Tax Hikes

Hike in withholding tax rate: Indian arms of MNCs may not feel sharp pain

India's tax treaties with most major economies cap withholding tax on royalties and technical fee at 10%

Allow deductions, hike threshold for levying peak 30% tax: Experts

Investments in PPF and other tax savings schemes should be allowed as deductions, and the threshold for 30 per cent tax should be raised to Rs 20 lakh under the concessional income tax regime in Budget 2023-24 to make it attractive for middle-income taxpayers, experts said. The government in Budget 2020-21 brought an optional income tax regime, under which individuals and Hindu Undivided Families (HUFs) were to be taxed at lower rates if they did not avail specified exemptions and deductions, like house rent allowance (HRA), interest on the home loan, investments made under Section 80C, 80D and 80CCD. Under this, total income up to Rs 2.5 lakh will be tax-exempt. A 5 per cent tax is levied on total income between Rs 2.5 lakh and Rs 5 lakh, 10 per cent on Rs 5 lakh to Rs 7.5 lakh, 15 per cent on Rs 7.5 lakh to Rs 10 lakh, 20 per cent on Rs 10 lakh to Rs 12.5 lakh, 25 per cent on Rs 12.5 lakh to Rs 15 lakh, and 30 per cent on above Rs 15 lakh. The scheme, however, has not gained ...

UK PM Rishi Sunak eyes $58 billion of tax hikes, expenditure cuts

Britain's new premier is trying to restore calm to the financial markets after his predecessor, Liz Truss, sparked turmoil during her 7-week tenure with a massive package of unfunded tax cuts

Rajya Sabha adjourned for the day as Oppn continues to protest price hike

Rajya Sabha proceeding washed out completely and was adjourned for the day amid continued protest by the Opposition parties led by the Congress over price rise and levy of GST on daily essentials

Lok Sabha adjourned till 4 pm amid Opposition protests over price rise

Lok Sabha proceedings were adjourned till 4 pm on Wednesday amid vociferous protests by Opposition members over price rise and the imposition of the Goods and Services Tax on some daily-use items

Jairam Ramesh slams FinMin, calls tax hike cruel when CPI inflation over 7%

Congress denounced Finance Minister Nirmala Sitharaman for defending the hike in GST rates and questioned the timing saying its "cruel" to hike the rates when CPI is over 7 per cent

Indices decline for 3rd straight week; Sensex slips 202 pts, ends below 48K

The overall market breadth remained in the favour of the bulls, courtesy rally in the broader markets

Joe Biden eyes first major federal tax hike since 1993 to fund growth plan

Unlike the $1.9 trillion Covid-19 stimulus act, the next initiative, which is expected to be even bigger, won't rely just on government debt as a funding source

Spain to hike taxes on large companies, high earners in 2021 budget

Governments around the world have so far said very little about how they plan to pay for the cost of unprecedented levels of state support to virus-hit economies

UK's Rishi Sunak considers sweeping tax hikes to plug Covid-19 hole

Tax hikes suggested by Treasury officials could raise an extra 20-30 billion pounds a year and some of them could be announced in an autumn budget statement by Sunak

UK treasury officials pushing for tax hikes to offset Covid impact: Report

Such hikes will enable the exchequer to raise at least 20 billion pounds ($26.70 billion) a year, and some could be introduced in the November budget, the Sunday Telegraph said

CBDT chargesheets 3 senior IRS officers for 'misguiding' young taxmen

These officers also have been divested of their current duties on charges of violating Rules 9 and 3(1)(xx) of the Central Civil Service Conduct Rules

Big impact of small tax hikes

With returns on investments falling due to cuts in small savings and bank deposit rates, higher cess and service tax will only hurt consumers further