According to sources, both the departments have already laid their claim on the proceeds from the sale of the property
The US is pressing for taxing digital economy through the 'marketing intangibles' principle and the UK through a 'user-base' principle.
However, where the directors' remuneration is in the nature of professional fees and not salary, GST will be levied on a reverse charge basis.
The government's revenue collection from central excise, service tax and customs is likely to fall short by Rs 15,000 crore (Rs 150 billion) from the target of Rs 2,68,000 crore (Rs 2,680 billion) set for the current fiscal due to continuation of the stimulus package, the CBEC said on Monday.
The government has notified a host of procedural changes in the GST rules, including levy of interest for wrongful utilisation of ITC and turnover threshold for filing annual returns for the 2021-22 fiscal. The changes were vetted by the Goods and Services Tax (GST) Council at its meeting last week. With the amendments notified by the Central Board of Indirect Taxes and Customs (CBIC), businesses have also been allowed to make tax payments on the GSTN portal by using IMPS and UPI payment modes.
'There are unscrupulous traders who create fake invoices by showing bogus e-way bills, movement of goods.' 'Since the entities registered across different states, and kept on changing their numbers, tracing them was difficult.'
At a time of falling GDP growth, the case for boosting revenue by increasing the tax rates is weak.
The government has created a comprehensive budget with sharp focus on sustaining economic activity and investment but more clarity is needed on areas like taxation framework for adopting remote working on a long-term basis, IT body Nasscom said on Monday. The industry association noted that the IT/ITeS (Information Technology-enabled Services) industry has been a key driver of growth and jobs in 2020 and there is an opportunity to significantly accelerate it further. "For the IT sector, one of the biggest needs ahead of us is the development of future business models, with hybrid working becoming a reality. "We look forward for the government to provide clarity on providing a framework in direct taxes and indirect taxes for the industry to adopt WFH/remote working on a long-term basis," Nasscom said in a statement.
Laying fibre to home is a cumbersome and a slow process as every building has to be physically wired.
Among the Sensex firms, Larsen & Toubro, UltraTech Cement, JSW Steel, Titan, Bajaj Finance, Wipro, Tech Mahindra and Nestle were the major laggards. Maruti, Power Grid, Axis Bank, State Bank of India, NTPC, HDFC Bank, ITC and IndusInd Bank were the gainers.
Petroleum being out of the goods and services tax initially will create some anomaly as tax credit on some of the inputs to oil industry may not be given, said revenue secretary Hasmukh Adhia.
All goods and services have been put in slabs of 5%, 12%, 18% and 28%
If the surge in tax collections is sustainable, the finance minister has the elbow room to shoot for a fiscal deficit
Tax Guru Anil Rego answers your personal income tax queries.
India skipper Virat Kohli, on Friday, suggested country's athletes to have a firm belief in their dreams and work tirelessly to achieve those.
The Budget may see new rural schemes and stepping up of funding towards existing programmes like MNREGA, rural housing, irrigation projects and crop insurance.
This will violate the time-honoured convention that a government elected for a five-year tenure presents only five full Budgets, but the NDA government will no doubt present it as yet another initiative of Mr Modi.
PPF still stands out as one of the best among the instruments giving exempt-exempt-exempt (EEE) benefits, which makes it one of the most popular investment products say financial planners.
Reliance Industries Ltd on Friday reported a 9 per cent rise in its December quarter net profit as a planned maintenance-induced weakness in oil business earnings was offset by stability in retail and telecom verticals. The oil-to-retail-to-telecom conglomerate's consolidated net profit of Rs 17,265 crore, or Rs 25.52 per share, in October-December - the third quarter of the current 2023-24 fiscal - was 9.3 per cent higher than Rs 15,792 crore, or Rs 23.19 a share, earning a year back, according to a company statement. Quarter-on-quarter, the profit was lower when compared to Rs 17,394 crore earnings in the preceding three months ended September 30.
Higher excise duty at 12 per cent would have negative impact on pesticides manufacturers.
With the passage of Finance Bill on Friday, the government on Friday ruled out rollback of service tax imposed on goods booking agents, but expressed its willingness to sort out any procedural difficulty faced by either truck owners or operators.
Measures may include tax slab and rate revisions for individuals, companies.
In the video, Bachchan explains GST as an unifying force just like the three colours in the national flag.
The third quarter (Q3) of 2023-24 (FY24) has proven to be pivotal, witnessing some startups turning profitable and others enhancing their performance as their businesses finally begin to deliver. Startups like Delhivery, Zomato, PolicyBazaar, Mamaearth, and Nykaa have either become profitable or improved their profit margins in Q3FY24. A renewed focus on profitability, supported by operational efficiencies, expense rein-in, and robust demand during the festival season, has empowered companies to strengthen their performance.
Buy from an established agent rather than a novice who may not be around when you need his assistance.
The instructions cite service rules that bar any government servant from making any adverse criticism of any policy or action of the government.
It will reduce compliance cost as the assessee will not have to maintain multiple records for a variety of taxes
In a statement, the CBDT, which is the apex policy making body for direct tax policies, said it has never asked IRS Association or these officers to prepare such a report and no permission was sought by them before making the report public. 'It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report.
Nearly 30 Indian firms that have imported aircraft for charter use are under the scanner of the Customs authorities for allegedly flouting import norms in order to evade taxes.
IT companies see this as a huge opportunity.
Oil and gas players' wish list includes incentivising E&P investments and reintroduction of income tax holiday for exploration and production activities, among others.
Wankhede, a 2008-batch Indian Revenue Service (IRS) officer of the Customs and Indirect Taxes cadre, has moved the Bombay High Court seeking protection from any coercive action by the anti-money laundering agency.
The government will have to get projects moving.
In a set of FAQs on applicability of Goods and Services Tax on banking, insurance and stock brokers sectors, the revenue department has clarified that transactions relating to securitisation, derivatives, future and forward contracts are exempt.
India Inc on Thursday pitched for continuation of reforms while ensuring tax and policy stability in the forthcoming Budget to prop up the economy hit hard by the COVID-19 pandemic. In the virtual pre-Budget consultation held with Finance Minister Nirmala Sitharaman, industry chambers said that government measures will help firmly entrench the nascent signs of recovery being currently seen in private investment. Capital expenditure by the government through enhanced infrastructure spending should in the meantime continue to support growth, CII president TV Narendran said.
The present tax revenue of the state is Rs 120,000 crore.
'Investors with as little as Rs 1 can start investing in digital gold.'
Sunil Wadhwani and Ashok Trivedi, co-founders, said: "The separation is a logical step for the company. Our board has reviewed the divestiture and believes it will benefit our shareholders, employees and customers."
Tax Guru Anil Rego answers your personal income tax queries.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances