Page 4 - Taxes

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

NRIs should check their tax residency certificates for smoother compliance

Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance

CBDT sets Rs 1 lakh limit for withdrawal of pending tax demands till AY16

The Income Tax department has prescribed a ceiling of Rs 1 lakh per assessee for withdrawal of small tax demands till Assessment Year 2015-16, in accordance with a scheme announced in Budget. The Central Board of Direct Taxes (CBDT) has issued an order giving effect to the 2024-25 Budget announcement by Finance Minister Nirmala Sitharaman. The Budget had announced that tax demands for AY 2010-11 of up to Rs 25,000 and for AY 2011-12 to 2015-16 of up to Rs 10,000 will be withdrawn. Tax demands totalling about Rs 3,500 crore will be withdrawn following the announcement. The CBDT order said that such outstanding tax demands pertaining to income tax, wealth tax and gift tax as on January 31, 2024, shall be remitted and extinguished "subject to the maximum ceiling of Rs 1 lakh for any specific taxpayer/assessee". The limit of Rs 1 lakh would include principal component of tax demand, interest, penalty or fee, cess, surcharge. However, the remission shall not be applicable on the demand

Average monthly GST collection may touch Rs 1.7 trn in FY25: CBIC chairman

Customs duty collection may go up if global activities improve but targets can be pegged on the basis of trends only, he says

Budget: Tax devolution to states seen at 32%, but lags 15th FC advice

The final report of the 15th Finance Commission had recommended the transfer of 41 per cent to the states after Jammu and Kashmir was carved out into two union territories

Tax benefits extension to startups till Mar 2025 progressive move: Industry

The interim Budget announcement related to the extension of tax benefits to startups by one more year till March 2025 underlines the government's commitment towards creating a conducive environment for startup development and sustainable investments, the industry said on Thursday, terming it a progressive and encouraging move. "...the extension of tax benefits until March 2025 for startups, sovereign wealth, and pension funds signify a government committed to supporting growth and resilience. The prolonged tax benefits indicate a steady commitment to creating a conducive environment for startup development and sustainable investments," MobiKwik Founder and CEO Bipin Preet Singh said. CEO and Co-Founder of magicpin Anshoo Sharma lauded the move saying it would provide much-needed continuity and inflows to the Indian startup ecosystem. "We also appreciate the extension of tax benefits to startups on investments made by sovereign wealth or pension funds to 31.03.2025, this will provide

Tax loss harvesting: Reduce tax liability, improve quality of portfolio

Transaction costs, price fluctuations may nullify the benefits of this exercise

Liquidity deficit widens to Rs 2 trn, on back of advance tax outflows

CD issuances in December highest in this financial year

Centre approves 'terms of reference' for the 16th Finance Commission

The government has approved the 'Terms of Reference' for the 16 Finance Commission, which makes recommendations on sharing of tax revenues between the Centre and states. The recommendations would cover a five-year period commencing April 1, 2026, Information and Broadcasting Minister Anurag Thakur said on Wednesday, giving details about the decisions taken at the Cabinet meeting last evening. The commission would submit its report by October 31, 2025, Thakur said. The 15th Finance Commission was constituted on November 27, 2017. It made recommendations covering a six-year period commencing April 1, 2020 through its interim and final reports. The recommendations of the 15th Finance Commission are valid up to financial year 2025-26. Article 280(1) of the Constitutions lays down the modalities for setting up of a Finance Commission to make recommendation on the distribution of net proceeds of taxes between the Union and states; allocation between states of respective shares of such

Zomato, Swiggy get notice for Rs 750 crore in unpaid taxes from DGGI

DGGI believes that since delivery is a service, Zomato & Swiggy are liable to pay GST on service

UK PM Rishi Sunak promises tax cuts after meeting his inflation pledge

Under pressure from within his traditionally low-tax Conservative Party, Sunak said his govt needed to prioritise lowering the tax burden

Hungary asks EU to take action against Bulgaria transit tax on Russian gas

Hungary has asked the European Union's executive to open a legal procedure against Bulgaria over a tax it recently imposed on Russian natural gas passing through its territory, a government minister said on Friday. Bulgaria believes the tax, which it levied in October, will reduce the privileged position of Russia's state-owned energy company Gazprom in southeastern Europe and deter Russian influence in the region. But the tax has angered Bulgaria's neighbour Serbia, as well as fellow EU member Hungary, which are heavily dependent on Russian gas coming mostly via Turkey and Bulgaria through the TurkStream pipeline. In a Facebook video, Hungary's minister for EU affairs, Janos Boka, said he had sent a letter to the European Commission urging it to launch an infringement procedure against Bulgaria, the first potential step the bloc can use to ensure its laws are upheld by member states. Boka complained that Bulgaria had imposed the tax without consulting first with Hungary, and that

Govt asks states not to impose tax/duty on power generation from any source

The central government has asked states that they have no power to impose any tax or duty on electricity generated from any source - coal, hydro, wind or solar and any such levy is illegal and unconstitutional. In a circular, the Union Ministry of Power on October 25, said it had come to the notice of the central government that some state governments had imposed additional charges on generation of electricity from various sources under the guise of development free/charges/fund. "Such additional charges/fees in the form of any tax/duty on generation of electricity, which encopasses all types of generation viz thermal, hydro, wind, solar, nuclear etc is illegal and unconstitutional," it said. Clarifying on the constitutional position, the ministry said the powers to levy taxes/duties are specifically stated in the VII Schedule. "List-II of the VII Schedule lists the powers of levying taxes/duties by the states in entries-45 to 63. No taxes/duties which have not been specifically ..

Crypto unicorn CoinDCX expects govt to lower tax that crushed trading

The company reduced staff by 12% earlier in 2023 and now has around 550 employees. Operating revenue and cash in the bank give CoinDCX a five-year "runway," Gupta said

Microsoft says US IRS has asked for $28.9 billion in audit dispute

Microsoft said it believes that any taxes owed after the audit would be reduced by up to $10 billion based on tax laws passed by former President Donald Trump

Tamil Nadu amends state motor vehicles Act, taxes set to increase

Registration of new motor vehicles in Tamil Nadu is all set to cost more as the state Assembly on Wednesday amended the TN Motor Vehicles Taxation Act, 1974 increasing taxes. The other Bills adopted include an amendment to the TN Protected Agricultural Zone Development Act, 2020. The amendment included the newly formed Mayiladuthurai district in the Cauvery delta region in the protected agricultural zone. Also, "animal husbandry and inland fishery," were brought within the ambit of the term "agriculture" as defined in the 2020 Act. Taxes under other categories --like inter-state transfer of vehicle wherein new registration is provided-- were also increased by way of amendment. The amendment Bill said the government has not enhanced the taxes under the state Act since the year 2012. "The receipts from the taxes on vehicles are low, resulting in less revenue to the government," the statement of objects and reasons said. In order to augment the financial resources, the government has

India GDP: Cricket World Cup economic boost is threatened by taxes

An additional $2.6 billion spent on everything from ticket sales and TV rights to tourism and food delivery may lift India's GDP by as much as $1 billion, they say

India demands $150 mn in taxes from Tiger Global-backed gaming firm Dream11

Dream11 has filed a lawsuit in the High Court in Mumbai challenging the notices, court papers showed. The case is likely to be heard in coming days

Nagaland Assembly passes bills to revise taxes on motor vehicles and goods

The Nagaland Assembly on Tuesday passed two bills that seek to revise taxes on motor vehicles and goods transported in them. Another bill was for amending an Act to include various new subjects to be taught in the North East Christian University. The Bills were introduced on September 11, the first day of the monsoon session. Chief Minister Neiphiu Rio, who also holds the transport department, said the motor vehicles tax for transport vehicles was last revised in 1999 and for private vehicles, the same was done in 2009. The tax rate prevalent in Nagaland is low as compared to other states in the country, Rio stated adding that the hiring charges for transport vehicles have significantly increased and the road conditions too have improved over the years. Taking into account the rise in price and to improve the financial health of the state, he said the government proposes for revision of the Motor Vehicles Tax by amending the Act. The Nagaland Motor Vehicles Taxation (Amendment) B

Vedanta pledges to pay $250 mn to Zambia creditors before retaking mine

The plan to pay all creditors is "to make sure I win the hearts of the people," billionaire Agarwal said in an interview at Bloomberg's Johannesburg office. "Money will never be a constraint"