Page 10 - Taxation

On the agenda: GST Council likely to approve tribunal blueprint this month

Operational framework to pave the way for the tribunal to be functional at Centre, state levels

TDS rules: Online gaming bonus, incentives taxable if withdrawn, says CBDT

Issues clarification on TDS provisions on online gaming

Veteran corporate lawyer Rajiv Luthra passes away: A look at his legacy

A first-generation lawyer, Rajiv Luthra set up the law firm Luthra and Luthra in 1989. The firm burnished its reputation by pioneering taxation and corporate law in India

GST and states, a reality check of how indirect tax system is working

Early fears about the regime have not come true, but there is room for improvement

Issue of GST on intermediary services to foreign clients may get resolved

However, there could be issues in claiming input tax credit by these intermediaries

Floor mats for four-wheelers to attract 28% GST, says Gujarat AAR

The applicant, a manufacturer, had argued that 18% GST should be applicable

Taxing capital: Withdrawal of debt LTCG benefits should have been debated

The govt's step could push investors to choose riskier equity, or to fall back on bank deposits, thereby negatively impacting the debt market which actually needs to grow, writes T N Ninan

Explained: Does the new tax regime adversely affect household savings?

New tax regime does not have tax deductions as is given under various provisions such as 80C or 80D of the Income Tax Act

The life insurance sector's trouble with taxation on high-value policies

The imposition of a tax on high-value policies could hurt the growth rates of life insurers in the next fiscal year

Union Budget 2023: Govt proposes taxation changes related to REITs, InVITs

Seeking to widen the tax base, the government on Wednesday proposed to tax income distributed by business trusts like REITs and InVITs in the form of debt repayments at the hands of unitholders. "It is proposed to tax distributed income by business trusts in the hands of a unit holder (other than dividend, interest or rent which is already taxable) on which tax is currently avoided both in the hands of unit holder as well as in the hands of business trust," Finance Minister Nirmala Sitharaman said in her Budget speech on Wednesday. The move is aimed at widening the tax base. Explaining the move in the memorandum of the Finance Bill, the government said that interest, dividend and rental income have been accorded a pass-through status at the level of business trust and are taxable in the hands of the unit holder. "However, in respect of the distributions made by the business trust to its unit holders which are shown as repayment of debt, it is actually an income of unit holder which

Economic Survey 2022-23: Indian start-ups exploring reverse-flipping

Suggests simplifying tax layers, capital flow procedures like those in the US, Singapore

From capex to taxation, four things to look out for in Union Budget 2023

This is the last full budget before the 2024 Lok Sabha elections, and will be tabled amidst a global slowdown and unprecedented geopolitical uncertainty

More glitter: Multi-asset allocation funds burnish gold's safe-haven appeal

Worth its weight in Gold: Saw portfolio increase of 1-6 percentage points in November-December 2022

Budget 2023-24: Manufacturing sector eyes revised taxations, new PLIs

Manufacturing sector contributes 15% to India's GDP and hence the expectation of experts are high from the government

Centre expected to introduce new income tax slabs in Budget 2023: Report

Currently, there are six slabs in the new personal income-tax regime, starting with the Rs 2.5-5 lakh income bracket taxed at 5 per cent

No TDS on remunerations, salaries or commission paid to partners: ITAT

The ITAT ruled that there is no requirement under the IT Act for the deduction of tax at source by the partnership firm on remuneration to partners

Optional tax regime aims to provide relief to low-income bracket people: FM

Finance Minister Nirmala Sitharaman on Friday said the optional income tax regime with seven tax slabs was brought in by the government to ensure lower rates for those in the low income bracket. Sitharaman said in the old tax regime, every tax assesses can claim about 7-10 exemptions and the income tax rates vary between 10, 20, and 30 per cent, depending on income threshold. The minister said along with the old tax regime, the government has come up with a parallel system which has no exemptions, but with simpler and more favourable tax rates. "The reason why I had to bring in seven slabs was to make simpler and lower rates for those who are in the lower income (bracket)," Sitharaman said. She was speaking at an event to launch the book 'Reform Nation', authored by Observer Research Foundation Vice President Gautam Chikarmane. The government in Budget 2020-21 introduced the optional income tax regime, under which individuals and Hindu Undivided Families (HUFs) were to be taxed at

GST mop-up about Rs 1.5 trillion in Dec, third-highest ever: FinMin data

Surge of 15% on annual basis; might exceed BE by Rs 1.3-1.4 trillion

CBIC asks taxmen to recover lower dues from firms under insolvency

Issues a separate circular on limitation period of show-cause notices

Bleeding shares of start-ups call for review of ESOP taxation policy

Companies generally deduct the tax payable at the time of allotment of shares by adding the income from ESOPs to employees' income as personal income tax