In an hour-long chat on rediff.com on Wednesday, COO of Dun & Bradstreet, India Kaushal Sampat offered some tips. Here is the transcript:
Unveiling the Budget for 2009-10, Finance Minister Pranab Mukherjee said, "MAT was introduced to address inequity in taxation of corporate taxpayers. In the quest for greater equity, I propose to increase the rate of MAT to 15 per cent of book profit from the present rate of 10 per cent."
The RBI is considering permitting FII and commercial banks to trade on Indian commodity exchanges.
The implementation of the commodities transaction tax is likely to be delayed to the end of the year or even next year, thanks to the spiralling inflation and its political fallout.
Commodity futures market's dream run came to a halt in 2013 as a Rs 5,600 crore scam in Jignesh Shah-led spot exchange NSEL and imposition of transaction tax on non-farm items hampered the growth of business, with turnover estimated to dip by 30 per cent to Rs 125 lakh crore.
Sources said much has been done to ease the tax burden of the middle classes in the last five years, and that such a measure affects only a limited segment of people when the focus should be to put money in rural areas. Archis Mohan reports.
While the declarations under the scheme have to be filed by December 31, 2020, the government had in October extended the deadline for making payment by three months till March 31, 2021, in view of the ongoing Covid-19 pandemic.
Gold prices tumbled by Rs 3,350 to Rs 72,300 per 10 grams in the local market in New Delhi on Tuesday amid subdued demand by jewellers after the government announced the customs duty cut on the yellow metal and silver to 6 per cent.
Instruments such as Reits, InvITs, unsponsored GDR, GIFT find few takers.
Much of the rise in prices has been in food items
Finance firms in these SEZs likely to get tax breaks.
The government's initiative to migrate SEZ data from NSDL software to ICEGATE system for streamlined reporting of import data caused double counting of gold imports, resulting in inflated figures and the issue has now been largely rectified, government sources said. The downward revision has provided the actual picture of trade deficit (difference between imports and exports), which was earlier looking very high. The deficit for November will now be revised downwards from $37.84 billion to about $32.8 billion. Similarly, there will be a revision in overall import numbers as well.
Union Finance Minister Nirmala Sitharaman, along with her team of bureaucrats, delved into the fine print of the 2024-25 Budget documents in a press conference, detailing the government's road map on bringing down the debt-to-GDP ratio and bold tax measures.
'Sebi had no problem with derivatives until trading exploded after Covid.' 'But now, having built a dangerous road, from which different entities, mainly governments, are extracting a heavy toll, Sebi is concerned that people are driving on it in much greater numbers,' explains Debashis Basu.
The exchange has always seen huge volumes in gold trading. But due to a fall in prices, volumes took a hit.
In terms of value, this translates into more than Rs 300 crore (Rs 3 billion) of delivered quantity.
The previous fiscal year proved to be quite a contrast in some ways. While the year started with the banning of a few commodity futures contracts from the national bourses, it ended with the allowing of FDI/FII investment in the commodities sector and the amendment of the archaic Forward Contracts Regulation Act. Proactive measures were also undertaken by the government to give autonomy to the Forward Markets Commission.
The securities regulator's approval for the first US-listed exchange traded funds (ETF) to track bitcoin has given Indian cryptocurrency companies hope that the move would create domestic support for the digital assets. The US Securities and Exchange Commission (SEC) on Thursday approved 11 ETFs for bitcoin, perhaps the most popular virtual currency. It would enable investors to access bitcoin without challenges such as setting up wallets or accounts with crypto exchanges that have previously suffered cyberattacks or implosion.
The commerce department has reaffirmed its plans to launch the 'Trade Connect' e-platform to help exporters connect with stakeholders of international trade, as a part of the new government's 100-day action plan, a senior government official said.
ED officials said that Subhash was produced before a special PMLA court on Sunday morning and was sent to judicial custody.
Regulated electronic platforms such as e-spot markets or spot exchanges may be deemed as authorised markets.
Principal economic advisor, Ila Patnaik, is coordinating the work on Economic Survey 2013-14.
Ministry considering tax sops for India's first global financial centre, steps to liberalise futures and options markets.
FMC approves commodity bourse's contract-launch calendar for two years.
Demand among several pre-Budget representation by BSE Brokers' forum
Dwaipayan Bose simplifies the whys and hows of revisiting your financial goals
Besides Vodafone, several other major MNCs like Nokia and Shell were locked in tax dispute with the revenue department.
Dwaipayan Bose examines the seven important factors that investors about exchange traded funds must know before they start investing/trading in them.
MCX and MCX-SX are facing the worst crisis in their existence following the Rs 5,574 cr fiasco at the National Spot Exchange.
Brokers have only kept guarantees for which they have open positions.
The Finance Act, 2020, has inserted a sub-section, mandating a seller to deduct tax equal to 0.1 per cent of sale proceeds if the value of goods sold exceeds Rs 50 lakh in a financial year.
Two-wheeler market leader Hero MotoCorp has denied the report of the IT Department finding Rs 1,000 crore false expense claims, saying it is speculative. The company said officials from the Income Tax department visited its offices in the previous week, and it has provided all support and cooperation, necessary documents and data to the authorities and will continue to do so if required. "The allegations made in the press report are not borne out of any documents that have been served on us or our internal documents.
A Delhi University alumnus with an MBA in finance and a doctorate, Vaish started his career as a banker in 1984, became an academician a few years later and joined the capital market in 1998.
'GST is imperative for India's success.' 'Without GST India will be a less competitive country.'
Dabba trades also allow investors to avoid SEBI registration requirements or the margin requirements set by exchanges.
While the tax treatment does legitimise past crypto transactions, there is a possibility that any, or all, private cryptocurrencies will be banned in future.
Brokers also want tax rebates, removal of additional tax on dividends, streamlining of GST...
Trading in other derivative products in currency, commodities expected to begin soon.
No longer a discretion of the tax administrator, the audit of returns filed by taxpayers is now based on a selection by algorithms, notes Tarun Bajaj.
The GIFT City management is in talks with Hong Kong, London, and Singapore arbitration centres
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