Facing flak over its decision to impose tax at the time of withdrawal on 60 per cent of the contributions to Employees' Provident Fund, the government on Tuesday clarified that only interest accrued on 60 per cent contribution to EPF after April 1, 2016 will be taxed.
Experts pointed out the move will only help taxpayers temporarily, as the tax liability remained the same and the date for advance tax has not been extended.
Finance Minister P T R Palanivel Thiagarajan has proclaimed his determination to set Tamil Nadu's fiscal house in order in five years, and Friday will show how he plans to go about it when he rises to present the Stalin government's maiden budget, says N Sathiya Moorthy.
While consumers feel that petrol pinches directly, diesel hurts indirectly, as it is an input in almost all the goods and services we use.
India and Cyprus had entered into a Double Taxation Avoidance Agreement in 1994.
Prime Minister Narendra Modi on Saturday hard sold his government's reforms spanning from manufacturing to taxation to labour, saying they have changed the world perception about the country from 'why India' to 'why not India' and went on to quote record foreign investment during the pandemic as a testimony to that. Speaking at industry association Assocham's Foundation Week event, Modi also said agriculture reforms brought by his government six months back have started benefiting farmers. The reforms in the last six years have influenced in changing the sentiment of the industry from 'why India' to 'why not India' in investing.
There is a growing concern that many entities are routing their investments into the country through Mauritius to reap undue tax benefits.
The revenue department has not seen a single deposit, owing to the outbreak of the COVID-19 pandemic.
The discussions on renegotiating the Double Taxation Avoidance Agreement, which comes in the wake of India seeking details of the black money stashed in Swiss banks, was earlier scheduled to be held in December.
From audit and taxation to investment banking, the realm of options for CAs has only widened over the years.
The due date for filing Income Tax returns for 2019-20 has already been extended till November 30, 2020.
Starting with the proposed retrospective amendment to Section 9 of the Income Tax Act, seen as a move to get over the adverse Supreme Court verdict on Vodafone, the controversy spilled over to taxation of foreign portfolio investments and taxation of foreign assets of Indians.
'There are no new benefits for senior citizens, but on the other hand senior citizens having sizeable dividend income may have to suffer tax at applicable slab rates,' says Mahesh Padmanabhan.
The ruckus began during the procedure for the introduction of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020.
'The economy needed 3 or 4 major fixes. The major one was, of course, the direct tax structure, but we ended up complicating the existing convoluted tax structure,' says M R Venkatesh, chartered accountant and lawyer.
New government should consider reforming taxation rules.
The ruling mean FPIs cannot seek treaty protection against the new withholding tax that companies are required to deduct at source. The apex court order pertains to when the cricketing bodies of Pakistan, India, and Sri Lanka formed a joint committee to conduct the 1996 Cricket World Cup.
The Islamic State rakes in over US $1 million (Rs 6.4 crore) per day in extortion and taxation and the dreaded terror group has enough assets to cover its expenses despite falling oil prices, according to a media report.
Domestic I-T laws require you to deduct tax on software, e-books and music albums; must report every such transactions while filing returns.
Finance Ministry, Assocham on Tuesday sought a taxation friendly environment for the startups
Investors, including large corporations, view them as a potential hedge against uncertainty, and mainstream investment banks too are jumping into the game.
Analysts expect RIL to report consolidated revenue of Rs 1.40 trillion and 10 analysts expect RIL's net income to be Rs 9,629 crore
The company, which has a subscriber base of 120 million, also plans to raise funds via a bonds issue. The company's impending 4G launch is also expected in the second half of the current financial year for which it would invest Rs 12,000 crore, partly through bonds.
Compliance requirements, valuation, input tax credit transfers are likely to lead to tax litigation, says Sayan Ghosal.
India's tax pie seems to have undergone a subtle change with a sharp drop in direct tax collections resulting from a disproportionate impact of the COVID-19 carnage on incomes. The share of indirect taxes, which mainly comprise of levy on goods and services as well as import duty, has risen while that of direct taxes - made up of corporate and personal income tax - has gone down in 2020. In an interview with PTI, finance secretary Ajay Bhushan Pandey said in a pandemic like this where the economy has been impacted, any large scale changes impact direct taxes more severely, whereas indirect tax collection is mostly proportional to business turnover and compliance.
Union Budget 2012 will be unveiled soon and as is the case with every Budget season there are a lot of expectations, aspirations as well as doubts.
India is on the brink of overhauling its tax system, implementing the BEPS project and seeing a further evolution of the GST at the same time as a general election. This makes 2019 an exciting and challenging year, note Maulik Doshi and Jigar Doshi.
With a focus on direct, indirect, and corporate tax structures, the Budget 2016-17 offers a balanced taxation structure
Irrespective of the outcome of Tuesday's keenly-contested US presidential election, America's strategic relationship with India is expected to maintain the current momentum and strengthen further, policy documents and remarks from the two campaigns indicate.
From Hyundai to Tata Motors, automakers are staring at a bleak future. With no succor provided in the Budget, the pain for companies is likely to continue for the next two quarters.
This could be the first instance when a consumer goods company would move court against NAA. The confrontation began after the government cut tax rates on over 175 items like toothpaste, shampoo, shaving cream and washing powder to 18 per cent from 28 per cent.
As per their law and Constitution, their international agreements are to be ratified by both houses of Parliament and local authorities.
Modi tells global investors to invest in India.
India, South Korea sign 7 agreements to boost cooperation.
They were participating in a debate on the bill for giving effect to various compliance relief measures for taxpayers, including extending time limits for filing returns, in the wake of the coronavirus crisis and tax benefits for donations to PM CARES Fund.
During a series of hectic talks between Cairn Energy and the Indian government over the $1.2-billion arbitration award in favour of the former last week, a slew of options was proposed by the two sides, including computation of capital gains and participation in the Vivad se Vishwas (VsV) dispute resolution scheme. The government is likely to go ahead and appeal against the arbitration award by a Permanent Court of Arbitration at The Hague before March 21, indicated finance ministry officials. Cairn Energy Plc on Sunday said it was hopeful that an acceptable solution to its tax dispute with the Indian government could be found to avoid prolonging and exacerbating the 'negative issue' for all parties.
The amended Indo-Swiss taxation treaty has came into effect, a development that will allow India to seek specific information on black money and tax evasion cases dating back to January 1, 2011.
CPPIB, which started investing in the country in 2009, has invested in Kotak Mahindra Bank, L&T Infrastructure Development Projects, online education firm Byju's, energy company ReNew Power, logistics firm Delhivery, among others.
Patricia Hewitt, chair, UK India Business Council and former UK minister, spoke on a number of government initiatives and investment sentiments.
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