Page 10 - Tax

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

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

Why there is an urgent need to rationalise both GST slabs and rates

Rationalisation of the tax structure is expected to be discussed in the GST Council meet on Sep 9. The group of state ministers would be well advised to initiate the process

Got tax refund text? Verify source, don't divulge sensitive information

They sometimes misuse personal information collected during tax preparation, leading to identity theft or unauthorised financial transactions

PhonePe turns profitable with adjusted PAT, revenue up 74% for FY24

This is the first time the company has reported profit on consolidated numbers

MIF launches one-stop portal for NRIs; will help resolve tax issues

Owing to tax-related changes in India, Rajasthani NRIs face difficulties related to investment provisions in India, Vijay Garg, founder and general secretary of MIF, said

Low tax is India's lure as green debt misses nation's sovereign bond boom

The nation will allow the trading of sovereign green debt from its newest finance hub in Prime Minister Narendra Modi's home state of Gujarat by March

Hero MotoCorp gets over Rs 17 cr tax notice from Delhi GST authorities

Hero MotoCorp on Sunday said it has received a demand notice of over Rs 17 crore from Delhi GST authorities. The company has received an order dated August 17, 2024, for disallowance of input tax credit for FY 2019-20 from the Office of the GST Officer, Government of NCT of Delhi, the two-wheeler major said in a regulatory filing. The company said the tax demand is for Rs 9,38,66,513, interest Rs 7,32,15,880 and penalty Rs 93,86,651 as per the notice. Based on the company's assessment, the tax demand is not maintainable in law, it added. The input tax credit disallowed by the office of the GST Officer, New Delhi, was rightfully claimed by the company as per the provisions of the GST law but disallowed on account of the supplier's non-compliance, which is not attributable to the company, Hero MotoCorp said. Accordingly, the company shall take appropriate steps, including filing an appeal, it added. There is no material impact on financials, operations or other activities of the ..

Maruti to increase deferred tax liability provision by Rs 850 cr in Q2

Maruti Suzuki India on Saturday said it would need to increase provision for deferred tax liability by around Rs 850 crore due to the withdrawal of indexation benefit while calculating long-term capital gains on debt mutual funds. The company was making accounting provisions for deferred tax liability on fair value gains on these investments, Maruti Suzuki India said in a regulatory filing. A one-time impact on profit after tax will be felt in the second quarter of the ongoing fiscal, it added. In the Finance (No.2) Act 2024, the indexation benefit has been withdrawn while calculating long term capital gains on debt mutual funds which were purchased prior to April 1, 2023, it added. "Due to withdrawal of indexation benefit and change in rate of tax from 20 per cent plus surcharge and cess (with indexation) to 12.5 per cent plus surcharge and cess (without indexation), accounting provision for deferred tax liability so created needs to be restated," the automaker said. Consequently

Unilateral environment measures like carbon tax hamper global trade: Govt

India on Saturday said that unilateral environmental measures such as the European Union's (EU) carbon tax do not reflect the principles of equity and hamper equitable world trade. Commerce Secretary Sunil Barthwal said that the Global South countries are facing challenges both in terms of developing climate and sustainable development strategies and responding to unilateral measures such as CBAM (carbon border adjustment mechanism). "Unilateral environment measures do not reflect the principles of equity and common but differentiated responsibilities; and hamper equitable world trade," he said in a virtual address at the third Voice of Global South Summit. India has on different platforms raised its concerns over the EU's decision to impose carbon tax on certain sectors as it would hurt the country's exports. The country is in discussions with the EU on the subject. The EU has decided to impose a CBAM, or carbon tax, which will come into effect from January 1, 2026. Initially, it

Consult board on law interpretation while auditing: CBIC to GST officials

The CBIC has asked GST officers conducting audit to refer to the board those cases where they face issues of conflicting interpretation of provisions of the tax law. In an instruction to field offices, the Central Board of Indirect Taxes and Customs (CBIC) said during the process of audit, a CGST Audit Principal Commissioner may come across a scenario where a taxpayer has followed a prevalent trade practice based on particular interpretation of Goods and Services Tax (GST) law and more than one such interpretation of the law could result in litigation. "In such cases, it is desirable that the zonal (Pr.) Chief Commissioner make a self-contained reference to the relevant policy wing of the Board i.e. the GST Policy or TRU (Tax research Unit)," the CBIC said, adding that the Commissioner would make the reference before conclusion of the audit and before issuing show cause notice to promote uniformity and avoid litigation. Moore Singhi Executive Director Rajat Mohan said industry has .

MTNL-BSNL service agreement awaits as DoT checks for tax implications

The 10-year service agreement is crucial for MTNL which is struggling with a heavy debt load of Rs 31,944.51 crore as well as facing operational challenges

Mistaken notice

Giant tax demands should not be rushed

Govt to not give any relaxation in its Rs 32,000 cr GST demand on Infosys

Shares of Infosys, which were up 1.6% before the news amid a broader market rebound, briefly trimmed gains to about 0.3%

Govt decreases windfall tax on petroleum crude to Rs 4,600 per tonne

The SAED on the export of diesel, petrol and jet fuel or ATF has been retained at nil

Sovereign Gold Bond 2016 to yield 12% annual return on maturity on August 5

Investors have earned an annual interest rate of 2.5% over the past 8 years on Sovereign Gold Bonds

Mutual fund body Amfi calls for roll back of equity tax, STT hike

Says higher tax will disrupt financialisation of savings

FMCG major Colgate-Palmolive receives Rs 248.74 cr tax demand notice

Colgate-Palmolive (India) Ltd has received a tax demand notice of Rs 248.74 crore from the Income Tax Authority in a transfer pricing-related issue. The FMCG major said it will be challenging the order before the appellate tribunal. Colgate-Palmolive India Ltd (CPIL), which operates in oral care and personal care, received notice on July 26, 2024, according to a regulatory filing by the company. The income tax demand is for the financial year ended on March 31, 2021, for transfer pricing-related issues. "The Company has received a Final Assessment Order for Assessment Year (AY) 2020-21 carrying a demand amounting to Rs 248,74,78,511/-," it said. The said demand includes interest amounting to Rs 79.63 crore, CPIL added. "The company will be filing an appeal before the Income Tax Appellate Tribunal against the said order," said CPIL adding "There is no impact on financial operations or any other activities of the Company due to this order." The demand is mainly due to transfer ...

Union Budget 2024 gives salaried individuals some relief on TDS, TCS

The Budget has proposed to cut the rate of TDS to 2% from 5% earlier for rents paid in excess of Rs 50,000 by an individual or an HUF, for a month or part thereof

Rollover benefits to continue on capital gains up to Rs 10 cr: Revenue secy

Revenue Secretary Sanjay Malhotra has clarified that rollover benefits will continue on capital gains of up to Rs 10 crore under the new structure

Success rate of buyback programs could decline under new tax structure

From October 1, the gross proceeds received on buyback of shares will be taxed in the hands of the shareholder as 'deemed dividend'