As the joyous Diwali season approaches, the exchange of gifts is a cherished tradition. However, amidst the festivities, it’s essential to be aware of the tax implications of these generous gestures. Taxation of Diwali Gifts Diwali gifts, like any other monetary transaction, can have tax implications. According to experts, gifts received from relatives are fully …
India’s GST revenue collection for October 2023 has shattered records, marking the second-highest collection ever, closely trailing behind the historic collection in April 2023, with a staggering ₹1.72 lakh crore. This remarkable achievement demonstrates a substantial 13% year-on-year growth, signaling robust economic activity across the nation. A Year-on-Year Surge in Domestic Transactions Notably, revenue from …
The BSE Midcap and Smallcap indices in India are like scorecards for measuring the performance of medium-sized and smaller companies in the stock market. The BSE Midcap Index follows 150 of the most significant medium-sized companies listed on the BSE, while the BSE Smallcap Index watches over 250 leading small-sized companies also listed on the …
On September 12th, an unforeseen disruption rattled the financial markets, leading to a rapid and unexpected drop in the broader indices, akin to a house of cards collapsing. The Nifty Small-cap index, in particular, witnessed a remarkable 4% decline. While investors typically handle gradual shifts in market trends more comfortably, abrupt and unanticipated changes like …
In the second quarter of the current fiscal year, the Central government’s collection of advance direct taxes from companies, LLPs, and individuals increased significantly by 24% compared to the previous year, reaching a total of Rs 2.38 trillion, according to data available up to Saturday. The growth was primarily driven by a substantial rise in …
The GST collection for the month of July amounted to Rs 1,65,105 crore reported by the Ministry of Finance, marking the fifth time since the introduction of the goods and services tax that it has surpassed the Rs 1.6 lakh crore mark. The revenue for July showed an 11% YoY increase compared to the GST …
The Goods and Services Tax (GST) in India has completed six years since its inception on June 30, 2023. India’s indirect tax system has witnessed significant transformations since the introduction of the Goods and Services Tax six years ago. By consolidating various taxes like excise duty, service tax, and state-specific VAT, the GST has established …
With income comes tax. Whether you are salaried or self-employed, when your income exceeds a certain threshold, you must pay Income Tax. The threshold or limits are known as ‘tax slabs and are revised by the Government of India every year. The taxes collected help with the funding of government welfare schemes and other public …
You don’t need an IT Clearance Certificate (ITCC) to conduct most transactions within the geographical boundaries of India. But it is still good to know about Income Tax Clearance Certificates and who might need them. Before the Permanent Account Number (PAN), IT Clearance Certificate was needed in cases like bidding for government projects, making real …
What is wealth tax Wealth tax, also called equity tax, net worth tax or capital tax was a 1% tax imposed on earnings of over Rs. 30 lakhs per annum of Indian residents, companies and Hindu Undivided Families (HUFs). It was a tax imposed on the net wealth as of 31st March i.e. total wealth …
