Page 6 - Taxation

Fintech firms demand further liberalisation of tax regime in Budget

The fintech industry has urged Finance Minister Nirmala Sitharaman to further liberalise the tax regime for financial sector startups in the forthcoming Budget

What does a GST probe against exchanges mean for crypto taxation?

The Directorate General of GST Intelligence recently launched a probe over alleged GST evasion against crypto exchanges. Will this nudge the govt to put a regulatory framework for cryptocurrencies?

In a sticky situation: Sebi's Special Situations Fund may run into tax wall

The tax rate for business income is 42.7 per cent after surcharge and cess

Can the Modi government shed its Nehruvian approach to taxation?

The Budget must focus on the income effect by taking steps to put more money in the pockets of those who are still earning.

Need to harmonise rules on taxation and recovery for NBFC too: FIDC

Urges govt to exempt TDS on interest payment made to NBFCs, as in the case of banks and life insurers

After papad, cheese balls another food item to trigger GST dispute

The petitioner, Savencia Fromage & Dairy Pvt Ltd, argued for its inclusion under cheese which attracts a 12 per cent rate of GST

Best of BS Opinion: Taxing investments, rookie investor's mistake, and more

Here is the best of Business Standard's opinion pieces for Tuesday

Global tax deal leaves billion-dollar loopholes, analysis finds

The October deal established a global minimum corporate tax rate of 15% aimed at curtailing profit-shifting to lower-tax jurisdictions such as Ireland

Need tax parity for Indian, foreign investors in listings abroad: Experts

Domestic investors selling shares of an Indian company listed overseas are taxed at 20 per cent.

Centre mulls tweaking law in Budget to tax cryptocurrency gains

People are already paying capital gains on income from cryptocurrencies, and the GST law provides for taxing such transactions as 'services', Revenue Secretary Tarun Bajaj told PTI

FinMin invites suggestions on taxation from industry and trade bodies

The Finance Ministry has asked for suggestions on taxation from industries and trade bodies for Budget 2022-23, which is going to set the tone for growth of India's economy hit by the COVID pandemic

G-20 heads to endorse overhaul of how countries tax multinational companies

The pact had already won support in October, in principle, from 136 governments under the auspices of the OECD, and G-20 finance ministers endorsed a framework for the agreement in July

Democrats' billionaire tax plan puts about 700 people in sights

The levy would apply to taxpayers who for three consecutive years have had assets worth at least $1 billion or have earned at least $100 million three years in a row

India in last stage of finalising details on global minimum tax: FM

Finance Minister Nirmala Sitharaman on Wednesday said India is "very close" to arriving at the specifics of the two-pillar taxation proposition at the G20 and is in last stage of finalising details

Biden tells EC commission chief the international tax system must be fair

Biden, in a call with European Commission President Ursula von der Leyen, emphasized the importance of "leveling the playing field in the international tax system," the White House said in a statement

I-T dept 'surveys' online news portals in tax case, say officials

The Income Tax department on Friday conducted separate "survey operations" at the premises of online news portals Newsclick and Newslaundry here, officials said.

CA Gokul Raj is on an accelerating path to educate youth on what it takes to be a successful CA aspirant

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Your EPF account will now show taxable and non-taxable balance

Those earning high salaries should think twice before getting it restructured

Papad, irrespective of shape, is exempt from GST, CBIC clarifies

Papad, by whatever name known, is exempt from the GST and the tax rate does not vary based on its shape, the CBIC has clarified. The clarification by the Central Board of Indirect Taxes and Customs (CBIC) came after industrialist Harsh Goenka tweeted that round shaped papad is exempt from Goods and Services Tax whereas a square papad attracts the levy. "Did you know that a round papad is exempt from GST and a square papad attracts GST? Can anyone suggest a good chartered accountant who can make me understand the logic?" Goenka, chairman of RPG Enterprises, tweeted on Tuesday. "Papad, by whatever name known, is exempt from GST vide Entry No. 96 of GST notification No.2/2017-CT(R). This entry does not distinguish based on the shape of papad. This notification is available at cbic.gov.in," the CBIC said in a late night tweet, which quoted Goenka's tweet. GST, which subsumed over a dozen local levies, like excise duty, service tax and VAT, was rolled out on July 1, 2017.

FM urges young tax officers to give ideas to amplify tech use in I-T dept

Finance Minister Nirmala Sitharaman on Tuesday urged young tax officers to give new ideas to amplify use of technology in the functioning of the Income Tax Department.