Page 26 - Tax

Govt slashes windfall tax on diesel to Rs 0.50 per litre, nil on ATF

The government slashed windfall profit tax on export of diesel to its lowest of Rs 0.50 per litre and nil on jet fuel (ATF) while the levy on domestically produced crude oil was marginally increased, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has hiked to Rs 4,400 per tonne from Rs 4,350 per tonne, the order dated March 3 said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF). The government has also cut the tax on export of diesel to Rs 0.5 per litre from Rs 2.5, and the same on overseas shipments of ATF was cut to nil from Rs 1.50 a litre. The new tax rates come into effect from March 4, the order said. This is the second reduction in rates in a fortnight. Rates were cut on February 16. The export levy on diesel and ATF is the lowest since the tax was introduced in July last year. The tax rates are .

Green finance: Taxonomy, a clear legal definition keenly awaited

Even as the central bank is drawing up taxonomy for this emerging business, the degree of awareness at bank board level could be the weakest link yet

Will there be any tax breaks under the Budget 2023 to make the New Income Tax Regime more attractive?

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$19 bn derivative bond trade in India at risk from Modi's new tax

Analysts say a New Delhi plan to tax high-value insurance policies will reduce demand, leading the industry to cut back on bond investments

House rent allowance: Tax exemption can be claimed on rent paid to parents

Prepare an agreement, pay rent into their bank accounts, and ensure they pay tax on it

Bogus invoices row: GST authorities summon insurance intermediaries

I-T joins probe, quizzes chief financial officers seeking info on 'commissions'

Pakistan approves Bill to roll out higher taxes, nears IMF bailout

Hikes general levy to 18% from 17%, raises tax on imports of luxury items such as mobile phones to 25% from 17%

GST Council likely to decide on common audit manual for Centre, states

GST Council may take up today expert panel's proposal to avoid multiplicity of audits by central, state authorities

India lost 2 Bhutans worth of individual taxpayers to Covid-19 pandemic

Growth rate of new tax payers has been under pressure in recent years

Pakistan government introduces bill to raise Rs 170 billion in taxes

The cash-strapped Pakistan government on Wednesday introduced a money bill in parliament to raise Rs 170 billion in taxes by June this year as part of conditions by the IMF to get the next tranche of an already agreed loan. Finance Minister Ishaq Dar presented the Finance (Supplementary) Bill, 2023, in the National Assembly -- the lower house -- empowered to legislate on money matters. Pakistan and IMF officials held 10 days of marathon talks in Islamabad, from January 31 to February 9, but could not reach a deal as the fund demanded prior actions before signing any agreement to release USD 1.1 billion out of the USD 7 billion deal agreed in 2019. Speaking in the house after introducing the bill, Dar said the government was aware of the hardships of common people and tried its best to not further burden them through new taxes.

Life insurance companies plan strategy tweak to offset tax impact

Union Budget has proposed to tax high-value policies with premium aggregating to Rs 5 lakh per year to plug arbitrage that HNIs are using to get tax-free returns on policies through Section 10(10D)

IMF bailout bid: Pakistan raises tax on natural gas from 16% to 112%

US seeks partnership with Pakistan on counter terrorism, State Department said, underlining that it looks forward to efforts to eliminate regional and global terrorists and other security threats

Opt for presumptive tax scheme only if you can adhere to its rules

Higher proposed limits are a positive, but remember you must stick to the scheme for five years

Pakistan govt approves new tax on electricity to meet IMF conditions

Pakistan is moving swiftly to pacify the IMF with the approval of a new tax on electricity users, including farmers, to raise an additional Rs 170 billion in revenue to meet the conditions of the global lender, according to a statement. The International Monetary Fund delegation held 10-day marathon talks with Pakistan officials here to release the next tranche of USD 1.1 billion out of an already agreed loan but left on Thursday for Washington without signing a staff-level agreement. Finance Minister Ishaq Dar, who had led the Pakistan side in talks, told the media on Friday that prior actions were needed as the two sides would resume the talks in virtual mode from Monday. Hours later, the minister chaired the meeting of the Economic Coordination Committee (ECC) of the cabinet which approved the imposition of a special financing surcharge of Rs 3.39 per unit in average power tariff in addition to quarterly tariff adjustments of up to Rs 3.21 per unit for one year and recovery of ..

Smuggling can slow march to $40-trillion economy, says FICCI report

The FICCI CASCADE has urged the government to launch a robust international campaign against the menace of smuggling

US President Joe Biden proposes higher taxes for the wealthiest

President Biden challenged the new House Republican majority to work together with him to "finish the job" of repairing America's unsettled economy

GST Council meet: Tax on online gaming activities unlikely to be discussed

Council was to meet on Feb 18, but schedule may be changed

Union Budget 2023: Growth-oriented with tax stability and rationalisation

Budget 2023 has maintained the status quo on tax policies with more thrust on certainty, which is a step in the right direction

Avoid encashing of leave while you are in service: Know the rules

Tax exemption on leave encashment is only available at retirement, resignation, or termination

New REIT, InvIT regime spells higher taxation for sovereign funds

Other foreign investors likely to face significantly higher taxation on cashflow distribution too