Page 26 - Tax

New tax regime won't endanger country's savings rate: Revenue secretary

Household savings through tax saving instruments is just Rs 4 lakh crore, which is 16 per cent of total savings, and shifting to new tax regime won't endanger the country's savings rate, Revenue Secretary Sanjay Malhotra said on Friday. He said the total household savings today are 27-30 per cent of India's GDP and the schemes announced in budget, especially for senior citizens and women, will help the country in improving the savings rate. "I would also like to point out that the savings through tax exemptions is actually a very small portion of the total savings of our country, which are about Rs 25 lakh crore for households. Savings through tax (saving) instruments are only Rs 4 lakh crore. You know people are now investing otherwise," Malhotra said at a CII post-budget event. To encourage taxpayers to shift to exemption-less tax regime, the Budget 2023-24 has proposed changes to the new optional tax regime which provides that no tax would be levied on annual income of up to Rs 7

Budget 2023: New tax regime (II) can help you save more in taxes

But high-income individuals who avail of a variety of deductions will still prefer the old regime

Union Budget 2023-24: Advantage MFs after tax blow on MLDs, insurance

Investors may divert flows towards debt funds, say experts

Budget 2023: 80,000 start-ups exempt from angel tax, says govt

The Union Budget 2023 on Wednesday proposed to extend the angel tax provisions to transactions involving foreign investors

Budget 2023: Allocation to schemes for boosting exports increased

Allocation for the commerce department's key Remission of Duties and Taxes on Export Products (RoDTEP) scheme has been increased by 10 per cent

Over 50% taxpayers may shift to new tax regime: Revenue secretary

"Goods and Services Tax (GST) growth is estimated at 12 per cent as we expect the economy to do better domestically. However, keeping excise and customs in mind, we lowered the overall target"

Our capex increase accounts for global slowdown: Finance secy TV Somanathan

"The government's welfare schemes are quite large, comprehensive, well spread and the emphasis is on implementation rather than on budget provisions"

Budget 2023: Understanding 20% TCS on foreign remittance transactions

Budget 2023: Earlier, a 5 per cent tax collected at source was levied on foreign remittances

A balanced Budget against the backdrop of global uncertainties

Tax reliefs are expected to leave more money in the consumers' hands. While the aim is to boost consumption, the extent of the impact remains to be seen

Best of BS Opinion: Macro-fiscal question, Tax proposals a mixed bag & more

Here is the best of Business Standard's opinion pieces for today

Devolution to states: Cess, surcharge help Centre keep major chunk of taxes

Among a few tweaks to surcharges, Sitharaman announced the Centre would reduce the highest surcharge levied under personal income tax from 37 per cent to 25 per cent under the new tax regime

Budget 2023: Riding on robust collections, govt realistic on tax target

The budget pegs tax revenue at Rs 33.6 trillion, which is higher by 10.4 per cent over Rs 30.4 trillion projected in revised estimates for the current financial year (FY23)

Making the regime less taxing: Pain points & what's on offer in Budget

New co-operatives commencing manufacturing activities till March 31, 2024, will get the benefit of a lower tax rate of 15% , currently available to new manufacturing companies

Budget ends tax advantage in MLDs, move to impact wealthy investors

Products that invest in fixed-income and derivative instruments enjoyed taxation for bonds

Blackstone group entity gets Delhi High Court relief in income tax case

Delhi HC sets aside reassessment proceedings, asks revenue dept to re-examine the issue

Industrialists in Chhattisgarh freed from a hefty 'unwarranted' tax

Owners of the facilities located in the Urla Industrial Growth Centre - on the outskirts of capital Raipur - were in a fix over the huge penalty imposed due to a reported administrative error

Power ministry proposes tax-paid green bonds issuance, says report

The bonds are lucrative to investors, while marginally reducing the cost of funds as there is a difference in issuers' tax rate and investors' tax bracket, the official said

Indian gaming industry seeks clear tax regime, duty credit scrips in Budget

Budget 2023: They also suggested that the Centre can also consider levying separate tax slabs for each game category, like casual games, fantasy games and esports

Taxing times: Businesses face tax heat over deductions claimed for cess

CBDT tells I-T officials to nudge entities; move could help garner over Rs 5,000 cr

Govt should scrap windfall profit tax on domestic crude oil: FICCI

The government should scrap the windfall profit tax on domestically produced crude oil as the levy is adversely impacting the capex-intensive exploration of oil and gas, the industry said in its recommendation for the forthcoming annual budget. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, a Rs 23,250 per tonne (USD 40 per barrel) windfall profit tax on domestic crude production was levied. The new tax, which was also slapped on the export of petrol, diesel and ATF, is calibrated every fortnight in step with international oil prices. Industry chamber FICCI in its recommendations for the Budget, said such levy is in addition to all other existing levies. "It is recommended that the Special Additional Excise Duty (SAED) on petroleum crude should be removed or if there is a need to continue the levy for some time as an extraordinary measure then the rate be changed to an ad-valo