Page 11 - Tax

Capital gains

Simplifying taxes will improve collection

Tax a fundamental issue: L&T CFO Raman on retaining labour in India

"The biggest differentiator is the tax-free income there versus growing tax here," said R Shankar Raman, chief financial officer and whole-time director for L&T

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

Union Budget 2024: Beginning of remarkable direct tax reforms by Modi 3.0

Income tax changes in Budget 2024: On the personal income-tax front, the tax slab rates have been rationalised only under the new tax regime

Globally-mobile millionaires threaten to leave Britain over tax revamp

Starmer says the overhaul will make Britain's tax system fairer and raise funds for stretched public services

Govt hikes windfall tax on crude petroleum to Rs 7,000 per tonne

The government on Monday hiked windfall tax on domestically produced crude oil to Rs 7,000 per tonne, from Rs 6,000 per tonne. The tax is levied in the form of Special Additional Excise Duty (SAED). The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at 'nil'. The new rates are effective from July 16, an official notification said. India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.

Registration fee waiver criteria met: Hybrid carmakers to UP govt

Strong hybrid car sales won't affect growth of electric cars, they argue

Tax tribunal rulings open doors to more firms claiming CSR deductions

Orders expected to settle matter but chances of the authorities questioning such deductions not ruled out, say tax experts

Tesla's quarterly deliveries beat estimates on incentives; shares rally

Shares of the world's most valuable automaker rallied more than 10% on Tuesday, hitting the highest level in nearly six months

Global tax deal: With MLC deadline gone, DSTs may be reinstated on tech cos

Another tax expert, privy to the developments, added, "The EU countries may soon start asking US tech giants to pay the unpaid taxes soon if the deal is not reached"

Budget should raise basic exemption to Rs 3.5 lakh under new tax regime: EY

The government should double standard deduction under the new concessional tax regime to Rs 1 lakh or increase the basic exemption limit to Rs 3.5 lakh in the upcoming Budget, tax and consultancy firm EY said. Listing out the priorities on taxation reforms in the upcoming Budget, EY said the government should prioritise streamlining tax structures, enhancing policy frameworks to promote economic growth, and fostering a conducive environment for investment and development. EY also suggested that stability in corporate tax rates be maintained, TDS provision rationalised as well as streamlining dispute resolution as possible areas for consideration in the Budget to be tabled in Parliament next month. On the personal tax front, the concessional tax regime without exemptions/ deductions should continue, it said. To make it more attractive, the standard deduction under concessional tax regime may be increased to Rs 1 lakh instead of existing deduction of Rs 50,000 or the basic exemption

Seven years on

Reform of GST, rates included, is overdue

Taxpayers can now amend sales return form GSTR-1 before GST payment

GST taxpayers will now have the option to amend outward supply or sales return form GSTR-1 before payment of taxes for a month or quarter. The GST Council in its meeting on Saturday had recommended providing a new optional facility by way of Form GSTR-1A to facilitate taxpayers to amend the details in Form GSTR-1 for a tax period and/or to declare additional details. GSTR-1A will, however, have to be filed before filing of return in GSTR-3B for the said tax period. This will facilitate the taxpayer to add any particulars of supply of the current tax period missed out in reporting in form GSTR-1 of the said tax period or to amend any particulars already declared in GSTR-1 of the current tax period (including those declared in IFF, for the first and second months of a quarter, if any, for quarterly taxpayers), to ensure that correct liability is auto-populated in GSTR-3B. Currently, GST taxpayers file outward supply return GSTR -1 by the 11th day of the subsequent month. Taxpayers wi

Govt considers tax reductions as part of $6 billion consumer boost

Officials in the Ministry of Finance have discussed proposals to reduce taxes for consumers with the highest propensity to spend

Hike GST exemption limit for firms with up to Rs 1.5 cr turnover: GTRI

Think tank GTRI on Friday suggested a host of reforms like increasing GST exemption limit for firms with up to Rs 1.5 crore turnover, reducing the number of slabs, and doing away with state-wise registration to make GST more efficient, business-friendly, and contributing to economic growth. As the implementation of Goods and Services Tax (GST) celebrates its 7th anniversary, having launched on July 1, 2017, it has become the world's largest platform for indirect taxes with over 1.46 crore registrations, Global Trade Research Initiative (GTRI) said. In FY24, GST collections reached Rs 20.18 lakh crore (USD 243.13 billion), with 29.85 per cent from imports, 26.92 per cent from inter-state supplies, and 43.23 per cent from within-state supplies. The dominance of within-state supplies highlights the need to simplify GST rules to promote inter-state trade, the global trade research body said. GTRI also suggested increasing the GST exemption limit for firms with annual turnover of up to

Deceased's tax dues: Heir's liability capped at value of inheritance

Not filing an ITR or paying the tax dues on the deceased's behalf can lead to penal consequences

Modi govt has increased devolution of taxes to states: Hardeep Singh Puri

On Sunday, Karnataka became the first state to raise taxes on petrol and diesel after the General Elections 2024

Trade bodies in Rajasthan seek budgetary, tax reforms to boost development

"This force should also be responsible for budgetary reforms of the state government," said Kailash Sharma, senior vice-president of ARTIA

Govt's tax devolution to states for June 'third-rate PR', says Congress

The Congress slammed the Centre on Monday after it authorised the release of tax devolution to states for June and said this is "third-rate PR" trying to pass off what is legitimately due to states as some "prasad" being distributed. The Centre on Monday authorised the release of tax devolution of Rs 1,39,750 crore to states for June. It was decided that apart from the regular release of the devolution amount for the month of June 2024, one additional instalment will be released, the finance ministry said in a statement. Congress general secretary Jairam Ramesh said, "The finance ministry has just announced what is being billed as a major tax devolution to states. Undoubtedly this has been done at the behest of the 'one-third' PM." "Tax devolutions to states are no special favours being done by men of non-biological origin. They are Constitutional entitlements determined by the finance commission," Ramesh said in a post on X. "This is third-rate PR trying to pass off what is ...

CBIC clarifies on display assembly of phones for levy of 10% import duty

The CBIC on Friday listed out parts or components, such as touch panel, cover glass, LED backlight, which constitute the display assembly of a mobile phone and will attract 10 per cent import duty. It also said components, including frame, SIM tray, side keys like power/volume button, when fitted/attached to the display assembly, that integrated display assembly can be imported at the concessional 10 per cent customs duty. In a circular, the Central Board of Indirect Taxes and Customs (CBIC) said currently a concessional basic custom duty (BCD) rate of 10 per cent is imposed on display assembly for use in manufacture of a cellular mobile phone and a nil BCD rate on inputs or parts for use in manufacture of a display assembly for use in manufacture of a cellular mobile phone. It said certain cases of misdeclaration by importers were intercepted by the Directorate of Revenue Intelligence (DRI) and other field formations and demand notices were issued in certain cases as well. With th