Page 10 - Taxes

Indian Metals & Ferro Alloys' net profit soars to Rs 122 crore in Q3

Indian Metals & Ferro Alloys (IMFA) on Thursday posted nearly four-fold jump in consolidated profit after tax (PAT) at Rs 122.24 crore for December quarter 2021-22, mainly on account of higher income. The company had logged Rs 32.53 crore PAT during October-December period of 2020-21, IMFA said in a regulatory filing. During the quarter under review, its total income rose to Rs 658.21 crore from Rs 430.10 crore a year ago. Total expenses were at Rs 483.63 crore as against Rs 395.29 crore in the year-ago quarter. In a separate statement, the company said it produced 61,545 tonne of ferrochrome (FeCr) and sold 55,403 tonne of the alloy during December quarter. The company said it has also made a prepayment of Rs 214 crore towards a long-term debt. IMFA MD Subhrakant Panda said: Our record performance in the ongoing fiscal has enabled us to prepay long-term debt thereby strengthening balance sheet ahead of our proposed 100,000 tonne per annum ferro chrome expansion." Headquartered

Traded cryptocurrency in 2021? Here's how to approach taxes

The IRS has been zooming in on cryptocurrency reporting with increasing interest in recent years

TMS Ep93: Netflix in India, PwC's Ranen Banerjee, markets, tax types

Why Netflix failed to crack the Indian market? What is Ranen Banerjee's Budget expectation for MSMEs? Is broader market crash likely to get deeper? What are direct and indirect taxes? All answers here

Cryptocurrency service providers seek clarity on taxation

The leading Cryptocurrency exchange WazirX, which has been a major focus of the DGGI crackdown, has paid Rs 49.2 crore as GST with interest and penalty

China vows to shave taxes by $17.3 billion a year, says report

Plans more tax and fee cuts next year to help struggling businesses

CBDT issues refunds of Rs 1.37 trillion to 12.7 million taxpayers

The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 1,36,779 crore to more than 1.27 crore taxpayers from April 1 to December 13, the Income Tax Department said on Wednesday. "CBDT issues refunds of over Rs 1,36,779 crore to more than 1.27 crore taxpayers from 1st Apr, 2021 to 13th December, 2021. Income tax refunds of Rs 46,438crore have been issued in 1,25,34,644 cases & corporate tax refunds of Rs 90,340 crore have been issued in 2,02,705 cases," the Income Tax department tweeted. This includes 90.95 lakh refunds of Assessment Year (AY) 2021-22, amounting to Rs 18,848.60 crore, it said.

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