Taxation

US tax court strikes down digital ad tax, orders refunds to Apple, Google

A Maryland state tax court has struck down the state's first-in-the-nation tax on digital advertising and ordered state officials to repay the tax money already collected from big tech firms. The Maryland Tax Court said the tax violates the federal Internet Tax Freedom Act as well as the First Amendment and the commerce and due process clauses of the US Constitution. The legal fight has been watched by other states that are considering taxes for online advertisements. Maryland estimated the tax, approved in 2021, could raise about USD 250 million a year to help pay for a sweeping K-12 education measure. In Friday's decision, the tax court ordered the state to repay the tax money already collected by Apple, Google and Peacock TV. The law taxed revenue that large companies make on digital advertisements shown in Maryland. Companies making more than USD 100 million in global annual gross revenues were taxed at a 2.5 per cent rate. The rate increased for companies with larger revenues,

Govt may seek to tighten grip over mineral-bearing land with MMDR Bill

The proposed law would restrict state taxes and cesses on mineral rights and mineral-bearing land while invalidating levies that have not yet been collected

Data centre sector gets policy boost as LS clears taxation amendment Bill

The Bill recognises leased data centres under the tax framework and removes notification requirements, with experts expecting faster investment and lower set-up costs

Tax Bill proposes easier norms for data centres, incentives for electronics

Proposed amendments seek to simplify tax rules for data centres, improve ease of doing business and provide long-term certainty for electronics manufacturers and cloud firms

Reit, Invit investors to regain dividend tax break; SPV surcharge will rise

The government proposes restoring tax-free REIT and InvIT dividends while raising the surcharge on SPVs to keep the changes revenue-neutral

Tax Bill to widen steps to attract foreign investment, ease rules

The government plans to widen tax incentives for offshore funds, electronics, data centres and diamond trading to attract long-term foreign investment and boost ease of doing business

76% taxpayers below 25 report multiple income streams, up from 14% in 4 yrs

Retail investing becomes mainstream as 39% of taxpayers report capital gains

How cryptocurrency investors can avoid tax and regulatory trouble

Use registered platforms, report every trade and maintain a complete audit trail

Govt hikes windfall tax on petrol, cuts levy on diesel and ATF exports

The government has lowered export duties on diesel and aviation turbine fuel while raising the levy on petrol exports as global crude oil prices continue to ease

How NRIs should navigate changes in tax status when returning to India

As their status changes from NRI to RNOR and then to ROR, both their tax and disclosure obligations change

Capital gains don't deserve a special tax privilege if labour doesn't

There are also social risks that accompany huge bets on labour-saving technologies like AI and robotics

Best of BS Opinion: Why India must leave retrospective taxes behind

From retrospective taxation and quality reforms to polymer notes, exam glitches and middle-class stress, today's opinion pages examine key policy challenges

Let the past be past in tax policy: The cost of retrospective taxes

The current decision on online gaming-gambling is a case in point. This is not an activity that creates large employment, not does it serve genuine needs of people

Is the world going to tariff Big Tech as WTO shifts digital trade rules?

Internet has been tariff-free for decades; if that changes, it's because the world has decided it can't allow the US to run its digital empire forever

Govt plan to levy data tax may earn nearly ₹30K cr in revenue: IIFL Capital

₹1/GB data tax could fetch ₹30,000 crore but raise mobile bills by up to 20%, says IIFL; proposal may face pushback over regressive impact

CBDT issues revised DIN norms, replaces 2019 circular on tax notices

New guidelines introduce flexibility in quoting DIN in tax communications while ensuring traceability and reducing litigation over procedural lapses

Super-rich tax may address inequality, says former CEA Kaushik Basu

Kaushik Basu says progressive taxation on very high incomes can reduce inequality without weakening enterprise, while experts stress restoring trust through jobs and welfare systems

HCs tighten scrutiny of GST enforcement actions amid due process concerns

High courts are tightening scrutiny of GST enforcement actions, emphasising due process and procedural fairness in cases involving registration suspensions and bank account attachments

IRS can share immigrants' taxpayer data with ICE, says US appeals court

A Washington, DC, federal court on Tuesday rejected a request from an immigrant rights group to temporarily block the IRS from sharing certain taxpayer data that could make it easier to identify and deport people who are in the US illegally. A three-judge panel for the US Court of Appeals for the DC Circuit declined to issue a preliminary injunction for the immigrants' rights group, Centro de Trabajadores Unidos, and other nonprofits that are suing the federal government over the data-sharing agreement signed last April by Treasury Secretary Scott Bessent and Homeland Security Secretary Kristi Noem. The agreement allows US Immigration and Customs Enforcement to submit names and addresses of immigrants inside the US illegally to the IRS for cross-verification against tax records. In declining the preliminary injunction request, Judge Harry T Edwards wrote that the nonprofit groups "are unlikely to succeed on the merits of their claim," since the information the agencies are sharing .

Ireland relies on 3 multinationals for 46% of corporate tax: Fiscal council

This sharp increase was largely driven by increased payments from the top three payers, the watchdog said, noting the increased risk of more concentrated receipts