Page 33 - Tax

White House, business groups tangle over Biden tax increases

President Joe Biden has a simple message for fellow Democrats about his plan to raise taxes to remake large swaths of the American economy: look beyond the bottom line. Biden is trying to persuade Democrats to embrace a more emotional argument, namely that the plan is fair, that it increases taxes on those who can afford to pay more and spends money on programs targeting children and the middle class. The president has proposed more than USD 3 trillion worth of revenue increases, primarily through higher taxes for corporations and the country's richest households as well as greater IRS enforcement that would target the wealthy. But key lawmakers voiced doubts this past week about the size and possible impacts on the economy as congressional committees considered the measures and a wide array of business groups sifted through the details to highlight what they oppose. Interviews with three administration officials suggest the White House is comfortable with settling for a lower pric

Madras High Court upholds levy of tax on electronic music instruments

The Madras High Court has upheld the notifications of the Commercial Taxes department levying and collecting general sales tax on sale of electronically made Indian music instruments

FinMin regularly tracking resolution of tax portal bugs with Infosys: CBDT

Board rolls out statistics to prove the problems on the portal are being addressed

Govt announces RoDTEP rates for exporters; outlay Rs 12,454 cr in FY22

8,555 items covered; steel, organic and inorganic chemicals, pharma kept out of scheme

Bombay HC notice to AG on plea against faceless appeal in tax cases

The court noted that the matter, raised by the Chamber of Tax Consultants in a writ petition, involves serious questions in law

Move to do away with infamous retro tax will boost investment sentiments

The Bill now introduced in the Parliament proposes to provide that no tax demand shall be raised on indirect transfers effected prior to 28th May 2012

Arbitration awards and the public interest

An objective, analytical approach to pursuing or resisting claims and arbitration awards is advisable

Govt reduces basic customs duty on imports of masur dal to zero

The government on Monday reduced the basic customs duty on imports of masur dal to zero and halved the Agriculture Infrastructure Development Cess on the lentil to 10 per cent

India expects major gains from joining multilateral global tax deal

Officials in the Finance Ministry said that the terms of negotiations of the global tax deal have taken all the inputs that India had shared over the years

Trump Organisation CFO Weisselberg surrenders ahead of tax fraud charges

Weisselberg lawyers Mary Mulligan and Bryan Skarlatos said he "intends to plead not guilty and he will fight these charges in court."

Global tax talks in 10-day sprint as rich nations seek interim agreement

Governments around the world are jostling to safeguard their tax sovereignty and win a bigger share of levies on tech giants.

Govt mulling ways to ease tax burden on foreign AIF investors

Such investors have had to bear higher taxes on their investment because of the goods and services tax (GST) borne by such funds, which is ultimately passed on to the investors

Think the global minimum tax will bite? Watch the stock market for clues

The measures announced by the Group of Seven nations represent a plan to reduce the profits of major multinational companies.

G7 strikes 'historic agreement', sets minimum tax of 15% for corporates

The G7 group of leading economies have reached "a historic agreement" to reform the global tax system to make it fit for the global digital age.

Explained: What is a global minimum tax and what will it mean?

Major economies are aiming to discourage multinationals from shifting profits - and tax revenues - to low-tax countries regardless of where their sales are made.

Sebi frowns on InvITs with too few investors, asks them to expand base

The regulator is concerned about the structure being used for getting around tax requirements, according to a sources

Explained: Why tax is a dilemma for start-up founders in India

After the abolition of the dividend distribution tax, the taxability of salaries and dividends in the hands of a founder of a bootstrapped start-up will be broadly similar, says Ritesh Kumar, IndusLaw

The importance of EQ over IQ for politicians

Humility, not hubris, should be the middle name of any Indian politician who wants to achieve his goals

Industry hails relief for GST non-filers, demands no tax on health services

Ficci President Uday Shankar said a quick decision on GST rates on Covid related essentials will help us attain self-sufficiency in this need of the hour.

Amazon wins $303-million court fight in blow to EU tax crusade

Setback renews calls from lawmakers in EU for an international corporate tax deal