Tax Reforms

Tax reform dilemmas: Taxing agri, adjusting exemptions key to fairness

Any proposed reforms, therefore, need to be analysed from this perspective as well

Non-reporting of foreign moveable assets up to Rs 20 lakh decriminalised

Be cautious, taxman could still come after you for wilfully withholding information

Union Budget 2024-25: Propelling India's evolution into 'Viksit Bharat'

With the objective of ease of doing business and in line with recent Goods and Services Tax (GST) council recommendations, various proposals have been introduced under GST

Income tax rate cut, sops for PSUs: Brokerage expectations from budget 2024

Expectations (as measured by pre-budget equity market performance), wrote analysts at Morgan Stanley in a note, are important in determining what the market does immediately after the budget

Make tax reforms, remove exemptions on duties, sales tax: World Bank to Pak

The report reads, "Government should implement austerity measures and promote public-private partnership in government-owned companies"

Kudos to CBIC for instructions on GST investigations

For issue of summons, prior approval of an officer not below rank of assistant/deputy commissioner must be obtained and relevancy and propriety of information/documents being sought must be recorded

Job creation, MSP law: Congress manifesto vows to reset economic policy

The party omitted mentioning its promise of restoring the old pension scheme (OPS) in the manifesto

Tax reforms, reskilling of elderly needed in senior care: NITI Aayog

Protection of elderly from financial frauds needs to be ensured, says NITI

NITI Aayog pitches for tax reforms, mandatory saving plan for elderly

Government think tank NITI Aayog has pitched for tax reforms, mandatory saving plan, and housing plan for elderly in India, as the population of senior citizens is projected to reach 19.5 per cent of the country's population by 2050. In a report titled 'Senior Care Reforms in India - Reimagining the Senior Care Paradigm', NITI Aayog said a national portal for senior care must be developed for senior citizens to provide easy access of services to them. "Since the social security framework in India is limited, most seniors depend on the income generated from their savings. Variable interest rates result in the erosion of their income, sometimes even below sustenance levels. "Therefore, a regulatory mechanism is required to set a viable base rate for the interest accrued on senior citizen deposits," the report said. The report emphasised that giving a further concession to older women will contribute to their financial well-being. The elderly in India currently comprises a little ove

India Inc seeks tax reforms, R&D incentives in upcoming interim Budget: EY

EY said that no major tax amendments or reforms are expected in the upcoming Budget as evidenced from the previous Interim Budgets of 2009, 2014 and 2019

Centre authorises release of tax devolution of Rs 72,961 cr to states

The Centre on Tuesday authorised release of tax devolution of Rs 72,961.21 crore to states for November. "The Union Government has authorised the release of tax devolution of Re 72,961.21 crore to State Governments for the month of November 2023, on 7th November instead of the usual date 10th November," the Union finance ministry said in a statement. This will enable the state governments to make in-time releases and add to the festivities and celebrations among the people, it added. Currently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among states during a fiscal year.

Changing face of direct taxes: Transformation over a decade

A paradigm shift has been brought in the way the income tax department has been dealing with the taxpayers

India Inc feels time ripe for next phase of GST reform: Deloitte Survey

A Deloitte survey revealed that Indian industries believe it's time to uncover the next phase of GST reforms to enhance the ease of doing business.

One-sided policymaking

Tax concerns should not always trump citizens' convenience

Tax sops, Capex push, Adani rout: Why Sensex swayed 2,000pts on Budget day?

Budget 2023: Analysts said the Budget push in the capital expenditure (capex) outlays across sectors and the income tax relief have been the top boosters to support the domestic economy

Budget 2023 a balancing act with focus on prosperity and inclusiveness

Budget 2023: Raising of tax slabs along with reduction in peak surcharge shall result in around Rs 35,000 crore being saved by tax payers and hopefully being spent to boost consumption

USO payments should be suspended till existing funds exhausted: COAI

Reduction of license fee to 1 %, lower customs duties, and a clearer definition of Gross revenue among key industry demands submitted in budget recommendations

Global tax reform may add $250 bn a year to public coffers, estimates OECD

The Paris-based organization said it is revising up calculations of potential fiscal gains based on data showing more profits of the biggest global companies would be captured

Tax collections up by 29.66%, to enable govt roll out tax reforms

With such a surge in tax collections, government would look to unleash reforms in the coming 2023-24 fiscal, especially as far as tax administration is concerned

New tax regime: Big unexplained expenditure may lead to I-T review

Assessees seek clarity from tax consultants on the new regime, fearing reopening notices