A number of trusts set up in overseas tax havens using a complex maze of entities have come under the scanner of Indian and Swiss authorities for suspected tax evasion by parking of illicit funds in Switzerland-based banks, as per notices issued to those entities. In addition, several individuals who are suspected to have moved abroad after evading taxes back in India are also being probed and their banking details are in the process of being shared by the Swiss authorities with their Indian counterparts.Read News

Finance Minister Nirmala Sitharman on Friday slashed corporate tax rates for domestic companies and new domestic manufacturing companies. The announcement comes ahead of the crucial GST meet in a bid to boost the capital markets.The government has cut the effective corporate tax to 25.17 per cRead News

The finance ministry's decision to significantly increase the limit for the income tax department to appeal disputes in higher forums will reduce litigation and ensure smoother transition to the proposed direct tax code, say experts. The monetary limit for an appeal before the Income Tax Appellate Tribunal haRead News

The Reserve Bank of India will come out with a mobile application to help visually challenged people in identifying currency notes as cash still remains a dominant mode of transaction. At present, banknotes in the denominations of Rs 10, 20, 50, 100, 200, 500 and 2,000 are in circulation, besides Re 1 notes issued by the Centre.Read News

Tightening the screws around tax evaders, the revised guidelines issued by the tax department has made serious offences of black money and 'benami' laws 'generally' non-compoundable. This in general terms means that a person or entity would not be able to settle a case of tax evasion by just paying the tax demand, penalty and interest. The new guidelines will kick in from June 17, 2019 and apply to all cases for compounding received on or after this date. Read News

India's economic growth rate slowed to five-year low of 5.8 per cent in January-March 2018-19, due to poor performance in agriculture and manufacturing sectors, official data released Friday said.The Central StatisticsRead News

The government may also increase the basic income tax deduction under Section 80C from Rs 1,50,000 to Rs 2,00,000 per annum. Those with investments such as PPF, LIC, and mediclaim will be able to save more on income from investments.Read News

The subscriber shall be allowed to make partial withdrawals for a maximum of 3 times during the entire tenure of subscription under the NPS. There is, however, no minimum time gap now stipulated between two partial withdrawalsRead News

Further, the government has also decided to increase its contribution to its employees' NPS accounts from 10% to 14%, which will be tax free. In fact even the tier-II account—an optional account that allows frequent withdrawal making it similar to your savings bank account—for government employees will enjoy tax benefits, as per the government release, and will come with a lock-in of 3 years. "They should not restrict it to only government employees. When the finaRead News

President Ram Nath Kovind, inaugurated the platinum jubilee celebrations of the Institute of Chartered Accountants of India (ICAI) in New Delhi. Speaking on the occasion, the President said that adherence to a fair taxation system is much more than merely providing revenue to the government.Read News