I-T Dept’s Rs 1,260 Cr TDS Collection from Online Gaming
The government has collected Rs 1,260 crore in TDS from online gaming and crypto trade in the current fiscal year, according to CBDT Chairperson Nitin Gupta. The Central Board of Direct Taxes (CBDT) has revealed that it has collected about Rs 1,260 crore in taxes till now this fiscal after a new tax deduction at […]
CBDT Chairman: I-T Dept to Erase Petty Tax Demands
In a relief to about 80 lakh taxpayers, the income tax department will erase petty tax demands on its own, CBDT chairman Nitin Gupta said on Friday. What are petty tax demands? Petty tax demands are outstanding direct tax demands up to Rs 25,000 till 2009-10 fiscal and up to Rs 10,000 for financial years […]
Sanjay Malhotra Caps Old Tax Relief at Rs 1 Lakh
The interim budget of 2024 has proposed a relief for small taxpayers by withdrawing outstanding direct tax demands up to Rs 25,000 for the financial years till 2010 and up to Rs 10,000 for the financial years between 2010 and 2014. However, there is a catch: the relief to a single taxpayer will not exceed […]
FY25 Budget: Agriculture Ministry Allocated Rs 1.27 Lakh Cr
The Union Budget 2024-25 has allocated Rs 1.27 lakh crore for the Ministry of Agriculture, a slight increase from the current fiscal year. The allocation includes Rs 60,000 crore for the flagship PM-KISAN scheme, which provides income support to farmers. The budget also focuses on boosting the sectors of fisheries, animal husbandry and dairying, as […]
IRDAI Requires AYUSH Coverage in Health Insurance from April 1
The Insurance Regulatory and Development Authority of India (IRDAI) has issued a circular on January 31, 2024, directing all general and health insurers to provide coverage for AYUSH treatments in their health insurance policies. AYUSH stands for Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy, which are alternative systems of medicine that have gained popularity in […]
SBI Chairman Khara Invites Paytm Customers to Bank
SBI chairman Dinesh Khara has said that the bank is ready to provide all support to merchants who want to shift from Paytm Payments Bank, which is facing regulatory action from RBI. Khara said that SBI Payments, a subsidiary of the bank, can offer various payment solutions such as QR scan code, POS machines and […]
Budget 2024: FM Calls Off Direct Tax Demand Under Rs 25,000
In a major relief to taxpayers, Finance Minister Nirmala Sitharaman announced that the government will withdraw all direct tax demands under Rs 25,000 in the Interim Budget 2024. This move is expected to benefit about one crore taxpayers and reduce litigation and compliance burden. Why this matters The Finance Minister said that this decision was […]
Budget 2024: A Look at New and Old Income Tax Slabs
Finance Minister Nirmala Sitharaman presented the Interim Budget 2024 on February 1, 2024, amid high expectations from the salaried class. However, the budget did not announce any changes in the income tax slab rates for both new and old regimes. The taxpayers have the option to choose between the new and old tax regimes as […]
Morgan Stanley Acquires Paytm Shares Valued at Rs 244 Cr
Morgan Stanley, a leading financial services firm, has bought 0.8% stake in One97 Communications, the parent company of Paytm, for Rs 244 crore through an open market transaction on Friday. The deal comes amid regulatory challenges faced by Paytm Payments Bank, which was barred by the RBI from offering some banking services for non-compliance. According […]
India Targets Rs 14,000 Cr in FY25 via Online Gambling Tax
India expects to collect up to Rs 14,000 crore ($1.7 billion) in goods and services tax (GST) next financial year by taxing online gambling companies, Revenue Secretary Sanjay Malhotra told Reuters on Saturday. The tax, imposed in October, aimed to boost the industry, which is backed by global investors. Online Gambling Tax Rate Set by […]