[ad_1] NEW DELHI: The Employees Provident Fund Organisation (EPFO) on Monday announced an interest rate of 8.15% for Employees’ Provident Fund (EPF) accounts for the financial year 2022-23. The announcement was made in a circular issued by the EPFO on July 24, 2023. The circular stated that the interest rate was approved by the Central … Read more
[ad_1] NEW DELHI: Finance minister Nirmala Sitharaman on Saturday said GST implementation has brought relief to the common citizens and helped raise revenues of the Centre and the states as her ministry reported that gross GST revenues in June rose 12% to Rs 1.6 lakh crore.Data released by the finance ministry showed that gross GST … Read more
[ad_1] International credit card spends abroad will not attract Tax Collected at Source or TCS. New Delhi: Payments made by using international credit cards (ICC) during overseas visits will not attract Tax Collected at Source or TCS, as per the latest notification issued by the Finance Ministry. Putting to rest the controversy over usage of … Read more
[ad_1] The finance ministry issued a clarification on the matter through a series of tweets. (Representational) New Delhi: While credit card spends overseas will not attract tax collected at source now as such transactions have been kept outside the liberalised remittance scheme, any international transaction conducted from India will attract the levy. Users or consumers … Read more
[ad_1] The changes were expected to take place from July 1. The transactions conducted via international credit cards while abroad will not be counted under the Liberalised Remittance Scheme and will not be subject to TCS even after October 1. There will be no change in the higher Tax Collected at Source (TCS) rate on … Read more
[ad_1] NEW DELHI: Dismissing a media report on possible changes in the new pension system in the country as “false”, the Union Finance Ministry on Thursday clarified that the matter is still under deliberation and no conclusion has been reached.Earlier, reports suggested that the government will propose 40-45 per cent of their last drawn salary … Read more
[ad_1] NEW DELHI: Net direct tax collections have risen by a huge 160 per cent to Rs 16,61,428 crore in 2022-23 from Rs 6,38,596 crore in 2013-14, according to time series data released by the finance ministry on Thursday.As per the data, gross direct tax collections also witnessed a massive 173 per cent rise to … Read more
[ad_1] New Delhi: The government has specified the retail sale price-based GST cess rate that would be levied on pan masala and tobacco manufacturers with effect from April 1. This is a departure from the earlier regime that imposed cess, over and above the 28 per cent Goods and Services Tax (GST) rate on ad-valorem basis. … Read more
[ad_1] NPS has been implemented for all central government employees joining on or after January 1, 2004. Finance Ministry on Thursday set up a committee under Finance Secretary T V Somanathan to review the pension system for government employees. The committee would suggest whether in the light of the existing framework and structure of the … Read more
[ad_1] The Finance Bill 2023 has proposed a marginal relief to taxpayers under new tax regime. (File) New Delhi: In a relief to taxpayers opting for new tax regime, individuals earning marginally higher income than no-tax ceiling of Rs 7 lakh will pay tax only on the differential income after the government amended the Finance … Read more