Finance Act

The government is estimated to have forgone around Rs 99,000 crore in revenue in the 2023-24 fiscal on account of tax incentives extended to corporates, Minister of State for Finance Pankaj Chaudhary said on Tuesday. Corporate tax rates have been gradually reduced since 2016 while phasing out the exemptions and incentives. In a written reply in the Rajya Sabha, Chaudhary gave the estimated revenue forgone due to the tax incentives by way of various deductions in corporate tax, from FY 2019-20 to 2023-24. The corporate tax revenue foregone in 2023-24 stood at Rs 98,999, followed by Rs 88,109 crore and Rs 96,892 crore in 2022-23 and 2021-22, respectively. In 2020-21 and 2019-20, the total corporate tax revenue foregone was Rs 75,218 crore and Rs 8,043 crore respectively. The minister was replying to a question from AAP MP Raghav Chadha on the estimated loss to the exchequer due to the corporate tax reductions from 2019-20 to 2024-25, and for the financial year (2024-25). Estimated

The new CII will apply to FY26 capital gains computations and benefit taxpayers selling land or buildings acquired before July 23, 2024 who opt for indexation

CBDT raises Cost Inflation Index to 376 for FY26, offering tax relief on capital gains for assets bought before July 23 2024. New rules reduce indexation scope under Finance Act 2024

Rule 9 of the Customs and Central Excise Duties Drawback Rules, 2017 and proviso at Para 2(1)(b) of notification no.76/2001-Cus (NT) dated 23rd September 2021 put a cap on the amount of drawback

Remember that an updated ITR can't be used to declare lower income, claim losses, or request more refund

Not every income tax department operation is a 'raid'. Here is what the I-T Act says about 'surveys' and 'searches'

Those with income from business or profession, who have availed deduction on cess/surcharge, must do so by March 31

Chartered accountants' group asks CBDT to do away with PAN requirement for filing form electronically

The section introduced in the Finance Act, 2022 to reduce evasion and widen the tax base has some conflicting provisions apart from other challenges

From July 1, TDS of 1 per cent will be levied on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year

Those with an annual turnover of up to Rs 5 crore can file quarterly returns, if they choose so

Vodafone Plc is required to give a declaration to the Income-Tax Department, withdrawing all legal proceedings against the government over the levy of retrospective taxes

Here's a selection of court hearings scheduled for Wednesday

Presumptive taxation provisions allow companies below a threshold to not keep detailed accounts of books.

The financial year 2021-22 has started well, except that the anxieties due to the spread of coronavirus in India and abroad have increased. Hopefully, they too shall pass

Experts say levy will cause compliance problems for taxpayers, having come so late. Companies will have to do a lot of adjustments in their own systems while trying to comply with this newly clarified

The Finance Act, 2015, had introduced Section 9A to encourage fund management activity from India and provide a safe harbour to onshore managements of offshore funds

The house passed the Bill, envisaging spending of Rs 110.4 trillion during the financial year 2020-21 after Speaker Om Birla applied 'guillotine' on demands of grants for various ministries.

Change in inflation target must be based on solid evidence

A recent Supreme Court ruling can lead to serious tribunal justice reform