Page 7 - Tax

Lucknow's Ekana Stadium receives Rs 28.42 crore property tax notice

The Lucknow Municipal Corporation has issued a Rs 28.42 crore property tax notice to the Bharat Ratna Shri Atal Bihari Vajpayee International Cricket Stadium, also known as Ekana stadium, officials said on Sunday. The notice comes ahead of the Women's Premier League matches scheduled this month and the Indian Premier League matches in April, raising concerns over their smooth conduct. The stadium administration has termed the notice "unjust" and plans to meet Chief Minister Yogi Adityanath to seek relief. According to a statement from Additional Municipal Commissioner Pankaj Srivastava, Zone 4 of the municipal corporation issued the notice on Saturday. The amount includes Rs 5.45 crore in tax due since December 1, 2020, and an outstanding balance of Rs 22.97 crore, the statement said, adding, the decision has been taken as per legal provisions and will be strictly enforced. Srivastava clarified that only the sports grounds and stadiums of government-aided or recognised non-aided .

Tax revamp: Incentives vs broader base amid revenue stability concerns

At the aggregate, the ratio of revenue foregone to total revenue collected has declined for corporate tax, especially in the last three years for which data is available

High Court denies widow's tax exemption claim for buying two flats

Section 54F provides tax relief to individual and Hindu Undivided Family taxpayers on capital gains earned from the sale of a long-term capital asset, excluding a residential property

India needs tax buoyancy in range of 1.2-1.5 to achieve 6.5-7% growth: EY

India has to maintain a tax buoyancy in the range of 1.2-1.5 to achieve a growth of 6.5-7 per cent, a EY report said on Wednesday. The report also said that the government may need to strengthen revenue mobilisation, particularly by increasing the tax-to-GDP ratio from the estimated 12 per cent in FY26 (Budget Estimates) to 14 per cent by FY31. India's fiscal strategy must focus on enhancing tax buoyancy, prudent expenditure management, and continued structural reforms to ensure sustainable growth, EY said. "EY India Chief Policy Advisor D K Srivastava said the FY26 budget strategically balances fiscal consolidation with growth imperatives. "However, for India to achieve a medium-term growth trajectory of 6.5-7.0 per cent and realize its Viksit Bharat vision, it must ensure tax buoyancy remains in the 1.2-1.5 range. This would help create the necessary fiscal room to accelerate infrastructure expansion, enhance social sector spending, and maintain fiscal discipline," Srivastava ...

Bira maker in tax trouble, struggles with salary and vendor payment delays

B9 Beverages reportedly has outstanding VAT dues amounting to Rs 26.38 crore in Maharashtra, Rs 7 crore in Madhya Pradesh, Rs 4.8 crore in Delhi, and Rs 4.7 lakh in Himachal Pradesh

Foreign companies' tax burden hits record low in India, shows CMIE data

Corporation tax cuts, GST reforms, compliance measures behind decline in tax outgo

Income-Tax Bill empowers taxman to ask for access to electronic systems

Scrutinising crypto, other virtual digital assets may become easier

Income Tax Bill, 2025: A pivotal step towards making law accessible

The traditional style of drafting the law has led to enormous tax litigation over the past six decades

Income-tax law: New layout, old provisions, but complexities remain

Certain amendments on trust taxation are welcome. All classes of registered non-profit institutions such as public trusts, society, university/educational institutions have been identified

Efficient tax system: A clear income-tax law will help all stakeholders

Although the government has been working on improving the experience of taxpayers, such as with the introduction of the Faceless Assessment Scheme, the new Bill aims to take the process forward

New Income Tax Bill, 2025: Top highlights

The highly anticipated Income Tax Bill, 2025, is set to be tabled in Parliament tomorrow, February 13. Meanwhile, a draft of the Bill has already been circulated among MPs.

Kerala to draw more tax from Rs 15 lakh+ EVs to charge up revenue

The lifetime road tax on EVs costing above Rs 15 lakh was raised to 8 per cent of the vehicle's price, from the current 5 per cent

After several steps to reduce direct tax disputes, govt takes another shot

Legislation to amend Income Tax Act, simplify language and procedures to reduce such disputes

Budget bets on tax cuts over capex-will it boost private investment?

An income-tax cut instead of a corporate tax cut in 2019 would have done more for the economy

Budget 2025: Exchequer takes bigger hit from tax giveaways to individuals

Fiscal expert and former director at the NIPFP Govinda Rao attributes higher revenue forgone for individuals to the concessions available under the old tax regime

Budget 2025: Which tax regime is better for deductions, exemptions

Individuals earning up to Rs 12,00,000 per annum exempted from income tax; salaried taxpayers get additional Rs 75,000 standard deduction

Presumptive tax regime likely to woo global talent into electronics

Govt proposes only 25% of total remuneration received by expats to be treated as taxable profits

STT collection estimates: Building castles in the air on shifting sands

To secure fiscal targets, sustaining STT growth remains a high-wire act in a windy market

Charting a new growth path: Budget projects non-tax streams poised to rise

Except in FY18 and FY19, receipts from disinvestment have remained well below the Budget targets

US-India Tax Forum proposes simplifying TDS, customs tariff structure

To establish GIFT City as a global financial hub, the Forum has proposed tax exemptions on dividends and financial transactions