Page 7 - Tax

1% TCS on luxury goods: FAQs, items covered under it & what experts say

'It could be counterproductive. PAN details were already required for purchases above Rs 2 lakh. TCS may discourage consumers, hurt GST collections from formal retailers, while benefiting grey market'

Companies can't claim tax deduction on regulatory settlements, says govt

The tax department clarified that any expenditure incurred to resolve proceedings under four specific laws will not be treated as a business expense

Datanomics: Centre unmoved even as states call for capping cess, surcharge

Centre unmoved even as states cry for capping cess, surcharge

Venice rolls out new tourist fee: Higher costs for last-minute trips

Venice is expanding its day-tripper tax in 2025, with higher fees for late bookings and more restricted days. Here's what every visitor needs to know before planning a trip

Outlook gloomy for corporate share in direct tax mopup, shows data

The trend for corporate tax collections has been declining relative to overall tax collections. The share hit a high of 67 per cent in FY11 and dropped to 46.5 per cent as of FY24

CAs, taxpayers push back after Income Tax dept sends rebate notices

One option taxpayers have is challenging demand notice before tax appellate authorities, using the Bombay High Court's ruling as legal support, says one expert

Failure to deduct tax under Section 194-IA may deem transferee as default

From April 1, 2025, the higher TDS rate for non-filers (as per Section 206AB) will not apply under Section 194-IA

Resolution plan binding even if stakeholder not party to NCLT case: SC

Tax authorities issue apology for being in contempt of SC judgment

Govt recommends 12% provisional safeguard duty on select steel items

But MSMEs fear escalation in domestic prices, call for import quota

Govt recommends 12% temporary tax on some steel products for 200 days

DGTR has further invited comments on its findings within 30 days, following which there would be an oral hearing before making a final decision

Net direct tax kitty rises 13% to Rs 21.26 trillion so far in FY25

Net direct tax collection grew 13.13 per cent to over Rs 21.26 lakh crore so far this fiscal aided by by higher advance tax mop up, government data showed on Monday. During the year, the government collected Rs 10.44 lakh crore from four instalments of advance tax as against Rs 9.11 lakh crore in the previous fiscal, registering a growth of 14.62 per cent. The last instalment of the advance tax payment was due on March 15, 2025, for the current financial year. Advance tax collection under the corporate tax category rose by 12.54 per cent to Rs 7.57 lakh crore while non-corporates witnessed a growth rate of 20.47 per cent to Rs 2.87 lakh crore during the financial year. An individual whose estimated tax liability is likely to be over Rs 10,000 (after considering tax deducted and collected at source TDS and TCS) is required to pay advance tax that year, as per Section 208 of the Income-Tax Act. This includes salaried taxpayers. Advance tax is to be paid before the end of the financ

Global tax evasion fight: Why MNCs, HNIs still outsmart regulations

Multinationals and high-net-worth individuals (HNIs) dodge taxes in a variety of ways. The most common way for multinationals is through the transfer pricing mechanism

March 31 deadline: Invest in tax saving instruments to claim deduction

If you have chosen the old tax regime, ensure that your tax-saving investments under Sections 80C, 80D, 80G, and others are made before March 31 to maximise tax benefits

ITAT rules in Shah Rukh Khan's favor: Foreign tax credit rule in India

Khan's UK earnings were taxed in the UK, and India's DTAA with the UK allowed him to offset this tax against his Indian liability. The ITAT ruling upheld this right, preventing unfair double taxation

CBDT campaign leads to disclosure of over Rs 29,000 crore foreign assets

As a result of this campaign, 6,734 taxpayers also revised their residential status from resident to non-resident

Delhi HC strikes down tax on repair cost of re-imported plane parts

The court declared as unconstitutional a part of the 2021 customs department exemption notification that required payment of Integrated Goods and Services Tax (IGST)

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 ...