Taxes

Regulations to taxes: How India made M&A easier for its companies

M&A activity in India has largely been unaffected by geopolitical uncertainty

Sebi to take measure for F&O segment soon; calls for tax breaks on bonds

Capital markets regulator Sebi is expected to take measures regarding the Futures and Options (F&O) segment very soon, in a bid to enhance investor protection, its senior official said on Tuesday. In addition, Sebi has urged the government to introduce tax breaks for subscribers of municipal bonds, which are crucial for funding infrastructure development. The regulator will make a case for a tax break for municipal bonds during a meeting with the finance commission, the regulator's whole time member Ashwani Bhatia said here. Since 1997, municipalities have raised Rs 2,700 crore through bonds for infrastructure projects. Talking about F&O, Bhatia said," Sebi is very soon going to do something about F&O. Study has come (recently)". The regulator, in its consultation paper recently, proposed seven measures to tighten the rules for index derivatives-- revise the minimum contract size and require upfront collection of option premiums intra-day monitoring of position limits, ...

SC to set up bench to hear pleas of states on recovery of royalty, tax dues

The Supreme Court on Wednesday said it will set up a bench to hear subsequent pleas of mineral-rich states like Jharkhand seeking to recover royalty and tax dues on mineral rights and mineral-bearing lands worth thousands of crore of rupees from the Centre and mining firms. On July 25, a nine-judge bench headed by Chief Justice D Y Chandrachud, in a majority 8:1 verdict, had ruled that the legislative power to tax mineral rights vests in states and not Parliament. In a subsequent order on August 14, the top court clarified that the judgement will not have prospective effect and permitted mineral-rich states recover from the Centre and mining firms the royalty and tax dues on mineral rights and mineral-bearing lands worth thousands of crore of rupees since April 1, 2005 over a period of 12 years. On Wednesday, senior advocate Rakesh Dwivedi, appearing for Jharkhand, urged the bench comprising the CJI and Justices JB Pardiwala and Manoj Misra to allocate the pleas, relating to recover

Raise states' share in central taxes to 50%: T'gana to 16th FinComm

The Telangana Government on Tuesday requested the 16th Finance Commission to increase the share of states in Central taxes from the existing 41 per cent to 50 per cent as over the years cesses and surcharges that are not shared with states have increased. Deputy Chief Minister in-charge of Finance Bhatti Vikramarka in his speech at the meeting with Finance Commission Chairman Arvind Panagariya and members also urged the finance panel to ensure that states are given the necessary autonomy to tailor CSS (centrally-sponsored scheme) programmes to their specific development needs. "In addition, we propose increasing the share of states in Central taxes from 41 per cent to 50 per cent. Over the years, cesses and surcharges that are not shared with states have increased, leaving states with a smaller share of total gross tax revenue," he said. Increasing the vertical devolution will give states the fiscal space they need to strengthen welfare programmes, address infrastructure gaps and ..

New database on registration status of charities for taxation clarity

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

Rahul accuses govt of tax terrorism, burdening middle class for corporates

Leader of Opposition in the Lok Sabha Rahul Gandhi accused the Centre on Tuesday of indulging in "tax terrorism" and alleged that Prime Minister Narendra Modi is breaking the back of the middle class to increase the wealth of his big corporate "friends". The former Congress president shared a chart on his WhatsApp channel showing that the amount of personal income tax collected is higher than the collection of corporate tax. In his post in Hindi on the WhatsApp channel, Gandhi said: "'Tax terrorism' is a dangerous face of BJP rule -- this is the truth. Today in India, the burden of tax target has been completely put on the income of the middle class. That middle class whose salary has not increased for years -- meaning the income has remained the same and the income tax is increasing wildly." "In this period of terrible inflation, the middle class, which survives by paying heavy GST on everything, should think -- is your income more than that of big corporates or businessmen? Are yo

Retrospective taxes set to cost mining industry Rs 1.5 trillion in arrears

Nifty Metal index dropped by 2.4%, and key players like NMDC, Hindustan Copper, and JSW Steel saw their shares fall between 2% and 6% following the SC judgment on Wednesday

Wish I could bring down taxes to nil, says FM Nirmala Sitharaman

But there are challenges to overcome and the country needs money for that, says the finance minister

Facing budget crunches, China's tax authorities descend on companies

Chinese authorities are chasing unpaid taxes from companies and individuals dating back decades, as the government moves to plug massive budget shortfalls and address a mounting debt crisis. More than a dozen listed Chinese companies say they were slapped with millions of dollars in back taxes in a renewed effort to fix local finances that have been wrecked by a downturn in the property market that hit sales of land leases, a main source of revenues. Policies issued after a recent planning meeting of top Communist Party officials called for expanding local tax resources and said localities should expand their tax management authority and improve their debt management." Local government debt is estimated at up to $11 trillion, including what's owed by local government financing entities that are off balance sheet, or not included in official estimates. More than 300 reforms the party has outlined include promises to better monitor and manage local debt, one of the biggest risks in ..

ITR filing: Who is responsible for paying taxes on minor's earnings?

A minor can have a PAN card and his parents or guardian can apply for the same

Strict compliance, reporting rules making tax function difficult: PwC India

The study also said that to manage compliance and ensure that businesses pay their "fair share" of taxes, rapid tech adoption is necessary

Finance sector pitches for tax sops, removal of tax anomalies in Budget

Financial sector players on Thursday made a case for tax sops in the upcoming FY25 Budget for deepening of the market. In a pre-Budget meeting with Finance Minister Nirmala Sitharaman here, some of the players urged the government to fix tax arbitrage wherever it exists. This was the second Pre-Budget Consultation which was attended by leading experts of the financial and capital markets sector in connection with the forthcoming General Budget 2024-25, the finance ministry said in a post on X. The full Budget 2024-25 is expected to be presented in Parliament next month. Emerging out of two-hour meeting with the finance minister, Arun Kohli, MD & Country Head, Morgan Stanley India Company, said tax policies need to be stable and long-term oriented. Participants also made their point on capital gains tax and securities transaction tax. According to George Alexander Muthoot, MD of Muthoot Group, some of the players pitched for deepening the market and provide some tax ...

Fix mismatches between Form 26AS and 16 before income tax filing

Form 26AS is a consolidated tax statement showing taxes deducted, tax credits, income sources, and tax deducted at source (TDS) and tax collected at source (TCS)

Germany backs ending EU tax break that helps Shein, Temu keep prices low

Under current EU regulations, packages purchased online from a non-EU country are not subject to customs duties if their value is under 150 euros

Taxpayers can now see if feedback is acted upon by reporting entities: Govt

CBDT releases new functionality in AIS for taxpayers to display status of information confirmation process in real time

16th Finance Commission invites suggestions on its ToR, general approach

The Commission is also mandated to review the present arrangements on financing Disaster Management initiatives, with reference to the funds constituted under the Disaster Management Act, 2005

CBDT signs record number of 125 Advance Pricing Agreements in FY24

The Central Board of Direct Taxes (CBDT) has entered into a record 125 Advance Pricing Agreements (APAs) with Indian taxpayers in 2023-24. This includes 86 Unilateral APAs (UAPAs) and 39 Bilateral APAs (BAPAs), the finance ministry said in a statement on Tuesday. This marks the highest ever APA signings in any financial year since the launch of the APA programme, it said. The number of APAs signed in 2023-24 also represents a 31 per cent increase compared to the 95 APAs signed during the preceding financial year. With this, the total number of APAs since inception of the APA programme has gone up to 641, comprising 506 UAPAs and 135 BAPAs, it said. During 2023-24 CBDT also signed the maximum number of BAPAs in any financial year till date, it said, adding, the BAPAs were signed as a consequence of entering into mutual agreements with India's treaty partners namely Australia, Canada, Denmark, Japan, Singapore, the UK and the US. The APA Scheme endeavours to provide certainty to ..

Opted for old tax regime? Explore last-minute income tax saving options

Last-minute income tax saving options: ELSS funds, PPF, NPS, and fixed deposits are some of the popular options under section 80C. Don't forget health insurance

Centre releases third instalment of Rs 1.42 trillion to states in February

The Centre generally releases 14 instalments to the states in a year, one each in 11 months and three in March. The latest release is yet another additional devolution

No new taxes proposed in Maharashtra's Rs 600,522 cr interim Budget

Maharashtra Finance Minister Ajit Pawar on Tuesday presented a Rs 6,00,522 crore interim budget for 2024-25 with a revenue deficit of Rs 9,734 crore in the state legislative assembly here. The budget proposed no new taxes. A supplementary budget (full budget) will be presented after the Lok Sabha elections, Pawar said. With projected revenue receipts of Rs 4,98,758 crore and revenue expenditure of Rs 5,08,492 crore, there will be a revenue deficit of Rs 9,734 crore, said Pawar, who joined the Shiv Sena-BJP government as deputy chief minister in July 2023. He was finance minister in the previous Maha Vikas Aghadi government too. School Education Minister Deepak Kesarkar read out the budget in the Legislative Council. "The budget focuses on the implementation of welfare schemes for the youth, women, the poor and farmers," Pawar said in the assembly. The government aims to expand the state's economy to USD 1 trillion through sustainable, environment-friendly and inclusive development