Page 7 - Tax

Mistaken notice

Giant tax demands should not be rushed

Govt to not give any relaxation in its Rs 32,000 cr GST demand on Infosys

Shares of Infosys, which were up 1.6% before the news amid a broader market rebound, briefly trimmed gains to about 0.3%

Govt decreases windfall tax on petroleum crude to Rs 4,600 per tonne

The SAED on the export of diesel, petrol and jet fuel or ATF has been retained at nil

Sovereign Gold Bond 2016 to yield 12% annual return on maturity on August 5

Investors have earned an annual interest rate of 2.5% over the past 8 years on Sovereign Gold Bonds

Mutual fund body Amfi calls for roll back of equity tax, STT hike

Says higher tax will disrupt financialisation of savings

FMCG major Colgate-Palmolive receives Rs 248.74 cr tax demand notice

Colgate-Palmolive (India) Ltd has received a tax demand notice of Rs 248.74 crore from the Income Tax Authority in a transfer pricing-related issue. The FMCG major said it will be challenging the order before the appellate tribunal. Colgate-Palmolive India Ltd (CPIL), which operates in oral care and personal care, received notice on July 26, 2024, according to a regulatory filing by the company. The income tax demand is for the financial year ended on March 31, 2021, for transfer pricing-related issues. "The Company has received a Final Assessment Order for Assessment Year (AY) 2020-21 carrying a demand amounting to Rs 248,74,78,511/-," it said. The said demand includes interest amounting to Rs 79.63 crore, CPIL added. "The company will be filing an appeal before the Income Tax Appellate Tribunal against the said order," said CPIL adding "There is no impact on financial operations or any other activities of the Company due to this order." The demand is mainly due to transfer ...

Union Budget 2024 gives salaried individuals some relief on TDS, TCS

The Budget has proposed to cut the rate of TDS to 2% from 5% earlier for rents paid in excess of Rs 50,000 by an individual or an HUF, for a month or part thereof

Rollover benefits to continue on capital gains up to Rs 10 cr: Revenue secy

Revenue Secretary Sanjay Malhotra has clarified that rollover benefits will continue on capital gains of up to Rs 10 crore under the new structure

Success rate of buyback programs could decline under new tax structure

From October 1, the gross proceeds received on buyback of shares will be taxed in the hands of the shareholder as 'deemed dividend'

Capital gains

Simplifying taxes will improve collection

Tax a fundamental issue: L&T CFO Raman on retaining labour in India

"The biggest differentiator is the tax-free income there versus growing tax here," said R Shankar Raman, chief financial officer and whole-time director for L&T

Union Budget 2024-25: Propelling India's evolution into 'Viksit Bharat'

With the objective of ease of doing business and in line with recent Goods and Services Tax (GST) council recommendations, various proposals have been introduced under GST

Union Budget 2024: Beginning of remarkable direct tax reforms by Modi 3.0

Income tax changes in Budget 2024: On the personal income-tax front, the tax slab rates have been rationalised only under the new tax regime

Globally-mobile millionaires threaten to leave Britain over tax revamp

Starmer says the overhaul will make Britain's tax system fairer and raise funds for stretched public services

Govt hikes windfall tax on crude petroleum to Rs 7,000 per tonne

The government on Monday hiked windfall tax on domestically produced crude oil to Rs 7,000 per tonne, from Rs 6,000 per tonne. The tax is levied in the form of Special Additional Excise Duty (SAED). The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at 'nil'. The new rates are effective from July 16, an official notification said. India first imposed windfall profit taxes on July 1, 2022, joining a host of nations that tax supernormal profits of energy companies. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.

Registration fee waiver criteria met: Hybrid carmakers to UP govt

Strong hybrid car sales won't affect growth of electric cars, they argue

Tax tribunal rulings open doors to more firms claiming CSR deductions

Orders expected to settle matter but chances of the authorities questioning such deductions not ruled out, say tax experts

Tesla's quarterly deliveries beat estimates on incentives; shares rally

Shares of the world's most valuable automaker rallied more than 10% on Tuesday, hitting the highest level in nearly six months

Global tax deal: With MLC deadline gone, DSTs may be reinstated on tech cos

Another tax expert, privy to the developments, added, "The EU countries may soon start asking US tech giants to pay the unpaid taxes soon if the deal is not reached"

Budget should raise basic exemption to Rs 3.5 lakh under new tax regime: EY

The government should double standard deduction under the new concessional tax regime to Rs 1 lakh or increase the basic exemption limit to Rs 3.5 lakh in the upcoming Budget, tax and consultancy firm EY said. Listing out the priorities on taxation reforms in the upcoming Budget, EY said the government should prioritise streamlining tax structures, enhancing policy frameworks to promote economic growth, and fostering a conducive environment for investment and development. EY also suggested that stability in corporate tax rates be maintained, TDS provision rationalised as well as streamlining dispute resolution as possible areas for consideration in the Budget to be tabled in Parliament next month. On the personal tax front, the concessional tax regime without exemptions/ deductions should continue, it said. To make it more attractive, the standard deduction under concessional tax regime may be increased to Rs 1 lakh instead of existing deduction of Rs 50,000 or the basic exemption