Page 19 - Tax

Top headline: Govt hikes windfall tax on petroleum crude, Nuh violence

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Top headlines: India ripe for semiconductor boom, banks' loans, and more

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Equitas Small Finance Bank Q1 PAT soars by 97.1% to Rs 191 crores

Private sector Equitas Small Finance Bank Ltd has reported a 97.1 per cent jump in its profit after tax for the April-June 2023 quarter at Rs 191.20 crore, the bank said on Friday. The bank registered a net profit at Rs 97 crore during the corresponding quarter of the previous year. For the year ending March 31, 2023, the net profit stood at Rs 573.59 crore. The total income during the quarter under review grew to Rs 1,425.32 crore from Rs 1,073.61 crore registered in the same period of last year. For the year ending March 31, 2023, the total income was Rs 4,831.46 crore. According to a bank statement, credit growth continues to remain strong with 'advances' growing at 36 per cent year-on-year and 6 percent quarter-on-quarter to Rs 29,601 crore. During the quarter under review, the bank said it registered strong disbursements growth of 47 per cent year-on-year to Rs 4,757 crore. Deposits grew by 36 per cent year-on-year and 9 per cent quarter-on-quarter to reach Rs 27,709 ...

Top headlines: Demerger of ITC's hotels biz, share transactions, and more

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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

Tiger Global, other investors ask India to reconsider online gaming tax

Over 100 gaming firms wrote a letter to the finance ministry last week, with a similar request, saying the tax will stifle foreign investment and put $2.5 billion already invested in sector at risk

Pop star Shakira in trouble as Spain's tax office initiates second probe

Pop star Shakira is facing more trouble from Spain's tax office after a court near Barcelona said Thursday that it had agreed to open an investigation into a second case of alleged tax fraud by the Colombian singer. Shakira is already set to face trial at a date to be determined for allegedly failing to pay 14.5 million euros (USD 13.9 million) in taxes on income earned between 2012 and 2014. The entertainer has denied any wrongdoing. Now, a Spanish judge has agreed with state prosecutors to probe two possible cases of tax fraud by Shakira from 2018. The court said it had no information on how much money was in question. Both cases are being handled by a court in the town of Esplugues de Llobregat, near Barcelona. The first case that is set to go to trial hinges on where Shakira lived during 2012-14. Prosecutors in Barcelona have alleged the Grammy winner spent more than half of that period in Spain and should have paid taxes in the country, even though her official residence was i

G20 FMs discuss ways to improve tax transparency, anti-evasion measures

G20 finance ministers on Tuesday discussed strategies to implement strategies for overhauling the global tax norms to ensure that multinational companies pay taxes wherever they operate. The two-day G20 finance ministers and central bank governors meeting being held under India's Presidency also discussed ways to help low and middle income countries reeling under huge debt burden. The meeting being chaired by Finance Minister Nirmala Sitharaman invited views on the way forward in international taxation with regard to implementation of measures to check tax evasion. "Finance Ministers and Governors were also invited to discuss strategies for capacity building to support implementation of 'Two Pillar Solution' and enhancing global #taxtransparency under #G20India Presidency," the Finance Ministry tweeted. The proposed two-pillar solution consists of two components, including re-allocation of multinational companies' additional share of profit to the market jurisdictions where they ..

India to push G20 to raise share of taxes on cos which earn excess profit

More than 140 countries were supposed to start implementing next year a 2021 deal overhauling decades-old rules on how governments tax multinationals

Top headlines: Govt raises windfall tax, Chandrayaan-3 lift-off, and more

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India raises windfall tax on crude oil to Rs 1,600 per tonne from July 15

India had cut the windfall tax on petroleum crude to zero from Rs 4,100 ($50.13) per metric tonne, in May

IRS says it collected $38 mn from over 175 high-income tax delinquents

The IRS is showcasing its new capability to aggressively audit high-income tax dodgers as it makes the case for sustained funding and tries to avert budget cuts sought by Republicans who want to gut the agency. IRS leaders said they collected $38 million in delinquent taxes from more than 175 high-income taxpayers in the past few months. In one case, an individual had used money owed to the government to buy a Maserati and a Bentley, and roughly 100 high-income individuals attempted to get favourable tax treatment through Puerto Rico without meeting certain tax requirements. Many of those cases are expected to face criminal investigation. It just shows you how much money is out there in delinquent taxes, and there are so many more cases for us to tackle," said new IRS Commissioner Daniel Werfel, just four months into the job. There's just a significant opportunity there. The agency did not provide figures for how those high-dollar tax collections compared with previous years. Werf

No GST on replacement of parts during warranty period, says council

Clarification provides certainty on the tax treatment of warranty repairs, say experts

India to reject call for anti-subsidy tax on some Chinese steel products

As per World Trade Organisation rules, a member country is allowed to impose an anti-subsidy duty if a product is subsidised by the government of its trading partner

No need to rethink after online gaming tax backlash: Revenue secretary

The government's decision, announced late on Tuesday, was met with dismay in the $1.5 billion industry, and shares of casino operator Delta Corp and other online gaming companies plunged

GST Council was unanimous in its decision, says revenue secretary

The government's decision, announced late on Tuesday, created an uproar in the $1.5 billion industry, with shares of casino operator Delta Corp & other online gaming firms plunging in Wednesday trade

Countries agree to extend digital services tax freeze through 2024: OECD

The first part of the two-pillar deal aims to reallocate taxing rights on about $200 billion in profits from the biggest and most profitable multinationals to the countries where their sales occur

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50th GST Council meet underway, taxation on online gaming on agenda

The 50th GST Council meeting started on Tuesday and is likely to deliberate on a host of issues including taxation of online gaming, definition of utility vehicles and tightening of norms for registration and claiming of ITC. At the beginning of the meeting taking place in the national capital, Finance Minister Nirmala Sitharaman released a short film titled 'GST Council - 50 steps towards a journey'. In 49 meetings held so far, the Council has taken approximately 1,500 decisions in the spirit of co-operative federalism, the office of Nirmala Sitharaman tweeted. "The 50th meeting is a milestone which indicates success of cooperative federalism and establishment of a good & simple tax regime," the tweet said. Sitharaman also released a Special Cover and customised 'myStamp', which was presented to her by the Chief Post Master General, Delhi Circle India Post Office, the finance ministry tweeted. The GST Council is chaired by the Union Finance Minister and comprises ministers from .

CBIC issues SoP to check use of freebies to lure voters during elections

The CBIC has come out with detailed instructions for tax officers to implement the directions of the Election Commission with regard to the use of freebies, illicit cash, liquor and drugs to lure voters, and asked them to share information with other enforcement agencies. The GST and Customs officials will also be required to monitor the distribution of coupon-based or free fuel or cash for alluring prospective voters under the new Standard Operating Procedure (SoP). The officials would also monitor fuel consumption by candidates and parties and keep a tab on expenditure on food, hotels, parties, tent house etc. The GST officers would keep an extensive check on restaurant/eateries, marriage hall/ farm houses/ slaughter house/ meat house in the poll-bound area, said a detailed SoP issued by the Central Board of Indirect Taxes and Customs (CBIC). The GST and Customs officials would also set up "flying squads and static surveillance teams" for the effective conduct of road and transit