Page 8 - Tax

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

CBDT clarifies PPT application, grants relief to FPIs with grandfathering

Tax authority says provision will be outside the purview of PPT in respective DTAAs

FoFs get their groove back: Tax tune-up resets growth tempo, shows data

FoFs pool capital to invest in a variety of mutual fund schemes rather than directly in equities, debt, or commodities

Tax shift throws a wrench in the gears of buyback offers in 2024

In 2024, 48 companies repurchased shares worth Rs 13,423 crore, compared to Rs 48,079 crore spent on share buybacks by the same number of companies in 2023

Centre releases tax devolution of Rs 1.73 trillion to state govts

A higher amount is being devolved this month to enable states to accelerate capital spending and finance their development and welfare-related expenditures

Lyft accuses San Francisco of overcharging $100 mn for taxes over 5 years

The company said its hometown calculated its taxes from 2019 to 2023 based on the total amount of money that passengers paid for rides

Uncertainties around regularity & tax clarity hang heavy over life insurers

Adjustments to the new surrender regulations, uncertainties surrounding the Insurance Amendments Bill, and potential direct tax reforms in the upcoming Budget may pose short-term challenge

Tax contribution of petroleum sector set to drop rapidly in FY 2024-25

Collections from windfall tax collections had cooled before it was withdrawn on December 2

What are the best Fixed Deposit rates for you ahead of tax season

Check out the various FD rates available from different banks

Hope govt brings down tax burden on aerated beverages category: IBA

Currently, aerated beverages, regardless of their sugar content, attract a 28 per cent GST-the highest slab-along with a compensation cess of 12 per cent

Keep interest of economy before revenue in tax notices: Revenue secy

Revenue Secretary Sanjay Malhotra on Wednesday askedI officers to nab the masterminds behind smuggling rackets, but keep the interest of the economy in mind before issuing high-pitched notices in commercial fraud cases. Addressing the 67th foundation day of the Directorate of Revenue Intelligence (DRI), Malhotra also said it is vital for the department to upgrade skills and manpower to adapt to the technology changes. He urged theI officers to focus energy on big fish and masterminds and bust syndicates in smuggling operations. However, Malhotra added that the officers have to be "very careful" while taking action against traders or businesses involved in potential commercial fraud cases. During 2023-24,I has detected duty evasion through misclassification and misdeclaration of goods, worth Rs 10,000 crore. He said there could be a technical nature of some tax demands and classification disputes rampant across the industry on some goods, which could lead to a very high-pitched dem

GoM proposes fresh band: 35% GST slab likely for tobacco, aerated drinks

"The GoM on rate rationalisation has completed its report, which proposes major adjustments to tax rates on 148 items, with a particular focus on the textile industry"