Page 2 - Tax

Govt evaluating measures to bring down tax burden on PE/VCs in India

It is expected to be introduced in Parliament's monsoon session

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Top headlines: UBS needs RBI nod for C-Suisse, windfall tax on oil slashed

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Tax demands of Rs 13,566 cr raised in 4 fiscals under black money law: Govt

The income tax department raised tax demands amounting to Rs 13,566 crore during the last four financial years under the black money law to deal with undisclosed foreign income and assets, the government told Parliament on Monday. In a written reply to a question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary informed that 183 assessment orders were passed in 2021-22 and a demand of Rs 5,350 crore was raised under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. In the four fiscals starting 2018-19, a total of 349 assessment orders were passed and a demand totalling Rs 13,566 was raised. The minister also informed that 648 disclosures involving undisclosed foreign assets worth Rs 4,164 crore were made during three months of a one-time compliance window, which closed on September 30, 2015, under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The amount collected by way of tax and pena

How brands use the 'for women' gimmick to sell products at a premium

While brand experts count on aspirational value, the undue premium on personal care remains discriminatory

If OECD has its way, logging into Zoom at a beach could land you a tax bill

Currently firms and workers are facing a jumble of complicated rules on when a worker needs to pay tax if they are staying in different countries for prolonged periods

Fraternity, prosperity and polarisation

Economic stagnation is the advance payment for polarisation, which extracts a terrible price

Angel tax relief likely for Sebi-enrolled FPIs; rules expected by April 15

The angel tax is on the amount received as more than fair market value as income in the hands of a company

Govt releases Rs 1.4 trn monthly instalment tax devolution to states

The monthly instalment for March is much more than the normal monthly devolution of Rs 70,159 crore made for states

Seven mistakes seniors make while planning their taxes and finances

They could invest in SCSS in tranches to optimise Sec 80C benefits and park some money in PMVVY before it closes on Mar 31

Biden to urge 25% billionaire tax, levies on rich investors & corporations

Biden's budget request to Congress, which is slated to be released Thursday, calls for a 25% minimum tax on billionaires, according to a White House official familiar with the proposal

PM asks India Inc to step up investment, take advantage of opportunities

Prime Minister Narendra Modi on Tuesday urged India Inc to increase investment and take advantage of the opportunities unveiled in the Budget 2023-24. Addressing the 10th webinar on Budget, Modi said the government has increased outlay on capital expenditure to Rs 10 lakh crore, the highest ever. In this backdrop, he said, "I would also call upon the private sector of the country to increase their investment just like the government so that the country gets maximum benefit from it." The prime minister further said as opposed to the past, the tax burden has come down significantly in India due to GST, reduction in income tax and corporate tax. This, he said, has resulted in better tax collection. In 2013-14 gross tax revenue was about Rs 11 lakh crore which rose to Rs 33 lakh crore in 2023-24, an increase of 200 per cent. The number of individual tax returns increased from 3.5 crore to 6.5 crore from 2013-14 to 2020-21. "Paying tax is such a duty, which is directly related to natio

Govt slashes windfall tax on diesel to Rs 0.50 per litre, nil on ATF

The government slashed windfall profit tax on export of diesel to its lowest of Rs 0.50 per litre and nil on jet fuel (ATF) while the levy on domestically produced crude oil was marginally increased, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has hiked to Rs 4,400 per tonne from Rs 4,350 per tonne, the order dated March 3 said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF). The government has also cut the tax on export of diesel to Rs 0.5 per litre from Rs 2.5, and the same on overseas shipments of ATF was cut to nil from Rs 1.50 a litre. The new tax rates come into effect from March 4, the order said. This is the second reduction in rates in a fortnight. Rates were cut on February 16. The export levy on diesel and ATF is the lowest since the tax was introduced in July last year. The tax rates are .

Green finance: Taxonomy, a clear legal definition keenly awaited

Even as the central bank is drawing up taxonomy for this emerging business, the degree of awareness at bank board level could be the weakest link yet

Will there be any tax breaks under the Budget 2023 to make the New Income Tax Regime more attractive?

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$19 bn derivative bond trade in India at risk from Modi's new tax

Analysts say a New Delhi plan to tax high-value insurance policies will reduce demand, leading the industry to cut back on bond investments

House rent allowance: Tax exemption can be claimed on rent paid to parents

Prepare an agreement, pay rent into their bank accounts, and ensure they pay tax on it

Bogus invoices row: GST authorities summon insurance intermediaries

I-T joins probe, quizzes chief financial officers seeking info on 'commissions'

Pakistan approves Bill to roll out higher taxes, nears IMF bailout

Hikes general levy to 18% from 17%, raises tax on imports of luxury items such as mobile phones to 25% from 17%

GST Council likely to decide on common audit manual for Centre, states

GST Council may take up today expert panel's proposal to avoid multiplicity of audits by central, state authorities