Page 2 - Tax Benefits

Time for a relook at tax on buybacks to boost shareholder returns

The legal and regulatory framework governing buybacks is primarily under the Companies Act, 2013, and the Sebi Buyback of Securities Regulations, introduced in 1998 and updated in 2018 and 2023

Can you claim full tax benefits if your co-borrower loses their job?

Tax deductions are typically available based on each co-borrower's ownership share in the property and their individual contributions toward loan repayment

Kia challenges $14 million tax demand by India over trade treaty benefits

The 101-page, July 2023 tax notice alleges the company used incorrect tax declarations for imports such as engine and door control units between 2019 and 2022

Consumption funds: Budget boost and young spenders to drive theme

The Budget's tax cuts, with an estimated revenue foregone of Rs 1 lakh crore, are expected to improve sentiment and have a multiplier effect on consumer demand

Tax saving tips: How you can legally pay zero tax on Rs 13.7 lakh salary

If you're a salaried employee, you could be saving up to Rs 96,000 in tax annually, all thanks to the NPS and standard deduction.

Almost all of govt borrowing going for asset creation: FM Sitharaman

Sitharaman spoke on issues ranging from the theme of the Budget to income tax relief and challenging geopolitical environment

Best of BS Opinion: India's Budget menu: Bold flavours or comfort food?

Our Editorial comment and columnists dissect the Union Budget 2025 to see what makes it tick, and what doesn't

Union Budget 2025: Tax breaks for SWFs in infra extended by 5 years

Investments in unlisted debentures to be treated as long-term capital gains

HC pulls up I-T dept for software: Taxpayers can now claim 87A tax rebate

Bombay High Court finds Income Tax Department's restriction on rebate claims for certain income types to be unfair and arbitrary

Budget 2025: Insurers seek tax benefits, concessions for healthcare

Insurers are hopeful of a host of tax benefits, including concessions for the insurance and healthcare sectors, from the Union Budget 2025-26 to be unveiled by Finance Minister Nirmala Sitharaman on February 1. SBI General Insurance MD and CEO Naveen Chandra Jha said that as India advances toward financial inclusivity and universal healthcare, the upcoming Budget is expected to further strengthen the healthinsurance sector. Initiatives like Bima Sugam, designed to achieve the goal of 'Insurance for All' by 2047, are expected to receive regulatory and fiscal support to address the protection gap, he noted. "Additionally, the budget is likely to focus on expanding access in underserved regions through government-private partnerships, targeted subsidies, and advancements in digital infrastructure," Jha added. Bajaj Allianz Life MD and CEO Tarun Chugh said India's economic growth presents immense opportunities for the insurance sector to enhance financial resilience. "Aligning tax ...

CBDT clarifies past investments under old tax treaties safe from new rules

The Central Board of Direct Taxes announced on Wednesday that investments under tax treaties with Mauritius, Cyprus, and Singapore will remain unaffected by the new Principal Purpose Test rule

Wrongful tax claims: File revised, updated ITR before I-T dept's scrutiny

Once a wrongful claim is detected, penalties follow

Health insurance benefits: Taxpayers' guide to getting income tax rebates

Individuals can claim a tax rebate for health insurance premiums under Section 80D of the Income Tax Act

Amnesty scheme for customs, easier taxes on India Inc's Budget wishlist

An amnesty scheme for customs, reduction in tax rates for individuals and Limited Liability Partnership firms, easier tax compliance, fast tracking of faceless appeals and a dedicated dispute resolution mechanism top India Inc's wishlist for the next Budget submitted to the government. Representatives from all four key industry bodies, CII, FICCI, ASSOCHAM and PHDCCI, have put forth detailed recommendations with regard to the Budget, to be presented on February 1, 2025, in separate meetings held with top Finance Ministry officials. Industry body FICCI sought the introduction of an "Amnesty Scheme under Customs" as a one-time settlement scheme to clear past dues, arguing that it will help the industry to reduce the baggage of litigation. Similarly, Assocham has also pitched for the introduction of a comprehensive Tax Amnesty Scheme under Customs. "A one-time settlement scheme to clear past litigations can be considered by the Government, on the lines similar to Sabka Vishwas Legacy

CG Power Q2 FY25 results: Net profit declines 10% to Rs 220 crore

CG Power and Industrial Solutions on Monday reported a nearly 10 per cent decline in its consolidated profit after tax to Rs 220 crore for three months ended September 2024. Its profit after tax (PAT) was Rs 244 crore in the year-ago quarter. Aggregate sales for the quarter increased 21 per cent to Rs 2,413 crore during the July-September quarter of the current fiscal from Rs 2,002 crore in the same quarter of 2023-24, the company said in a stock exchange filing. The order intake for the second quarter rose 42 per cent to Rs 3,302 crore, and the unexecuted order backlog stood at Rs 7,965 crore (48 per cent higher year-on-year) as of September 30, 2024. Its consolidated results include the performance of the operating subsidiaries in Sweden, Germany and Netherlands (Drives and Automation Europe), CG Adhesives Products (India), CG Semi (India), GG Tronics India and other non-operating and holding subsidiaries. On a standalone basis, the company's profit stood at Rs 223 crore, down

Malaysia announces tax breaks, incentives for Forest City development

Forest City, a joint venture between the embattled Country Garden and a private Malaysian company backed by the country's king, has been beset by problems

Windfall tax cut on crude may not impact companies and govt: Analysts

Analysts say move in line with falling global oil prices and shrinking upstream profits

Australia's Lendlease reports $1 bn loss amid strategy shift, delays

The country's largest property developer reported a full year loss after tax attributable of A$1.50 billion ($1.00 billion) as compared to a loss of A$232 million a year ago

Share buyback tax regime to change from October 1: What this means for you

The new share buyback tax rules in India are designed to create a more equitable tax environment. However, the changes will have varying impacts on different stakeholders

Start, maintain Public Provident Fund account, even in new tax regime

Since PPF is a government-backed scheme, it offers full capital protection and guaranteed, risk-free return