Finance Act

Govt forgone ₹99K cr in FY24 due to corporate tax incentives: MoS Finance

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

CBDT sets Cost Inflation Index at 376 for FY26 for capital gains

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 to ease capital gains tax

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

Customs can ask for purchase invoices from exporters claiming DBK, Rodtep

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

Correct errors and omissions in income-tax return with updated return

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

Income tax 'raids': What is the difference between surveys and searches?

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

Apply for re-computation of income under Rule 132 to avoid tax penalty

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

Overseas firms see compliance burden increasing to get tax treaty benefits

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

Experts raise several red flags around section 194R of the Income Tax Act

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

Transactions to paper trail: CBDT clears the air on TDS levy on cryptos

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

New provision from Jan 1: GST officials to make surprise recovery visits

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

Centre notifies rules to settle Vodafone retrospective tax case

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

Mehul Choksi appeal to 5G network: Key court hearings on Wednesday

Here's a selection of court hearings scheduled for Wednesday

New ITR forms aligned with changes in Finance Act: Check details here

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

Robust kickoff to FY22 marred by anxieties over Covid resurgence

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

Finance Act fails to address industry concerns over equalisation levy

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

CBDT sets a minimum fee for managers of India-based offshore funds

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

Lok Sabha passes Appropriation Bill authorising govt to draw Rs 110 trn

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.

Welcome review

Change in inflation target must be based on solid evidence

Mismatch of perceptions leads to abuse

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