Page 4 - Taxation

Shareholders expect Reliance Industries to unlock value in telecom, retail

Timeline for the listing of Jio Platforms and retail likely in next annual general meeting

Windfall tax: RIL's refining margins to be hit by upto $8/bbl, say analysts

The government has imposed a sharp windfall tax of Rs 13 per litre on diesel exports and Rs 6 per litre on gasoline exports

More upside in ITC stock with some help from stable taxation of cigarettes

Analysts say while valuations of global tobacco peers are back to pre-pandemic levels, ITC still trades at a 24% discount to its Jan 2019 valuation of 25.4x one-year forward EPS

GST tweak on food items to plug revenue leakages, says CBIC chief

Says it will build a robust tax system without being intrusive

Get a fix on key changes in the new Income Tax Return Forms for AY 2022-23

The forms are quite elaborate and seek a lot of information, so get the documentation and paperwork ready, and make complete disclosures while filing returns

G7 close to agreement on taxation of world's largest companies: Report

A G7 deal could be agreed as early as Friday after progress was made among top officials in recent days

The importance of being tax transparent

It is time for businesses to take stock and gear up by creating capacity and information system to anticipate new taxes and regulations around ESG and ability to factor this in their business planning

What is windfall tax on oil companies?

Crude oil price is rising. As the burden on people's pocket is increasing, experts are suggesting one-time 'windfall tax' on companies that have profited from the price rise. What is 'windfall tax'?

WEF 2022: Oxfam calls for wealth tax to benefit women in informal sectors

During a session on gender parity at the WEF 2022 at Davos, Bucher noted that billionaire wealth has risen greatly during the two years of the pandemic

Taxpayers can now claim refund of IGST on ocean freight, say Experts

Indian importer is liable to pay IGST on the 'composite supply' in a CIF contract, a separate levy for the supply of services' by the shipping line would be in violation of ... the CGST Act: SC

Collect Form 10BE before May 31 for availing tax deduction under Sec 80G

Check the information therein carefully and get any error corrected before this deadline

Fuel tax cuts: K'taka CM says economy has to be kept in mind

Bommai also said that if other states reduce the taxes, it will help neighboring states

Net direct tax collection reaches highest figure of Rs 14.09 trn in FY22

The net direct tax collection has increased by 49.02 per cent during financial year 2021-22

Top headlines: Fall of extreme poverty, regulation of gaming industry

Business Standard brings you top headlines of the day

Domestic gold spot exchanges face tax hurdle, unlikely to start ops

IBJA has also suggested to the govt to create a notional entity wherein all GST is immediately refunded by the govt to the trader as soon as gold is deposited in the vault

The 1% tax that has India's cryptocurrency industry predicting chaos

Along with the capital gains charge, the finance ministry announced a 1% tax deductible at source, or TDS, on all digital-asset transfers above a certain size, starting July 1

Mukesh Ambani family case: I-T department concludes tax proceedings

Assessment order passed under section 10(3) of Black Money Act

Russia-Ukraine war disrupting global supply chains: FM Sitharaman

'Focusing on growth, recovery with predictable tax regime'

FinMin proposes changes to Finance Bill for crypto assets' taxation

FM Sitharaman is expected to move an amendment clarifying that no tax deduction or set off would be available in place of mining cost of crypto assets and other VDAs or losses from their transfer

Over 66.3 million income tax returns for FY'21 filed till March 15

Over 6.63 crore income tax returns (ITRs) have been filed for 2020-21 fiscal as of March 15, an increase of 16.7 lakh over the tax returns filed last year, the I-T department said on Wednesday. March 15 was the last date for filing ITRs for 2020-21 fiscal by corporates and other taxpayers who have to file audit reports. The last date for individuals was December 31, 2021. "More than 6.63 crore Income Tax Returns (ITRs) were filed for AY 2021-22 on the new e-filing portal of the Income Tax Department as on 15th March, 2022... This reflects an increase of over 16.7 lakh ITRs over total filing of ITRs for AY 2020-21 till March 15, 2021," the I-T department said in a statement. More than 5.43 lakh ITRs were filed on March 15, 2022, compared to 4.77 lakh last year on the due date, while over 13.84 lakh ITRs were filed in the last five days (compared to 11.87 lakh earlier). Out of the 6.63 crore ITRs filed for AY 2021-22, 46 per cent are ITR-1 (3.03 crore), 9 per cent are ITR-2 (57.6 lak