TAX

The government has proposed to increase the income tax rebate limit from Rs 5 lakh to Rs 7 lakh in new tax regime.

GST evasion of about Rs 23,000 crore by gaming companies between April 2019 and November 2022 is being investigated by the tax officers, Minister of State for Finance Pankaj Chaudhary said on Monday.

The Budget 2022-23 estimated direct tax collection at Rs 14.20 lakh crore this fiscal

Taxpayers can still file their ITRs if they missed the date due to some reason, through a process called ‘belated ITR’.

The items, which include mostly those needed daily including rice, milk, pulses, etc, are at the moment falling under the ambit of the Goods and Service Tax, and a 5% GST is levied on them.

Fitment Committee, comprising revenue officials of both Centre and states, rejected rate change on 113 goods, deferred on 2 goods, suggested rate change on 22 services

The proposal is likely to be tabled in next GST Council meet, whose date has not been finalised yet

GST Council meet next month: Items such as papad and gur (jaggery) might be shifted from zero to the 5 per cent GST slab

The form in question, Form 10-IC, is required to filed only if a Domestic Company chooses to pay tax at concessional rate of 22 per cent under Section 115BAA of the Income Tax Act,1961.

The government said scrutiny of tally data has shown that there are 636 firms being operated by this syndicate and the mastermind of the syndicate has accepted that they have issued only invoices in these firms

The standard deduction for salaried employees should be reinstated to at least Rs. 100,000 to ease the tax burden of the employees and keeping in mind the rate of inflation, said FICCI