Page 3 - Tax

India lost 2 Bhutans worth of individual taxpayers to Covid-19 pandemic

Growth rate of new tax payers has been under pressure in recent years

Pakistan government introduces bill to raise Rs 170 billion in taxes

The cash-strapped Pakistan government on Wednesday introduced a money bill in parliament to raise Rs 170 billion in taxes by June this year as part of conditions by the IMF to get the next tranche of an already agreed loan. Finance Minister Ishaq Dar presented the Finance (Supplementary) Bill, 2023, in the National Assembly -- the lower house -- empowered to legislate on money matters. Pakistan and IMF officials held 10 days of marathon talks in Islamabad, from January 31 to February 9, but could not reach a deal as the fund demanded prior actions before signing any agreement to release USD 1.1 billion out of the USD 7 billion deal agreed in 2019. Speaking in the house after introducing the bill, Dar said the government was aware of the hardships of common people and tried its best to not further burden them through new taxes.

Life insurance companies plan strategy tweak to offset tax impact

Union Budget has proposed to tax high-value policies with premium aggregating to Rs 5 lakh per year to plug arbitrage that HNIs are using to get tax-free returns on policies through Section 10(10D)

IMF bailout bid: Pakistan raises tax on natural gas from 16% to 112%

US seeks partnership with Pakistan on counter terrorism, State Department said, underlining that it looks forward to efforts to eliminate regional and global terrorists and other security threats

Opt for presumptive tax scheme only if you can adhere to its rules

Higher proposed limits are a positive, but remember you must stick to the scheme for five years

Pakistan govt approves new tax on electricity to meet IMF conditions

Pakistan is moving swiftly to pacify the IMF with the approval of a new tax on electricity users, including farmers, to raise an additional Rs 170 billion in revenue to meet the conditions of the global lender, according to a statement. The International Monetary Fund delegation held 10-day marathon talks with Pakistan officials here to release the next tranche of USD 1.1 billion out of an already agreed loan but left on Thursday for Washington without signing a staff-level agreement. Finance Minister Ishaq Dar, who had led the Pakistan side in talks, told the media on Friday that prior actions were needed as the two sides would resume the talks in virtual mode from Monday. Hours later, the minister chaired the meeting of the Economic Coordination Committee (ECC) of the cabinet which approved the imposition of a special financing surcharge of Rs 3.39 per unit in average power tariff in addition to quarterly tariff adjustments of up to Rs 3.21 per unit for one year and recovery of ..

Smuggling can slow march to $40-trillion economy, says FICCI report

The FICCI CASCADE has urged the government to launch a robust international campaign against the menace of smuggling

US President Joe Biden proposes higher taxes for the wealthiest

President Biden challenged the new House Republican majority to work together with him to "finish the job" of repairing America's unsettled economy

GST Council meet: Tax on online gaming activities unlikely to be discussed

Council was to meet on Feb 18, but schedule may be changed

Union Budget 2023: Growth-oriented with tax stability and rationalisation

Budget 2023 has maintained the status quo on tax policies with more thrust on certainty, which is a step in the right direction

Avoid encashing of leave while you are in service: Know the rules

Tax exemption on leave encashment is only available at retirement, resignation, or termination

New REIT, InvIT regime spells higher taxation for sovereign funds

Other foreign investors likely to face significantly higher taxation on cashflow distribution too

Rely on term plan-MF combo instead of going for traditional plans

Don't fall prey to the hard-selling of traditional plans that is likely to end after March 31

Transfer your child's living expense before new TCS rates kick in

Higher TCS is temporary; you can adjust it against your tax liability or get refund

India Inc stares at higher debt cost with lower tax rate for FPIs set to go

Industry to make representations to Finmin seeking grandfathering on existing investment

New tax regime won't endanger country's savings rate: Revenue secretary

Household savings through tax saving instruments is just Rs 4 lakh crore, which is 16 per cent of total savings, and shifting to new tax regime won't endanger the country's savings rate, Revenue Secretary Sanjay Malhotra said on Friday. He said the total household savings today are 27-30 per cent of India's GDP and the schemes announced in budget, especially for senior citizens and women, will help the country in improving the savings rate. "I would also like to point out that the savings through tax exemptions is actually a very small portion of the total savings of our country, which are about Rs 25 lakh crore for households. Savings through tax (saving) instruments are only Rs 4 lakh crore. You know people are now investing otherwise," Malhotra said at a CII post-budget event. To encourage taxpayers to shift to exemption-less tax regime, the Budget 2023-24 has proposed changes to the new optional tax regime which provides that no tax would be levied on annual income of up to Rs 7

Budget 2023: New tax regime (II) can help you save more in taxes

But high-income individuals who avail of a variety of deductions will still prefer the old regime

Union Budget 2023-24: Advantage MFs after tax blow on MLDs, insurance

Investors may divert flows towards debt funds, say experts

Budget 2023: 80,000 start-ups exempt from angel tax, says govt

The Union Budget 2023 on Wednesday proposed to extend the angel tax provisions to transactions involving foreign investors

Budget 2023: Allocation to schemes for boosting exports increased

Allocation for the commerce department's key Remission of Duties and Taxes on Export Products (RoDTEP) scheme has been increased by 10 per cent