Petrol price can go down to Rs 75 a litre across the country if brought under the ambit of the Goods and Services Tax (GST), but there is a lack of political will, which is keeping Indian oil product prices at one of the highest in the world, economists at SBI said on Thursday.
There is no proposal to modify income tax returns forms, finance ministry sources clarified when asked to comment on news reports that the purported statement of financial transactions expansion would result in the filing of high-value financial transactions in ITR by the taxpayers themselves.
The Budget has changed the rules for Indian citizens and persons of Indian origin visiting India. Instead of 182 days, the number of days has been reduced to 120. You will be treated as a resident of India for tax purposes if you stay in the country for more than 120 days in a financial year and 365 days in the past four years. One consequence of the change will be that people of Indian origin who reside outside India will be able to spend a smaller number of days in the country if they wish to keep their non-resident status intact, points out Sanjay Kumar Singh.
From audit and taxation to investment banking, the realm of options for CAs has only widened over the years.
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.
Manufacturing taxes, VAT will come down, assures Jaitley
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.
In a most perverse example of tax bullying, someone I know has got by three such notices reopening his assessment minutes before the midnight deadline of June 30, reveals Debashis Basu.
Higher oil prices, while not having an impact on Centre's revenues due to fixed tax rate, are pushing up states' sales tax revenue.
UK's Cairn Energy Plc plans to bring lawsuits in the US and other countries to pierce the corporate veil between the Indian government and its owned companies such as in oil and gas, shipping, airline and banking sectors, to seize their overseas assets to recover $1.2 billion ordered by an international arbitration tribunal. The firm has moved courts in the US, UK, Canada, France, Singapore, the Netherlands and three other countries to register the December 2020 arbitration tribunal ruling that overturned the Indian government's Rs 10,247 crore demand in back taxes and ordered New Delhi to return $1.2 billion in value of shares it had sold, dividends seized and tax refunds withheld to recover the tax demand. With the government so far refusing to honour the arbitration award and instead choosing to challenge it, Cairn is looking to enforce it by seizing overseas Indian assets, Dennis Hranitzky, head of the sovereign litigation practice at Quinn Emanuel Urquhart & Sullivan, a law firm representing the company, told PTI.
The Goods and Services Tax (GST) Council, chaired by Union Finance Minister Nirmala Sitharaman, will likely consider on Saturday a GST rate cut for Covid-19 relief essentials and drugs for treating the black fungus disease and might leave the vaccines untouched. The meeting is being held following a report submitted by a Group of Ministers (GoM) to the GST Council on Monday. The GoM, set up by the Council on May 28, was mandated to look at tax exemption and concessions on various Covid items including vaccines, drugs, and equipment.
'India is still hierarchical, but not as much as Japan and people appreciate a flat working culture,' Charles Frump, managing director, Volvo Cars India, tells Pavan Lall.
Can the finance minister manage our expectations, asks A K Bhattacharya.
The Mutual Logistics Support Agreement will allow militaries of the two countries to use each other's bases for repair and replenishment of supplies besides facilitating scaling up of overall defence cooperation.
The Budget proposed abolishing the under-performing, authority of advance ruling, to replace it with a two-member board of advance ruling.
'Rationalising TDS on dividends for FPIs to reduce it to treaty rates ranging from 5 to 15 per cent, depending on the country of residence of FPIs from current rate of 20 per cent will provide a big cash flow relief for FPIs.'
New government should consider reforming taxation rules.
Given the many policy areas where the Centre and the states have not been seeing eye to eye in the last few years, it is time the Modi government convenes a meeting of the Inter-State Council, recommends A K Bhattacharya.
The high court's order, which says refunds paid on service inputs can be restricted, runs contrary to Gujarat HC verdict and could complicate matters.
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.
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.
The financial fraud, one of the biggest in the state as per records, was being investigated by the different departments of Himachal Pradesh for the past over four years.
CII has also called for tax incentives for new health care projects and import duty relief for lifesaving equipment.
Domestic I-T laws require you to deduct tax on software, e-books and music albums; must report every such transactions while filing returns.
As per their law and Constitution, their international agreements are to be ratified by both houses of Parliament and local authorities.
'All of us have believed in decentralisation. You may not like property taxation, neither do I. My solution is that the Centre does the tax collection, but we can give a matching grant instead of redistribution,' says the outgoing CEA, Arvind Subramanian.
This will be the first time since the presentation of independent India's first budget on November 26, 1947, that the documents containing income and expenditure statement of the Union government along with finance bill, detailing new tax and other measures for the new financial year, will not be physically printed.
P-note is, however, now not a preferred route for investing in India as Sebi has made registration easier and also desirable for FPIs.
A faltering economy may have led to a re-think on economic strategy. And Mr Modi might think he is politically strong enough to take some risks. But there could be a minefield ahead, observes T N Ninan.
The heavy industries ministersaid that the proposal for the auto scrappage policy was ready and all stakeholders have provided inputs, therefore its announcement was likely very soon.
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.
Finance Ministry, Assocham on Tuesday sought a taxation friendly environment for the startups
With the introduction of the single window clearance provision, pre-production windows are expected to reduce significantly. Not only will it have an impact on the operational cost of the film, it will also allow studios to release films faster.
Cairn has already taken steps to have the arbitration award recognised in nine major jurisdictions such as the US, UK, France, the Netherlands, Singapore and Canada's Quebec province, where Indian sovereign assets have been identified. It hasn't said what it might go after but assets could include Air India's planes, vessels belonging to the Shipping Corporation of India and property owned by state banks.
The central government's clarification on the 2 per cent equalisation levy on foreign digital operators in the Budget, which considerably expands the scope of the levy, might be challenged in court, with several companies contemplating filing a writ petition in the coming few weeks. The writs might be filed on the grounds of the levy's alleged extra-territorial overreach, as it aims to cover those entities that do not have a physical presence in India, going against international taxation rules.
Treaty shopping by investors to be over if island nation budges on capital gains tax.
With a focus on direct, indirect, and corporate tax structures, the Budget 2016-17 offers a balanced taxation structure
Mumbai, Bengaluru, and Kochi airports have hiked their landing charges by up to 45 per cent, increasing the operating cost for airlines at a time they are facing financial constraints because of the two months of grounding and weak demand.
Modi tells global investors to invest in India.
India, South Korea sign 7 agreements to boost cooperation.
