Industry body Ficci or Federation of Indian Chambers of Commerce and Industry is batting for parity in interest rates on tax refunds and late tax payments. Currently, interest rate payable on late tax payment is double that what ordinary tax payers get on refunds for paying excess tax.
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The income tax department has provided relief in certain cases where tax has not been withheld when payments are made to non-residents, a matter that has been cause of much litigation. In such cases of default, any interest, royalty, fees for technical services or other sum chargeable is not allowed as an expense if the
The Narendra Modi government, in its first budget in July last year, had raised the personal income tax exemption limit from Rs 2 lakh to Rs 2.5 lakh. For senior citizens, the limit was raised from Rs 2.5 lakh to Rs 3 lakh. “The final call on reworking tax slabs or exemptions in the Budget