Page 17 - Taxation

Google, Facebook won't have to pay domestic tax under new IT rules

Appointment of grievance officer does not imply permanent establishment, say officials

FPIs continue to pay higher tax on dividends despite Budget relief

NSDL readying a platform to make it easier for companies to deduct appropriate tax

G20 to endorse OECD deal on global minimum corporate tax - draft

The world's financial leaders will endorse on July 9-10 a deal setting a global minimum corporate tax: draft communique

I-T dept tool to identify 'specified persons' who have to pay higher taxes

The income tax department has developed a new utility to help TDS deductors and TCS collectors identify the 'specified persons' on whom higher rate of taxes will be levied from July 1. The Budget 2021 had brought in a provision which mandated that non-filers of income tax returns for past two fiscal years would be subjected to higher tax deducted at source (TDS) and tax collected at source (TCS) rate if such tax deduction was Rs 50,000 or more in each of those two years. The Central Board of Direct Taxes (CBDT) issued a circular on Monday on implementation of Sections 206AB and 206CCA with respect to higher tax deduction/collection for certain non-filers. "New functionality issued for compliance checks for sec 206AB & 206CCA to ease compliance burden of tax deductors/collectors," the I-T department had tweeted. The CBDT said that since the TDS deductor or the TCS collector would be required to do a due diligence on whether the deductee or collectee is a 'specified person', this ...

Economic theory says inequality will rise as international trade grows

Robin Hoodism - robbing the rich to pay the poor - isn't consistent with either democratic ideals or trust in government

The future of taxation is automation

The finance ministry's new online tax filing system will help expand the tax base by reducing the time and effort required to register a new taxpayer and create a permanent account number

Global tax, local complexities: What G7 corporate tax deal means for India

The recent G7 proposal of a global minimum tax has mixed implications for Indian corporations, foreign majors operating here and the tax authorities

Tax on multinationals: Much detail needs to be hammered out for G20

The countries aim to reach a consensus at the meeting on the details, as much technical work has already been done.

Taxation of startup exits needs a revisit: 3one4 Capital's Pranav Pai

The taxation policy disincentivises Indian capital from investing in local startups in two ways

Explained: Why tax is a dilemma for start-up founders in India

After the abolition of the dividend distribution tax, the taxability of salaries and dividends in the hands of a founder of a bootstrapped start-up will be broadly similar, says Ritesh Kumar, IndusLaw

More misses than hits

GST Council should have addressed pressing issues

All eyes on GoM call on taxing Covid items

Under the GST laws, hundreds of mass consumption items and essential services are exempted fully or attract a lower rate of tax than the standard rate of 18%

GST meet discussed tax relief on medicines: Maharashtra Deputy CM

Maharashtra Deputy Chief Minister Ajit Pawar said it deliberated on tax relief on medicines, injections and health equipment

High level of taxation widens divergence in diesel inflation in WPI, CPI

Diesel retail prices are back to more than Rs 80 a litre in the national capital throughout this month and remain on an upward trajectory

The time has come for a states income tax

What better way is there to empower states than for them to have their own income tax and have a greater degree of financial independence?

Govt's worry on corporation tax revenue front may worsen in coming years

Concern over a falling share of corporation tax revenue may get worse

World's largest sovereign fund makes provision for India capital gains

Norway fund has investments across sectors in India, shows latest disclosures

Traditional policies' tax benefits must go

The tax exemption encouraged retail investors to buy traditional policies, which, in turn, invested in G-Secs. But now there are many other buyers for G-Secs

Vivad Se Vishwas scheme: Govt extends time till June 30 for making payments

The government on Saturday extended the deadline for making payment under the direct tax dispute resolution scheme Vivad Se Vishwas by two months till June 30

A rising tide of old ideas: How world economics has changed in 4 decades

Higher tax rates, central banks pumping out cash, protection for home industry, suppressing interest rates, high social welfare pay-outs - all hark back to pre-Thatcher-Reagan phase - notes T N Ninan