Many people earn a lot from interest on fixed deposits, recurring deposits and savings accounts. Is it necessary to declare interest earned in income tax return? How will the interest received from FD be taxed? What action can be taken if interest income is not shown in ITR?
Employees get gifts or bonuses on Diwali, but many people are unaware about the associated tax rules? How much tax is levied on the bonus received from employer on Diwali? When and how much tax is levied on office gifts?
Detailing how the revenue collection exceeded projections in FY23, an official statement said, “The provisional figures of direct tax collections for the Financial Year (FY) 2022-23 show that net collections are at Rs. 16.61 lakh crore, compared to Rs. 14.12 lakh crore in the preceding Financial Year i.e. FY 2021-22, representing an increase of 17.63%.
Delhi’s economic landscape has recently witnessed a significant surge in GST collection, indicating promising economic growth. Data released by the Delhi government revealed a substantial 17% increase in GST collection during the first six months of the fiscal year compared to the previous year. Notably, collection figures surpassed the Rs 3,000-crore mark in key months, […]