Taxation

The applicant, a manufacturer, had argued that 18% GST should be applicable

The govt's step could push investors to choose riskier equity, or to fall back on bank deposits, thereby negatively impacting the debt market which actually needs to grow, writes T N Ninan

New tax regime does not have tax deductions as is given under various provisions such as 80C or 80D of the Income Tax Act

The imposition of a tax on high-value policies could hurt the growth rates of life insurers in the next fiscal year

Seeking to widen the tax base, the government on Wednesday proposed to tax income distributed by business trusts like REITs and InVITs in the form of debt repayments at the hands of unitholders. "It is proposed to tax distributed income by business trusts in the hands of a unit holder (other than dividend, interest or rent which is already taxable) on which tax is currently avoided both in the hands of unit holder as well as in the hands of business trust," Finance Minister Nirmala Sitharaman said in her Budget speech on Wednesday. The move is aimed at widening the tax base. Explaining the move in the memorandum of the Finance Bill, the government said that interest, dividend and rental income have been accorded a pass-through status at the level of business trust and are taxable in the hands of the unit holder. "However, in respect of the distributions made by the business trust to its unit holders which are shown as repayment of debt, it is actually an income of unit holder which

Suggests simplifying tax layers, capital flow procedures like those in the US, Singapore

This is the last full budget before the 2024 Lok Sabha elections, and will be tabled amidst a global slowdown and unprecedented geopolitical uncertainty

Worth its weight in Gold: Saw portfolio increase of 1-6 percentage points in November-December 2022

Manufacturing sector contributes 15% to India's GDP and hence the expectation of experts are high from the government

Currently, there are six slabs in the new personal income-tax regime, starting with the Rs 2.5-5 lakh income bracket taxed at 5 per cent

The ITAT ruled that there is no requirement under the IT Act for the deduction of tax at source by the partnership firm on remuneration to partners

Finance Minister Nirmala Sitharaman on Friday said the optional income tax regime with seven tax slabs was brought in by the government to ensure lower rates for those in the low income bracket. Sitharaman said in the old tax regime, every tax assesses can claim about 7-10 exemptions and the income tax rates vary between 10, 20, and 30 per cent, depending on income threshold. The minister said along with the old tax regime, the government has come up with a parallel system which has no exemptions, but with simpler and more favourable tax rates. "The reason why I had to bring in seven slabs was to make simpler and lower rates for those who are in the lower income (bracket)," Sitharaman said. She was speaking at an event to launch the book 'Reform Nation', authored by Observer Research Foundation Vice President Gautam Chikarmane. The government in Budget 2020-21 introduced the optional income tax regime, under which individuals and Hindu Undivided Families (HUFs) were to be taxed at

Surge of 15% on annual basis; might exceed BE by Rs 1.3-1.4 trillion

Issues a separate circular on limitation period of show-cause notices

Companies generally deduct the tax payable at the time of allotment of shares by adding the income from ESOPs to employees' income as personal income tax

High rates of taxation are crippling the alcoholic beverages (alcobev) sector and threatening the future of the liquor industry in the country, the International Spirits & Wines Association of India (ISWAI) said. ISWAI, the apex body of the premium alcobev industry in the country, said that taxes account for 67 to 80 per cent of the product prices, leaving little for the trade to sustain and manage operations. The Indian alcobev industry is in deep crisis due to inflation on one hand and high taxation rates. In this context, it is needed to decrease taxes and raise product prices for the sector to sustain," ISWAI CEO Nita Kapoor said. Unlike other industries, the liquor industry does not have the freedom to price the products, Kapoor said. "The liquor trade contributes 25 per cent to 40 per cent of the state governments' revenues. Despite this, the government chose to tax it at high rates. The rates should be rationalised," Kapoor said. According to ISWAI, the Indian alcobev ...

States have been concerned about increasing cases of Centre imposing cesses for garnering additional revenue

The demand for the white-collar gig workforce in the previous quarter has gone up seven times as compared to the same period last year

The Indian civil aviation market has exciting and significant opportunities but taxation has always been an issue which also makes the industry less competitive, according to IATA chief Willie Walsh. The International Air Transport Association (IATA) is a global grouping that represents around 300 airlines, including those from India, and its members account for nearly 83 per cent of the global air traffic. India is seeing a "much stronger recovery" than the Asia Pacific region in general but there could be challenges in terms of getting new aircraft and spare parts, as per IATA. "The market in India... The opportunity in India has to be considered to be very very significant. There are issues in India not unique to aviation but the regulatory regime and bureaucracy can hinder the pace (of growth)," Walsh said during an interaction with reporters from the Asia Pacific region earlier this week here. While the Indian market has not seen the pace of growth that was seen in China, the

Robust GST collections will help achieve the FY23 revenue growth target on the indirect taxes front, despite the impact of duty cuts on central excise and customs mop-up, a top official said on Wednesday. Central Board of Indirect Taxes & Customs Chairman Vivek Johri said the government's cuts in duties will make collections on customs and central excise challenging for the fiscal. "If you look at indirect taxes as a whole, then I am pretty confident that we will meet the target. We are on track," he told reporters on the sidelines of an event here to mark the 60th anniversary of the Customs Act, 1962. Johri said most of the growth has been coming from the Goods and Services Tax (GST), where revenues have been doing very well for the last two months. "Given the very robust growth in GST, I think overall.. we will be able to meet the revenue targets," he said. "There might be a bit of challenge in central excise revenue because of the scaling down of duties by the government ...