Corporate tax collections levied on profits of firms contracted 18% in 2020-21 to a 5-year low. There has been a sharp fall in firms filing tax returns for income ranges of above Rs 5 lakh.
The Central Board of Direct Taxes, citing pandemic as the reason for the extension, also deferred the ITR filing deadline for companies till 30 November.
The existing portal will not be available for a brief period of six days from 1 to 6 June to both the taxpayers as well as Income Tax department officials.
Central PSUs have used the Vivad Se Vishwas scheme to settle relatively larger-sized disputes. But private sector and others have used the scheme to only settle low-value disputes.
Finance Minister Nirmala Sitharaman also reduced the time frame for reopening of income tax assessment cases to three years and serious tax fraud cases to 10 years.
137% hike in health and wellness budget, agri infra cess, infra push — Nirmala Sitharaman announced a slew of allocations as she presented Budget 2021 Monday. Follow updates here.
Modi govt has raised the differential between circle rate and agreement value of residential properties to 20%. But the sop is limited in scope, say developers.
The payment of cash allowance, for a maximum of Rs 36,000 per person as deemed LTC, is being extended to employees of state governments, public sector enterprises, banks and private sector.
Macaulay's intent was quite different from what has been propagated by Indian leaders and public intellectuals, who love to live in their own sectarian mental chambers.
Once acquired by IAF, the medium transport aircraft (MTA) will replace both AN-32s and IL-76s, it is learnt. The idea behind the revamp is to meet modern operational needs.
It is a brilliant, reasonably priced, and mostly homemade aircraft with a stellar safety record; only two crashes in 24 years since its first flight. But its crash is a moment of introspection.
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