Page 5 - Taxation

Panel headed by V K Gupta to simplify decades-old direct tax laws

More than 90 sections seen redundant; panel in line with Budget promise of comprehensive review

New database on registration status of charities for taxation clarity

Cancellations of registration must be uploaded on I-T website by August 31

Insurance must be bought for right reason: HDFC Life CEO Vibha Padalkar

We don't believe in fire sale, says Vibha Padalkar

Remitting large amount abroad? Pay TCS, declare income accurately

Maintain detailed records of foreign remittances, including purpose, amount, and beneficiary details

HC sets aside assessment proceeding against NRI over faceless issue

It should be noted that the notification by the CBDT carved out an exception for international taxation cases, including NRIs, for reassessment

How to make tax officials accountable

The proposed simplification of the tax code offers a chance to instil accountability, following the model of the Public Service Guarantee Acts

Relief for homeowners likely as finance ministry may modify LTCG regime

FinMin reviews new LTCG regime after 12.5% tax without indexation sparks concerns over property transactions

GST demand order for Eicher Motors reduced to Rs 27 crore on appeal

Eicher Motors on Friday said a GST demand order by tax authority in Tamil Nadu has been reduced to Rs 26.97 crore from an original sum of Rs 129.79 crore upon appeal. The company had received the original demand from the Additional Commissioner, Chennai North Commissionerate, Chennai, Tamil Nadu on December 30, 2023 for aggregate amount of Rs 129.79 crore, including tax demand of Rs 117.99 crore and penalty of Rs 11.79 crore. "As a result of the appeal filed by the company against the above GST demand order, the demand order is now revised from Rs 129.79 crore to an aggregate amount of Rs 26.97 crore, which include tax demand of Rs 24.52 crore and penalty of Rs 2.45 crore," Eicher Motors said in a regulatory filing. The matter pertains to non-reversal of input tax credit on material returned instead of output tax liability paid by the company for 2017-18. "Based on the company's assessment, the aforesaid revised demand is not maintainable and the company is evaluating all options .

Exit with indexation should be offered

When the government reintroduced taxation on listed equity in 2018, it took care to exempt capital gains accrued until the date of the 2018 budget

Hike in capital gains taxes won't adversely impact market sentiment: Goyal

The Commerce minister termed the criticisms against the hike in capital gains tax and securities transaction tax in derivatives trading as fear-mongering

Royalty not tax: SC grants states power to levy taxes on mineral rights

The Supreme Court has affirmed that states have the authority to levy taxes on mineral rights and would not be limited by the Mines and Minerals (Development and Regulation) Act 1957 (MMDR Act)

G20 to back progressive taxation, without endorsing 'billionaire tax'

A broader G20 joint communique is expected on Friday, when finance ministers and central bankers conclude this week's meetings in Rio de Janeiro

Union Budget 2024-25: Emphasis on bringing simplicity in direct tax system

Tax proposals aim to bring in uniformity, improve compliance and reduce litigation

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

Budget 2024 is growth oriented, addresses right sectors: Vikas Khemani

Union Budget 2024 analysis: The government has laid out a clear vision for 'Viksit Bharat' by addressing key areas - agricultural reforms, manufacturing push and employment generation among others

Union Budget 2024: India's direct tax mopup growing faster than GDP

Simpler TDS structure and tax regime for charities. Changes to reassessment and search provisions and capital gains taxations

500% increase in long-term capital gains declarations before tax increase

Short-term capital gains declarations had also been increasing after the pandemic

GST: Reimagining input tax credit norms

One of the key aspects under GST is that tax should only be on the 'value addition'. Also, the legacy issue of 'tax on tax' will be eliminated

The Budget Show with BS: Taxation, capex and consumption

Will Budget 2024 bring relief for taxpayers? Will it impose super-rich tax, wealth tax or inheritance tax? Will we see private capex revival? Watch today’s Budget Show to find out > >

GST anti-profiteering cases to be taken up by the appellate tribunal

Council to introduce 'sunset date', allowing filing complaints up to April 1, 2025