Page 9 - Tax
Centre tax cut on fuel only 'partial', don't expect same from states: TN FM
The Tamil Nadu government on Sunday described the Centre reducing taxes on petroleum products as 'partial' and said "it is neither fair nor reasonable to expect States to reduce their taxes."
 "Centre tax cut on fuel only 'partial', don't expect same from states: TN FM")
Federal tax probe into President Biden's son, Hunter, moves forward
A federal grand jury has heard testimony in recent months about Hunter Biden's income and payments he received while serving on the board of a Ukraine energy company
 "Federal tax probe into President Biden's son, Hunter, moves forward")
 "Not filed ITR yet? Face penalty or even jail term")
Govt orders temporary stay on NA tax recovery from housing societies
The Maharashtra government ordered a temporary stay on the recovery of non-agricultural (NA) tax by the state revenue department from housing societies in Mumbai's suburbs.
 "Govt orders temporary stay on NA tax recovery from housing societies")
Assam FM presents deficit Budget, proposes green tax for old vehicles
Assam Finance Minister Ajanta Neog on Wednesday presented a Rs 2,83,494.64 crore tax-free Budget for FY 2022-23, in which he proposed to levy green tax on the use of old vehicles.
 "Assam FM presents deficit Budget, proposes green tax for old vehicles")
It's time to deduct TDS if rent exceeds Rs 50,000, say analysts
Applicable rate is 30% for non-resident landlords, 5% for rest
 "It's time to deduct TDS if rent exceeds Rs 50,000, say analysts")
Union Bank of India looks to move to a new tax regime in FY23
Rajkiran Rai G, managing director (MD) & chief executive officer (CEO), Union Bank, said the net profit is increasing as DTA is coming down every quarter.
 "Union Bank of India looks to move to a new tax regime in FY23")
Introduce another slab to tax the super-rich, says C Rangarajan
In a Q&A with ex-governor of RBI and Former chairman of Prime Minister's Economic Advisory Council C Rangarajan says that the Budget 2022-23 has erred on revenue projections on the lower side
 "Introduce another slab to tax the super-rich, says C Rangarajan")
2% wealth tax on super rich likely to fetch nearly Rs 1.1 trillion
Many economists doubt the feasibility and desirability of wealth tax in the current economic environment
 "2% wealth tax on super rich likely to fetch nearly Rs 1.1 trillion")
United Arab Emirates to impose federal corporate tax for the first time
The UAE home to Abu Dhabi, Dubai and five other emirates has been steadily introducing new taxes as it seeks to diversify revenue from its mainstay of oil
 "United Arab Emirates to impose federal corporate tax for the first time")
Blue Dart Express' profit after tax jumps 29.5% to Rs 123.4 cr in Dec qtr
The company had posted a consolidated PAT of Rs 95.30 crore in the corresponding quarter last year
 "Blue Dart Express' profit after tax jumps 29.5% to Rs 123.4 cr in Dec qtr")
Finance ministry doubles January tax devolution to state governments
Front-loading of fund transfer to help states manage Covid, undertake capex
 "Finance ministry doubles January tax devolution to state governments")
New tax regime disincentivises charity donations, says study
Ashoka University-CBGA study recommends restoration of inheritance and wealth taxes
 "New tax regime disincentivises charity donations, says study")
GST officers arrest individual for issuing fake invoices worth Rs 4,521 cr
The mastermind behind the whole racket was arrested on January 13
 "GST officers arrest individual for issuing fake invoices worth Rs 4,521 cr")
NDMC council rejects proposal to raise tax burden on residents
The North Delhi Municipal Corporation also decided not to approve the Commissioner's proposal to reduce rebate on property taxes by 5 per cent
 "NDMC council rejects proposal to raise tax burden on residents")
Reports of UP businessman's Rs 52-cr tax settlement 'speculative': DGGI
DGGI said the entire recoveries are kept in the safe custody of State Bank of India pending further investigation
 "Reports of UP businessman's Rs 52-cr tax settlement 'speculative': DGGI")
Govt extends FY'21 GST annual return filing deadline till Feb 28
The government on Wednesday extended till February 28 the deadline for businesses to file GST annual returns for 2020-21 fiscal ended March 2021. "The due date for furnishing annual return in FORM GSTR-9 & self-certified reconciliation statement in FORM GSTR-9C for the financial year 2020-21 has been extended from 31.12.2021 to 28.02.2022," the Central Board of Indirect Taxes & Customs (CBIC) tweeted. GSTR 9 is an annual return to be filed yearly by taxpayers registered under the Goods and Services Tax (GST). It consists of details regarding the outward and inward supplies made or received under different tax heads. GSTR-9C is a statement of reconciliation between GSTR-9 and the audited annual financial statement. Furnishing of the annual return is mandatory only for taxpayers with aggregate annual turnover above Rs 2 crore while reconciliation statement is to be furnished only by the registered persons having aggregate turnover above Rs. 5 crore.
A grand tax loophole for the ultrawealthy is very easily multiplied
Once aimed at small businesses, it's a popular way for Silicon Valley founders and investors to avoid taxes on investment profits
 "A grand tax loophole for the ultrawealthy is very easily multiplied")
Govt says GSTN portal working fine as tax consultants list glitches
Industry associations seek extension of deadline to file annual returns.
 "Govt says GSTN portal working fine as tax consultants list glitches")
What does the industry expect from upcoming GST council meet?
The Centre is likely to convene GST Council meeting next month. On the agenda will be a rationalisation of taxes and inverted duty structure for certain goods. Find out what to expect from the meeting
 "What does the industry expect from upcoming GST council meet?")
