Page 10 - Taxes

Japan govt to give massive tax breaks to companies that lift wages

Liberal Democratic Party-led government has piled pressure on cautious Japanese firms to spend their record cash piles to boost wages

IRS officer Vivek Johri takes charge as CBIC Chairman

Senior bureaucrat Vivek Johri on Wednesday took charge as the Chairman of the Central Board of Indirect Taxes and Customs (CBIC). Johri, a 1985-batch Indian Revenue Service (Customs and Indirect Taxes) officer, has been a member of the board. He has succeeded M Ajit Kumar, who completed his tenure on November 30. "Vivek Johri, IRS (C&IT:1985) takes over as Chairman of Central Board of Indirect Taxes and Customs (CBIC) from today, December 01, 2021," CBIC tweeted. The Appointments Committee of the Cabinet had last month approved the appointment of Johri as the Chairman of the CBIC, which is the apex body related to customs and other indirect taxes.

Net direct tax revenue rises 68% to Rs 6.92 trillion till Nov 23

The net collection between April 1 - November 23 in 2020-21 and 2019-20 fiscals was over Rs 4.12 trillion and over Rs 5.44 trillion respectively

GST notification to correct tax anomaly in textiles: FM Sitharaman

Industry says will benefit only a chosen few

CBDT issues refunds of Rs 1.12 trn to 9.1 mn taxpayers from Apr 1-Nov 1

The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 1,12,400 crore to more than 91 lakh taxpayers from April 1 to November 1, the Income Tax Department said on Wednesday. "CBDT issues refunds of over Rs 1,12,489 crore to more than 91.30 lakh taxpayers from 1st April, 2021 to 1st November, 2021. Income tax refunds of Rs 33,548 crore have been issued in 89,53,923 cases & corporate tax refunds of Rs 78,942 crore have been issued in 1,75,692 cases," the Income Tax department tweeted. The department said the amount includes 58.22 lakh refunds of Assessment Year (AY) 2021-22 amounting to Rs 11,086.89 crore.

Cong alleges 'tax terrorism' by Centre and Kerala as fuel prices rise

Leader of Opposition V. D. Satheesan said: "When the UPA government demitted office the tax that the Centre used to receive on one litre of petrol was Rs 9 and today it is Rs 33."

UK set for best economic growth since 1973, says Rishi Sunak

The UK government confirmed it will tax the country's largest property firms to help replace unsafe cladding in apartments that's left thousands of people in potentially dangerous homes

Solar power tariffs may rise next fiscal on increased taxes, says report

The government recently increased GST on critical components of a solar project such as photovoltaic cells and modules from 5 per cent to 12 per cent with effect from the beginning of this month.

Net direct tax mop-up grows 74% at Rs 5.7 trn so far this fiscal

Refunds amounting to Rs 75,111 crore have also been issued so far this fiscal.

Higher taxes are coming and for markets, that could be a good thing

Tax rises grabbed headlines recently when Britain upped taxes on workers and employers, potentially raising 12 billion pounds a year.

Higher taxes are coming and for markets, that could be a good thing

According to some investors, it's a good thing if it helps close the wealth gaps the pandemic has exacerbated

India revenue secretary says open to 'tinkering' tax rates on automobiles

India is open to discussing a change in tax rates on automobiles, the country's revenue secretary said on Wednesday, indicating receptiveness over negotiation on a long-standing request from automaker

Enabling exports

Taxes paid by exporters should be refunded swiftly

COAI says telecom among most heavily taxed sectors, seeks relief from govt

Industry body COAI has urged the government for financial reforms in the telecom sector, making a strong pitch for cuts in levies, doubling the tenure of auctioned radio wave holdings

Bill to nullify retro tax to boost investors' confidence, says Revenue Secy

The bill introduced in Parliament to withdraw all retrospective tax demands will give confidence to the investor community regarding India's stable tax regime, Revenue Secretary Tarun Bajaj said

New vs old tax regime: Compute liability before making the switch

Non-investors in tax-saving instruments may opt for the new regime

Tax reassessment past deadline is a symptom

'Over the years this government, obsessed with alliterative dazzle, has talked about transparent taxation and honouring the honest', says the author

Honest taxpayers deserve to be recognised for paying due share of taxes: FM

Finance Minister Nirmala Sitharaman on Saturday said honest taxpayers deserve to be recognised for dutifully paying their due share of taxes

ITR filing: Select donations qualify for tax benefits, say analysts

Donors need to select the appropriate mode while making donations under these two sections

Tax reduction, cost cuts buoys India Inc net by 105% in FY21: Report

This comes even though the topline declined 5 per cent