tax rate

Finance Minister Nirmala Sitharaman announces COVID-19 Relief Measures

Finance Minister Nirmala Sitharaman announces COVID-19 Relief Measures

As the new coronavirus (COVID-19) continues to spread globally, at a rapid pace, the government is trying to figure out the best way to bolster the slowing economy. Usually, 31 March is considered as the end of the financial year, where citizens have to file Income Tax Return in accordance with the Income Tax rules….

Financial Bill passed by Lok Sabha by voice vote

Financial Bill passed by Lok Sabha by voice vote

Financial bill is a bill in which matters other than financial nature are also included and the provisions relating to the financial bill are envisaged in Article 117 of the Indian Constitution. It is also described as a money bill to which provisions of general legislation have also been added. It may deal with the…

Reverse Charge: Why so shy, GST Council?

Reverse Charge: Why so shy, GST Council?

At the time when all handset manufacturers are struggling to cope with COVID-19, the Goods and service council has dealt a blow to the mobile phones by increasing the GST rates. The goods and services Tax council has decided to raise GST rates on mobiles phone and specific parts like battery from 12% to 18%…

Major Income Tax cut: Budget 2020

Major Income Tax cut: Budget 2020

The Finance Minister, Nirmala Sitharaman presented the Union budget of 2020-21 on 1st February 2020. The budget has proposed a new tax regime on slashing income tax rates and rejigging income tax sabs to reduce total tax payable by individuals. After slashing income tax rates for individuals the Finance minister said that the government intends…