Personal taxes, a part of the direct taxes in India, have gone through many major changes throughout the period, since the implementation of the Income tax Act (ACT) in 1922. The Act was given an overhaul in 1961, which stands amended till date. Personal taxes are charged on a slab-rate basis. These slab rates and … More The trend of change in personal tax in recent years
These days, many economies in the world are concerned about stashing away of unaccounted money abroad by some citizens. The generation of unaccounted money has been a matter of significant concern, not only from a tax perspective, but also from a security perspective, since it is difficult to track the flow of unaccounted money.
The Narendra Modi Government is expected to announce Budget on 28 February 2015, which is being closely watched by industry and trade. This will be its first full and perhaps most crucial budget against the economic backdrop of a still-nascent recovery in the economy and an even more nascent stage in investment and consumption. India … More Budget to be an indicator of the Government’s future tax strategy
In the last few days, e-commerce has been the most talked about subject. The phenomenal growth of e-commerce in developing markets attracted considerable interest of the buyer community at large. However, the volumes in this virtual economy also invited the attention of the tax authority in India.
The prime minister’s call for a “Swachh Bharat” is inspiring – but it cannot be limited to outer cleanliness. It must also aim at cleansing India’s institutions and systems. The much-awaited goods and services tax, or GST, has the potential to reform the tax system by cleansing it of the squalor that currently besets it. … More Cleaning up with the GST
The newly crowned Modi Government has completed three months in office. In this short time, it has succeeded in instilling confidence in global investors on the attractiveness of the Indian economy as an investment destination. It is attracting the attention of several MNCs, who are crafting roadmaps to enter the Indian market or uptick their … More Topical tax issues