Page 5 - Taxation

Sitharaman raps CBDT and CBIC for not addressing tax assessees grievances

Union Finance Minister Nirmala Sitharaman on Monday came down heavily on the tax boards for allegedly not responding to grievances of the tax assessees and directed their officials to reserve Saturdays to hold meetings with them. During the Budget Outreach Programme between Finance Ministry officials, the industry and trade bodies in Bengaluru, the General Manager and the Chief Financial Officer of the Karnataka Bank Muralidhar Krishna Rao posed a question seeking clarity on certain provisions of the GST Act and the direct tax deductions impacting the banking sector. Even before the officials responded, Sitharaman intervened and pulled up the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes & Customs (CBIC) officials. "I'm very curious to know if the CBIC and CBDT are here. Are you all engaging with your own assessees? The questions which are being asked here are not those questions where I want the secretaries of the Ministry of Finance sit here and ...

Union Budget sets agenda to provide tax predictable regime: FM

Union Finance Minister Nirmala Sitharaman on Monday said the Union Budget for 2022-23, which she had presented, stands for continuity to provide a tax predictable regime

High court quashes Rs 684 cr tax demand notice against co, says CG Power

CG Power and Industrial Solutions on Monday said that the Bombay High Court has quashed an assessment order of Rs 684.08 crore against the company issued by the I-T department.

Budget will bring stability to economy, predictability in taxation: FM

The Finance Minister further said that if India doesn't have a vision for 100 years then will suffer similarly to the first 70 years.

File a rectification request in case you have received a low refund

While recalculating your tax liability, ensure you include income from all sources

Govt wants private companies to set up new manufacturing units fast

The government wants new domestic companies to set up their manufacturing units in India fast and hence the concessional tax rate of 15 per cent has been extended by a year till March 2024

Direct tax collections expected to breach Rs 12.5-trn target: CBDT chairman

Direct tax collections are expected to breach the revised target of Rs 12.50 lakh crore and set an all-time high and "historic" record by the end of this financial year in March

TMS, Ep 100: Cryptocurrency tax, defence industry, markets, and green bonds

How will new tax rules impact crypto investors? How will the domestic defence industry get a fillip? Why are bond yields rising after Budget 2022? Get answers to these questions in today's episode

Crytocurrency tax: How will the Budget 2022 rules impact crypto investors?

A highlight of Budget 2022 was the proposal to levy 30% tax on gains from transfer of digital assets and 1% TDS on payments towards virtual currencies. What will be the impact on crypto investors?

Union Budget 2022: No tax break but important aspects addressed

NPS is the only scheme without any rupee value limit (the limit is a percentage of salary and not a specific rupee value) on the deduction

Union Budget 2022: Refile ITR within two years to fix errors

The Income-Tax (I-T) Department will introduce a new updated return, which is expected to help those taxpayers who have committed mistakes in filing their returns

Budget: Concessional rate dumped, foreign dividends now under tax ambit

The provisions of this section shall not apply from assessment year 2023-24 onwards, according to the Finance Bill

Budget 2022-23: FPIs bat for equal taxation on dividends and buybacks

Experts say current situation can lead to double taxation

BS Number Wise: A case for taxing India's rich on stock market profits

As economic inequality in the country widens, crorepatis pay very little on long-term capital gains

Taxation of ULIP proceeds to create level-playing field with MFs: I-T dept

Proceeds of high-premium Unit Linked Insurance Plans (ULIPs) has been made taxable to create a "level-playing field" with mutual funds, official sources said

Subsidies, tax rebates critical for faster adoption of EVs: Ather Energy

Hero MotoCorp-backed electric two-wheeler maker Ather Energy on Monday said subsidies and tax rebates under the FAME II policy are extremely important to push for faster adoption of electric vehicles.

Tax benefits to increase disposable income likely in Union Budget

The government may consider incremental tax benefits to increase net disposable income of the citizens in order to boost demand when it tables the Union Budget FY23 in the Parliament on February 1.

FPIs look to Budget for clarity on REIT, InvIT taxation rate

Uncertainty arises from tweak in SCRA; entities take conservative view, pay higher tax of 20% on interest income

Torture under 'transparent taxation'

Everyone had believed that faceless assessments would end corruption

Tax hike on components to make mobile PLI uncompetitive for exports: ICEA

ICEA has said that increase in taxes on components will make the products manufactured in India under the PLI scheme globally uncompetitive.