Page 8 - Taxes

Tax collections to continue rising trend in coming months, say experts

The trend of increase in income tax collection is expected to continue in the coming months on increased compliance, higher corporate profitability and increased trade in festive season, experts said. The gross direct tax collection grew 30 per cent to Rs 8.36 lakh crore in the April to mid-September period of the current fiscal on increased corporate tax and personal income tax (PIT) mop up due to increased economic activity. Deloitte India Partner Rohinton Sidhwa said the reason for rising tax collection, aside from the increase in economic activity, is attributable to the marked increase in compliance demonstrated by the number of returns filed. "The increase in compliance also stems from influencing behaviour like the sharing of details of income generating activity that taxpayers are being shown on the e-filing portal. "It's expected that the trend will continue for now. While corporate tax returns are still to be filed for the last fiscal, advance tax collections show strong

Overseas firms see compliance burden increasing to get tax treaty benefits

Chartered accountants' group asks CBDT to do away with PAN requirement for filing form electronically

Britain sends investors fleeing with historic tax cuts and borrowing

Pound slides below $1.11 for first time in 37 years

Rs 58.5K cr of taxes lost in 5 industries due to illicit trade: FICCI study

Says 1.5 mn jobs lost because of such trade; FMCG sector worst affected

Govt slashes windfall profit tax on domestic crude oil, ATF, diesel export

The move follows moderation in the Indian basket of crude to $92.53/barrel on average in September compared with the August average of $97.4/barrel

Banks exempt from 10% TDS on one-time loan settlements, waivers: CBDT

Issue of bonus and rights shares too will not require tax to be deducted under a section introduced in the Union Budget

Windfall profit taxes are pure economic populism and thus bad policy

Germany's government just became the latest to ingratiate itself with angry voters by promising a windfall tax on energy companies

Low rate regime: Why corporation tax is a hit but not personal tax?

While the new corporation tax regime has drawn a good response, the personal income tax regime seems to have attracted only a lukewarm response

UK PM race: Liz Truss rules out new taxes, energy rationing in last pitch

Truss made the commitments at the last Conservative Party leadership hustings in London on Wednesday, ahead of the victor being announced Sept 5

Medicine purchases by inpatients exempt from GST, says Tamil Nadu AAR

But says drugs, consumables purchased by outpatients in the course of treatment will be taxed

Govt earning more from taxes on common people than on corporates: Rahul

Former Congress president Rahul Gandhi on Sunday accused the government of imposing high taxes on common people and reducing tax to its "friends". Taking to Twitter, he also shows a graph alleging that the government is earning more revenue from taxes on common people and less from corporates due to lower tax. "Raise taxes on people, cut taxes for Mitron - the 'natural course' of action for suit-boot-loot sarkar," Gandhi said in a tweet, while sharing the graph. The graph shared by him gave a comparison of "less tax on people versus more tax on people", which shows that corporate tax over the years is coming down and tax on people is going up. The graph also showed that the percentage of revenues collected by the government over the years is higher from people than from corporates. The graph showed that in 2010 the revenue collected through tax on corporates was over 40 per cent against 24 per cent revenue from tax on people. The graph shows that in 2021, the revenue collected fro

Centre garners Rs 3,000 crore from windfall tax on oil and gas firms

It is likely to continue with the levy till the Indian basket of crude is above $80 a barrel

States' share in central taxes come down to 29-32% against recommended 41%

The previous five years saw the states' share, except for 2019-20, in between 34.5% and 37%, whereas the recommendation was to give them a 42% share

Senate Democrats approve big Biden deal worth $740 bn; House to vote next

Democrats pushed their election-year economic package to Senate passage, a hard-fought compromise less ambitious than Biden's original domestic vision but one that still meets deep-rooted party goals

Here's what to expect from Senate's tax, climate and healthcare bill

After more than a year of stop-and-start negotiations, Democrats on Sunday agreed to a narrow bill to invest in energy initiatives, curb drug prices and reduce the deficit

States seek a raise in central taxes, call for extending GST compensation

NITI Aayog is mandated to boost cooperative federalism in the country

CM Baghel urges Centre to increase Chhattisgarh's share in central taxes

Chhattisgarh Chief Minister Bhupesh Baghel on Sunday urged the Centre to increase the state's share in the central taxes and duties, citing rising burden on its resources, an official said here

Top headlines: Windfall tax, India's 5G market, US Fed rates, and more

India to account for about 15% of worldwide market for the 3.5 GHz-based 5G radio and network: Global telecom gear makers

Vote against reappointment of Harsh Mariwala: SES to Marico's shareholders

Seeks approval for revision in remuneration payable to Marico's cost auditors

Windfall tax: Frequent changes create uncertainty for Indian oil producers

Experts say move is justified but government should clarify how proceeds will be utilised