According to official sources, the summonses issued under the Prevention of Money Laundering Act (PMLA) come in the backdrop of the Enforcement Directorate (ED) finding that the recent violent protests in Uttar Pradesh and other parts of the country against the Citizenship (Amendment) Act had an alleged "financial link" with PFI but the Kerala-based organisation has termed this as "baseless". … [Read more...] about ED summons PFI, linked NGO officials in PMLA case
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For long, the Union Budget was more about which goods became costlier and which ones dearer, depending on the tax changes the government of the day would bring about in order to mop up the revenue required for a financial year. Even since GST rollout, merging various levies into one single tax, the Union Budget ceased to have any say on the indirect tax regime, barring import duty. The Budget now is all about direct taxes, which mainly include income tax and its variance. Here is a lowdown on the taxes that you will get to hear in the Budget speech: What is direct tax in Budget?Direct tax is charged on income, salary or profits of an individual or corporates. In the case of direct tax, the burden can’t be shifted by the taxpayer to someone else. These are largely taxes on income or wealth. Income-tax, corporation tax, property tax, inheritance tax and gift tax are examples of direct tax. What is indirect tax?Indirect tax is a levy where the incidence and impact of taxation … [Read more...] about Budget and taxes: How they pinch you?