Page 7 - Taxes

Rationalised TDS framework, concessional I-T regime expected in Budget: EY

The government is expected provide a more rationalised TDS framework to reduce the compliance burden for taxpayers, besides a revamped new concessional tax regime by providing additional benefits like standard deduction, EY said on Sunday. The Budget wishlist of EY also highlights that the government should provide some respite to low- and mid-income taxpayers with annual income up to Rs 20 lakh on the personal income tax side. Also, possibility of 'green' incentives to be introduced such as tax exemption to interest from green bonds and rationalisation of capital gains rates and holding periods could be expected in the Budget, to be unveiled in Parliament on February 1. With regard to Tax Deducted at Source (TDS), the EY said that currently, 31 sections under the Income tax Act deal with different types of payments to residents, where the withholding tax rates vary from 0.1 - 30 per cent. "The government may provide a more rationalised TDS framework to reduce the complexity and ..

Centre cuts windfall tax on crude, export taxes on aviation fuel and diesel

It cut its windfall tax on crude to Rs1,900 ($23.28) per tonne from Rs 2,100 per tonne, effective Tuesday

Top headlines: Windfall tax cuts, Reliance Capital auction, and more

Business Standard brings you the top headlines at this hour

Allow deductions, hike threshold for levying peak 30% tax: Experts

Investments in PPF and other tax savings schemes should be allowed as deductions, and the threshold for 30 per cent tax should be raised to Rs 20 lakh under the concessional income tax regime in Budget 2023-24 to make it attractive for middle-income taxpayers, experts said. The government in Budget 2020-21 brought an optional income tax regime, under which individuals and Hindu Undivided Families (HUFs) were to be taxed at lower rates if they did not avail specified exemptions and deductions, like house rent allowance (HRA), interest on the home loan, investments made under Section 80C, 80D and 80CCD. Under this, total income up to Rs 2.5 lakh will be tax-exempt. A 5 per cent tax is levied on total income between Rs 2.5 lakh and Rs 5 lakh, 10 per cent on Rs 5 lakh to Rs 7.5 lakh, 15 per cent on Rs 7.5 lakh to Rs 10 lakh, 20 per cent on Rs 10 lakh to Rs 12.5 lakh, 25 per cent on Rs 12.5 lakh to Rs 15 lakh, and 30 per cent on above Rs 15 lakh. The scheme, however, has not gained ...

Predictable, progressive taxes for online gaming needed, experts suggest

Experts also believe that taxation is not a suitable instrument for forcing disciplined behaviour among players, which is better achieved through technological interventions

IRS policy mandatory presidential audit policy goes under spotlight

An IRS policy governing the audits of tax returns filed by US presidents is under new scrutiny after a report published by a congressional panel found the agency failed to perform the mandatory inspection of Donald Trump's returns until Congress pressed for information about the process. The three-point policy states that individual returns for the president and the vice president are subject to mandatory review, should always be kept in an orange folder, should be kept from the eyes of IRS employees, and should be locked in a secure drawer or cabinet when the examiner or reviewer is away from the work area. The report released on Tuesday by the Democratic majority on the House Ways and Means Committee said the process, which dates to 1977, was dormant, at best during the early years of the Trump administration. Democrats in Congress are responding by introducing legislation that would codify the IRS policy into law with more stringent requirements. Tax experts say the failure to .

Taj Mahal to be 'attached' if ASI fails to pay water, property tax: Agra MC

"Property tax not applicable on monuments. Not liable to pay taxes for water. It could have been sent by mistake," said ASI superintending archaeologist

Taxes on all motor vehicles in India need to be rationalised: RC Bhargava

The taxes, however, should not be the same for different types of cars as the "regulatory burn" on small cars is higher than on bigger cars in India

Centre to levy import duties on non-essential items as exports fall: Report

The government is also looking for ways to separate commodities that come under the same Harmonized System of Nomenclature (HSN) code for imposing duties

CBIC detects Rs 62K-crore GST evasion via fake invoices during past 3 years

1030 people have been arrested by tax authorities since 2020

CBDT seeks detailed report on the top 15 taxpayers in each region

Directive issued for maximising revenue collection and monitoring advance tax mop up

Centre extends RoDTEP to more sectors, but refund woes remain

Exports under advance authorisation scheme and by export-oriented units, units in special economic zones and manufacturing goods in bonded warehouses are excluded from the scheme

Taxing proposition

Capital gains tax needs committee-level deliberations

UK finance ministery hits wealthy with higher taxes in £55 billion squeeze

British Finance Minister Jeremy Hunt announced a string of tax increases and tighter public spending in a budget plan on Thursday

Laid off? Seek advice before claiming tax exemption on severance pay

You can claim only if the payout is voluntary and you have documentary proof to this effect

Centre to receive Rs 40,000 crore from windfall tax, half from private cos

The windfall taxes were imposed in July and will only be removed if the price of oil falls below $70-75 per barrel

Q2 results: Reliance Jio logs 26.9% jump in net profit as Arpu rises

Gross revenue rises 22.8 percent annually to Rs 28,506 crore in second quarter

Taxes absorb 58% telco revenues in nation with lowest tariff: Voda-Idea CEO

Says operational cash generation can be released for investments if govt eases tax burden

Delhi govt gives in-principle approval to tax concession for new vehicles

Delhiites will soon get road tax concession if they buy new vehicles after scrapping old ones, with the Delhi government on Friday giving in-principle approval to the measure. The concession will range from eight per cent to 25 per cent of the tax amount. The government has decided to offer a maximum concession of 25 per cent in case of non-transport vehicles and 15 per cent in case of transport vehicles upon production of certificate of scrapping (certification of deposit) by new vehicle buyers. The policy will come into effect after final approval by the Delhi Lieutenant Governor and will promote scrapping and replacement of old polluting vehicles with new vehicles of upgraded fuel standards. The certificate of deposit' will be issued at the registered scrapping facilities of the government upon scrapping of old vehicles. For non-transport vehicles, the concession will range from eight per cent to 25 per cent based on cost of new vehicle and fuel type. The new vehicles registere

IMF tells UK to 're-evaluate' unfunded tax cuts as global criticism mounts

Prime Minister Liz Truss's decision to cut taxes by the most since the early 1970s and cover them via borrowing at a time of surging inflation has rattled financial markets and drawn concern