Page 28 - Tax

Supreme Court dismisses review petition on pre-GST state tax on lotteries

Court's verdict earlier led to legislation brought out by Karnataka and Kerala being declared invalid

Tax-authorities tighten noose around under-invoicing of Chinese imports

Tax authorities suspect a tax evasion of more than Rs 16,000 crore through under-invoicing by businesses from April 2019 to December 2020

India's taxes on crypto transactions may 'kill the industry': Binance CEO

Binance Holding CEO Zhao "CZ" Changpeng said India's onerous taxes on cryptocurrency transactions will probably "kill the industry"

Centre slashes windfall tax on domestic crude oil, increases on ATF export

At its seventh fortnightly review, the government hiked the tax on the export of ATF to Rs 5 per litre from Rs 3.50

On the cards: Expansionary Budget with optimistic tax revenue rise

Finance Minister Nirmala Sitharaman is expected to present the next Budget on February 1

Hong Kong cuts property taxes, eases visa rules to attract global talent

Hong Kong Chief Executive John Lee unveiled a sweeping plan to woo talent back to the city and ease its housing woes, in a bid to revive its status as a thriving international finance hub

Gifts received from non-relatives of above Rs 50,000 a year are taxable

Gifts from employer become taxable once their value exceeds Rs 5,000; bonus is also taxable

What is 'Google Tax' or Diverted Profits Tax and the Singapore case?

Diverted Profits Tax, commonly known as "Google tax", refers to tax provisions designed to counter the practice of profits being diverted to other jurisdictions that have lower or zero tax rates

Direct tax mop-up rises 24% YoY to Rs 8.98 trillion in FY23 so far

Refunds amounting to Rs 1.53 lakh crore have been issued between April 1-october 8, an increase of 81 per cent over the corresponding period last year

Clear brings solutions to pre-validate data before tax returns are filed

Clear TDS, a SaaS platform, can generate three million FVU files in 30 minutes, and has automated bulk PAN and aadhaar linking verification, challan verifications among other features

UK PM Liz Truss makes U-turn on tax after week of market turmoil

The U-turn comes after the govt's fiscal plans triggered a crisis of investor confidence, jolting markets to such an extent that the BoE had to intervene with a 65 billion pound bond-buying programme

Six months on, crypto tax leading to siphoning of India's wealth: Experts

The crypto industry is largely unregulated in India, and the central government, along with the Reserve Bank of India (RBI), have repeatedly refused to make cryptocurrencies legal

Check ITR for discrepancies before responding to notice from tax dept

Respond on time, with expert help if required, to prevent further punitive measures

Gameskraft Technology faces Rs 21,000-crore tax notice for 'GST evasion'

The Council is expected to meet next month to take up the panel's report on the issue

ONGC wants govt to scrap windfall tax, use dividend to tap into earnings

India's top oil and gas producer ONGC wants the government to scrap windfall profit tax levied on domestically produced crude oil and instead use the dividend route to tap into bumper earnings resulting from surge in global energy prices. The firm also favours a floor price for natural gas at USD 10 per million British thermal unit -- the current government-dictated rate -- to help bring deposits in challenging areas to production, two sources aware of the matter said. State-owned Oil and Natural Gas Corporation (ONGC) management during discussions with government officials stated that levying windfall profit tax on domestic oil producers, while at the same time reaping rich savings from buying discounted oil from Russia was unfair. Buying discounted Russian crude oil, which was shunned by the West since the Ukraine conflict, has helped save Rs 35,000 crore and this savings should be ploughed back by boosting domestic output, they said. ONGC management has told the government the .

India opts out of joining IPEF trade pillar, to wait for final contours

India to wait for final contours before formally associating with IPEF trade pillar, says Goyal

India opts out of trade talks with a US-led group of Asian nations

Known as IPEF, the initiative is an effort by President Joe Biden's administration to deepen ties with Asian nations through a range of issues including trade, climate change, supply chains and tax

Environment-driven taxes: An interesting challenge for policymakers

The question of designing and imposing environmental taxes with specific objectives remains challenging due to the complexities involved

Does your tax liability for year exceed Rs 10,000? Pay advance tax

While NRIs are liable to pay advance tax, senior citizens with pension and interest income are exempted

Windfall tax on petroleum products, crude not ad hoc: FM Sitharaman

Finance minister Nirmala Sitharaman on Monday said windfall tax on petroleum products, crude is not ad hoc, but being charged in regular consultation with the industry. Addressing an event organized online, the minister said it is unfair to call windfall tax as ad hoc, because the tax rate and its resetting are done in complete consultations with the industry. "The very idea was implemented after taking the industry into full confidence," she said at a function organized by Elara Capital. "When we suggested the idea we had told the industry that the tax rate will be reviewed every 15 days and we have been doing that," Sitharaman said. On bond inclusion in global index, the minister said many things have changed since the pandemic, especially in terms of inflows. Mostly, fund inflows have not been as expected, which of course is mostly due to the pandemic, she said, adding "however, I expect a logical conclusion to this sooner." On whether the government is planning to increase th