Income Tax Return reforms likely next year

In the longer run, the government wants to do away with the complex old tax regime by establishing a new system, devoid of exemptions and deductions. Moving in that direction the government in Union Budget 2020-21 gave option to taxpayers to choose between the old regime with various deductions and exemptions and the new tax… Continue reading Union Budget 2023: Buoyant tax collections cushion Govt on fiscal front, Income Tax Return reforms likely next year

Raise Income Tax Exemption Limit to Rs 5 Lakh In Budget 2023, Industry Body ASSOCHAM Urges Govt

Raise Income Tax Exemption Limit to Rs 5 Lakh In Budget 2023, Industry Body ASSOCHAM Urges Govt; ASSOCHAM President Sumant Sinha says buoyancy in both the direct and indirect taxes should give enough elbow room to the government for raising the income tax exemption limit Read More

Why IMF has called for reducing tax exemptions?

While discussing $4.5 billion loans sought by Bangladesh, the International Monetary Fund (IMF) has called for reducing tax exemption in all the three sectors – income tax, value added tax (VAT) and customs in the meeting of  October 30, 2022 held in the NBR. IMF said, as compared to other countries, the tendency of tax… Continue reading Why IMF has called for reducing tax exemptions?

Budget 2023 may take up GIFT City AIFs’ tax snags

The Reserve Bank of India (RBI) allowed domestic investment in a GIFT City fund using the Liberalised Remittance Scheme (LRS), under which a resident Indian can invest up to $250,000 a year in stocks and properties abroad. But administrators of category 3 AIFs receiving such LRS money may have a tough time dealing with the… Continue reading Budget 2023 may take up GIFT City AIFs’ tax snags