NEW CASTLE (March 7, 2019) – The Department of Health and Social Services (DHSS) is urging working individuals and families in Delaware to meet with volunteer tax preparers at locations across the state to determine if they are eligible for the federal Earned Income Tax Credit (EITC) and to file a federal tax return by […]

Among other measures, the report suggests that inheritance tax, which was abolished in 1985, should be brought back as this would reduce concentration of wealth, widen tax base and enhance revenue.

Centre to stick to convention, transfer 70% of budgeted FY21 tax share of states in 10 months

Tax experts said that in case Vodafone Idea is dissatisfied with the final scrutiny it can challenge the order but it would have to go through all the regular channels by first appealing in the income tax tribunal and then upwards.

State Continues Processing Returns – Taxpayers Urged to File The Delaware Division of Revenue (DOR) today announced the deadline for taxpayers to file their 2019 Delaware personal income tax returns has been extended to July 15, 2020. DOR and the Internal Revenue Service remain open, and taxpayers are encouraged to continue to file their state […]

  Income Tax Deadlines Extended State Tax Due Dates Remain Unchanged Last week, the Delaware Division of Revenue (DOR) announced that the deadlines for taxpayers to file certain personal and corporate income tax returns and payments had been extended to July 15, 2020 due to “rolling conformity” with federal income tax rules adopted by the […]

The steep hikes on auto fuel taxes - Rs 10/litre on petrol and Rs 13/litre on diesel – announced by the Centre late Tuesday won’t inflate the retail prices of these fuels immediately.

. Upon acceptance of the resolution, the assessee shall withdraw any appeal filed in this regard and pay the tax determined by the assessing officer after giving effect to the resolution.

The minister emphasized that special focus towards export enhancement is the need of the hour. He highlighted the need to focus on import substitution to replace imports with domestic production.

Assuming that the shares are in the nature of ESOPs, they shall be taxed at two stages, once as perquisites in the hands of employees upon allotment and subsequently as capital gains upon sale of the shares.

HUF is taxable as separate person; hence one can save tax under basic exemption of Rs 2.5 lakh

Once tax liability is calculated, you may claim a deduction of TDS/ taxes paid on such rental income, to arrive at net tax demand due.

CBDT said that assessees holding valid certificates for FY20 would get the benefit of extension, which otherwise would expire on March 31.

To achieve the stated investment objective, the fund manager of an ELSS maintains a diversified portfolio of equity-and-equity related instruments, and practices a bottom-up approach to stock picking that is market-cap and sector agnostic.

As per Section 44ADA, a resident individual, engaged in any business/ profession can declare income on presumptive basis only if gross receipts do not exceed Rs 50 lakh in previous year.

The clarification came as the employees, in many cases, have donated a portion of their salaries the the fund through their employers.

The due dates for issuance of any notice, intimation, notification, approval or sanction order, has also been extended by a period of three months.

For example, PPF offers you returns of 7.1% per annum completely tax-free whereas an 8% FD may offer you only 5.6% if you’re in the 30% slab.

If you want the market upside, benefit of current low prices and have appetite for volatility, you may invest in ELSS now in a staggered manner, that is, via SIP.

The income of a spouse or child is clubbed together with the income of major earner of the family when certain conditions are met.

Further, the Board said that it was processing an additional 1.75 lakh refund claims, which would be credited directly to the taxpayer bank account in 5-7 business days from issuance.

State governments seem to have collected the lowest-ever inflation-adjusted monthly tax revenue in April.

The revenue situation will only get worse next month as the lockdown in the whole of April would be reflected in collections in May, said Bihar Deputy CM Sushil Kumar Modi.

At least 13 states hike VAT on petrol/diesel since mid-March, many make liquor costlier with new imposts.

GSTN added that a taxpayer can now transfer the amount available in an electronic cash ledger from one major head to another major head, keeping the minor head the same.

Grappling with low revenues following the outbreak of Covid-19 and the subsequent lockdown, the UP government hiked the value added tax (VAT) on petrol and diesel and increased the excise duty on liquor.

The tax proposals would face opposition from the Republican-controlled Congress. Its lawmakers argue that tax hike would hamper economic growth at a time the country cannot afford it

Spearheaded by France, the plan has met resistance from countries such as Ireland and Sweden, which question the wisdom of the EU going it alone given the global nature of digital services.

Even though data for February is not yet available, in the first 10 months of FY20, Maharshtra reported just 3.8% growth in tax revenues while Tamil Nadu's tax receipts in the period grew by an even lower 1.5%.

The notification says that the Teerth Kshetra is a place of historic importance and a place of public worship of renown for taxation purposes.

The nationwide lockdown suspended the operation of international flights and such people were had to prolong their stay in India. They were concerned that the extra stay due to lockdown may make them a resident of India for tax purposes under section 6 of the Act.

Service tax to be payable on NRI remittance fees to India