In a bid to bridge state government's revenue gap, the Centre has decided to increase borrowing limits of states from 3% to 5%, which will give them extra resources of Rs 4.28 lakh crore

In a series of tweets, the ministry said before goods and services tax (GST), the combination of value-added tax (VAT), excise, sales tax and their cascading effect resulted in high standard rate of tax up to 31 per cent

The CBIC said that the board has decided to make it mandatory for various authorities, such as Commissioner (Appeals) to conduct personal hearing in virtual mode in cases relating to Central GST (CGST) and Integrated GST (IGST)

It should be noted, first, that a taxpayer needs to mandatorily link Aadhaar with PAN for the AY 2019-20 on or before the filing of income tax returns

In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said when an applicant for GST registration opts for authentication of Aadhaar number, he shall, with effect from Friday (August 21)

The advance ruling mechanism under GST is fraught with many gaps, which is compounding the problems of taxpayers

The finance ministry has cleared the air on a report that said the Statement of Financial Transactions (SFT) expansion would result in filing of high value financial transactions in ITR by the taxpayers themselves. The taxpayer would not need to mention high value transactions in their return. The reporting of high value transactions to the income tax department would be done by the third parties under the Income Tax Act. Watch the video for more.

Any expansion in reporting under the statement of financial transactions (SFT) will mean that such reporting of high-value transactions to the income tax department will be done by financial institutions

Stock market update for upcoming week: Corporate earnings announcements, US-China tensions and coronavirus cases will set tone for Dalal Street

Tata Motor's Jaguar Land Rover and Tata Steel Europe had sought a financial package from the British government but the deal failed due to the tough conditions imposed on lending

Talks between the UK's Treasury and the Tata Group companies ended after the government concluded the Indian firms were sufficiently financed and didn't qualify for taxpayer support

The report here said that talks for an emergency funding fell through as Jaguar Land Rover (JLR) did not qualify for taxpayer support

The extension of timelines for filing tax returns and other related tax compliances is a well-thought-out measure, as due to lockdown it is difficult for individual taxpayers to obtain necessary documentation required for preparation of tax returns and file their returns on time

Prime Minister Narendra Modi on Thursday launched 'Transparent Taxation- Honoring the Honest' platform, which included Faceless assessment, faceless appeal and taxpayer charter systems. PM Modi said that the Charter system would add strength to the government's efforts of reforming and simplifying the tax system and benefit several honest taxpayers, whose hard work powers national progress. Rajeev Dubey, Editor, Business Today explains the new Taxpayers' Charter. Watch the video for more.Also Read: Taxpayers' Charter: What taxpayers can expect from Income Tax department

Form 26AS is all-inclusive document for ease of reference for taxpayers both at the return filing stage and at the time of assessment proceedings

Hotel bills above Rs 20,000, life insurance payments over Rs 50,000, and payment of school or college fees over Rs 1,00,000 a year is expected to come under income tax department's scanner

The government's Taxpayers' Charter promises to cut down on cost of compliance while maintaining privacy and confidentiality of income taxpayers

Prime Minister Narendra Modi launched the platform 'Transparent Taxation Honoring the Honest' which provides for launch of faceless assessment and adoption of a taxpayer charter

Effective from August 13, the faceless assessment scheme aims to obliterate the human interface between the income tax department and the taxpayer

\"Effort is to make tax system seamless, painless and faceless... honest taxpayer plays an important role in nation development,\" says PM Modi