And while we’re on the subject of delivering promises, you told us emphatically in the run-up to the election that: “I have absolutely no intentions to raise fuel duty.” … [Read more...] about Fuel tax rise is contemptible and Boris Johnson must stop it for the people’s sake
Fuel tax credit
finance minister Manpreet Singh Badal has asked the central government to remove a block on goods and services tax (GST) credits as it was leading to working capital issues. "The indiscriminate stopping of tax credits, without even a prior notice and hearing is also likely to fall foul with the principles of natural justice," Badal wrote to revenue secretary Ajay Bhushan Pandey, referring to the GST Council authorising the blocking of 40,000 crore GST credits due to a mismatch in filings and returns. In the letter seen by ET, Badal said that businesses, which were already reeling because of a sluggish economy and poor liquidity, were being made to shell out GST in cash even when they were entitled to tax credits. "I'm informed that the central tax authorities have also taken this action in respect of taxpayers whose administration is otherwise with the state authorities, disturbing the agreed protocol for this purpose," he said, adding that there was "some amount of high-handedness in … [Read more...] about Punjab FM to centre: Check indiscriminate stoppage of GST credit
If you still have not zeroed in on a financial product to invest in to reduce your tax outgo for the year, you can take the online route. Here are few tax-saving options which can be made online where you do not have to issue a cheque. However, do keep in mind that there could be glitches while making these online transactions at the last minute. It’s always better to get in touch with the company and then proceed after getting a confirmation from them regarding the availability of tax benefit on the transaction made today. 1. Five-year bank fixed deposit The five-year tax-saving fixed deposit is the probably the most hassle-free way of making an online tax saving investment. If you have a know-your-customer (KYC) compliant account, all you need to do is log into your Net banking account and invest from there. Make sure your PAN is updated in the bank's records. Redemption on maturity comes directly to your bank account. You can indicate whether you want monthly, quarterly or … [Read more...] about 6 online tax-saving investments for late-starters
BRUSSELS (Reuters) - A global reform of the taxation of corporate digital revenues is very unlikely if the United States continues backing a “safe harbor” plan which would allow firms to choose how to be taxed, European Union tax commissioner Paolo Gentiloni said on Tuesday. … [Read more...] about EU tax commissioner slams U.S. plans on tech tax
I have opened fixed deposits on behalf of my three minor children, on which the bank has been deducting TDS. My children’s PAN bear their father’s name. Can I or my husband claim refund on the tax deducted in our tax returns? Amit Maheshwari, Partner, Ashok Maheshwary and Associates says, "As per Section 64(1A) of the Income-tax Act, income of minor child shall be included in the income of the parent whose total income after including minor’s income is greater. Any such income included in the parent’s income is exempt up to Rs 1,500 per minor annually, for a maximum of two children. If TDS is deducted on such income then the parent with whose income the minor’s income is clubbed can claim refund of the TDS amount in his/her return. According to Rule 37BA(2), such credit can be claimed by that parent by filing a declaration with the bank to report such tax deduction in the name of the said parent." I had bought 10,000 shares of Gitanjali Gems at Rs 8.25 … [Read more...] about Can you claim refund on tax deducted on FD in the name of your children?
More than a third of emergency food parcels go to children and the Government should be doing more to help them and their families. … [Read more...] about DWP: Dozen top professors demand end to Universal Credit children’s cuts in the Budget