Taxation Schemes

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

Odisha AAR says separate registration must for construction work in state

The ruling is in conflict with position taken by other AARs; industry wants CBIC clarification

Tax payments: spurt in quarter-end activity may squeeze liquidity further

Interest rates on term deposits, money market instruments could go up further, even as RBI may conduct repo operations to maintain liquidity in the system

Central government to help domestic solar industry after sharp duty hike

The government may provide direct incentives to the producers of solar modules as it believes that tax cuts may lead to practical difficulties

Trust-based taxation system helping improve collections: FM Sitharaman

Finance minister Nirmala Sitharaman on Sunday said that the trust-based taxation system introduced by the government has resulted in improved collections and increase in the number of return filings. In her message on the 163rd Income Tax Day, the finance minister complimented the department for achieving the highest-ever revenue collection of over Rs 14 lakh crore in the last fiscal and expressed hope that the momentum would continue in the current fiscal too. Direct tax collections surged to Rs 14.09 lakh crore in 2021-22, registering a year-on-year growth of 49.02 per cent on the back of strong growth in mop-up from individual and corporation tax. For the current fiscal, the government has projected the direct tax collection at Rs 14.20 lakh crore. The finance minister said the government has addressed several legacy issues and removed structural deficiencies related to direct taxes with a view to foster ease of living and ease of doing business. The reforms introduced by the .

Delhi HC allows Vivo to operate accounts frozen by ED in tax evasion probe

Vivo can operate its bank accounts to the extent that a balance of Rs 250 crore is maintained in its accounts at all times, the court said

14 firms approach govt to settle retrospective taxation cases: Revenue Secy

The government in August enacted a law to end all retrospective taxation imposed on indirect transfer of Indian assets

As Vivad Se Vishwas scheme draws to close, tax officers face the heat

Vivad Se Vishwas scheme allows the waiver of interest, penalty, and prosecution for settling tax disputes due up to January 31, 2020

India losing $10.3 bn every year due to tax abuse by MNCs, evasion: Report

India is losing over $10.3 billion (about Rs 75,000 crore) in taxes every year owing to global tax abuse by MNCs and evasion by private individuals, a report said on Friday.

Covid-19: Govt extends lower withholding tax orders validity by 3 months

Due to Covid-19 outbreak, there is severe disruption in the normal working of almost all sectors, including functioning of the Income Tax department

No longer taxing: DDT removal a step in right direction, says Sebi chief

Removal of DDT will result in tax savings of 20 per cent for companies, promoters and other wealthy shareholders may be taxed as high as 43 per cent on the dividends they receive

A question of trusts

With the income tax department cancelling Tata Trusts registration, the first of a two-part article examines the flaws in the laws governing charitable trusts

Govt may tighten presumptive taxation norms, do away with some deductions

The slab rationalisation exercise will cost the exchequer Rs 70,000-80,000 crore

Direct Taxes Code panel for status quo on LTCG tax, STT; wants DDT to go

Suggests rejig of 20% and 30% slabs of personal income tax

Budget impact: KPR Mill withdraws share buyback proposal, stock dips 6%

The company said it is not permitted to meet the buyback obligations beyond the amount approved by the board of directors and the same can also be effected only with the borrowed funds.

$30 billion wiped off stock in 3 sessions as doubts on higher tax lingers

The realisation that the new tax rate applies not just to the super rich but also to trusts - a structure of choice for a large number of foreign funds that invest in the nation

Readers corner: Tax solutions

There are not many changes in the compliance requirements under presumptive taxation scheme this year