Page 23 - Tax

Windfall tax on domestic crude oil cut to nil, on export of diesel halved

This means crude oil, aviation turbine fuel (ATF), and petrol will not attract windfall tax

Debt mutual funds log Rs 40K-crore inflow before tax tweak cut-off

Investors snap up popular medium- to longer-duration debt funds to lock in higher returns

Centre cuts all windfall tax on domestically produced crude oil from today

Previously in March, the Centre had slashed the windfall tax by Rs 900 per tonne to Rs 3,500 per tonne from Rs 4,400 per tonne

FinMin notifies GST amnesty scheme for non-filers, small businesses

Enterprises can apply for revocation of cancelled GST registration by June 30 after paying due taxes, interest and penalty

Jharkhand's commercial tax dept posts 114% collection in FY 2022-23

Jharkhand's Commercial Tax department posted a record collection of over Rs 21,000 crore for the financial year 2022-23, state Finance minister Rameshwar Oraon said. The target for the department for 2022-23 fiscal was Rs 18,500 crore. "The department's revenue collection is around 114 per cent against the target till Friday evening for 2022-23 fiscal. Against the target of Rs 18,500 crore, the collection reached over Rs 21,000 crore by Friday evening, which means Rs 2,500 more than the target. We hope Rs 10-15 crore will be added more to the collection by night," Oraon said, while briefing media persons on Friday. In 2021-22, the department had earned Rs 19,750 crore against the target of Rs 16,500 crore. "In 2021-22 fiscal, the collection was also more than the target but it had been achieved due to Centre's GST compensation to the states," he said. Since the GST compensation was applicable for only five years, the Centre stopped the release of compensation from July 1, 2022. "Th

From insurance policies to MFs, here are the new tax rules from April 1

What changes: Tax on proceeds from high-value insurance policies, higher tax on debt MFs and more

Hike in withholding tax rate: Indian arms of MNCs may not feel sharp pain

India's tax treaties with most major economies cap withholding tax on royalties and technical fee at 10%

Share of govt employees paying individual tax has doubled in 9 years

In FY21, the time till when data is available, the number of government employees paying personal tax increased to 12.8 million, out of 68.4 million personal taxpayers

Indian banks to gain $36 bn in deposits as mutual funds get taxed

The move comes as a respite for the financiers as the widening gap between credit off-take and deposits has sparked risks of asset-liability mismatches and pushed up funding costs

Tax treatment

Major changes without debate should be avoided

Removal of LTCG tax benefits on debt MFs pushes corporate bond yields

Following govt's latest move, tax would be computed on based the investor's tax bracket; levy could be as high as 30%; Centre's step puts the tax for MF units at parity with that for bank FD

Finance Bill 2023: Debt MF tax changes to hit fund houses; AMC stocks fall

Industry expects inflows shrinking in the medium to long-horizon debt funds

March 31 is here: Link PAN with Aadhaar, file updated ITR & submit Form 12B

Linking PAN with Aadhaar, submission of Form 12B are other tasks that must be completed be before this date

Experts welcome changes related to withholding tax hike in Finance bill

As per the Finance Bill, specified mutual funds where at least 65 per cent investment are in equity shares of domestic companies are also included in scope of the above deeming provision

Windfall tax on crude oil slashed to Rs 3,500/tonne, duty on diesel hiked

Petrol and Aviation Turbine Fuel (ATF) have been exempted from the export levy

Govt evaluating measures to bring down tax burden on PE/VCs in India

It is expected to be introduced in Parliament's monsoon session

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Top headlines: UBS needs RBI nod for C-Suisse, windfall tax on oil slashed

Business Standard brings you top headlines at this hour

Tax demands of Rs 13,566 cr raised in 4 fiscals under black money law: Govt

The income tax department raised tax demands amounting to Rs 13,566 crore during the last four financial years under the black money law to deal with undisclosed foreign income and assets, the government told Parliament on Monday. In a written reply to a question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary informed that 183 assessment orders were passed in 2021-22 and a demand of Rs 5,350 crore was raised under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. In the four fiscals starting 2018-19, a total of 349 assessment orders were passed and a demand totalling Rs 13,566 was raised. The minister also informed that 648 disclosures involving undisclosed foreign assets worth Rs 4,164 crore were made during three months of a one-time compliance window, which closed on September 30, 2015, under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The amount collected by way of tax and pena

How brands use the 'for women' gimmick to sell products at a premium

While brand experts count on aspirational value, the undue premium on personal care remains discriminatory