Rejecting the charge that the National Democratic Alliance has done a U-turn on disclosure of names of black money holders, Finance Minister Arun Jaitley has said the government will not be pushed into an act of adventurism and jeopardise the chances of getting cooperation of other countries in future.
The constituency that support reforms today is much larger today.
'Given that debt AIFs, by nature, target a higher portfolio return, it is likely to attract investors like HNIs, family offices, etc, looking for a higher yield debt product.'
In May, India and Mauritius signed a protocol to introduce in-principle taxation of capital gains in India in a phased manner.
'I believe the modified scheme is much more beneficial and simpler.'
High-value insurance policies experienced muted growth in the first six months of the current financial year after the Centre decided to tax such products in this year's Budget. Simultaneously, there has been a marked improvement in the growth of policies with premiums of 'less than Rs 5 lakh', mainly originating from smaller cities. During this year's Budget, Finance Minister Nirmala Sitharaman proposed that insurance policies (excluding unit linked insurance plans or ULIPs) with an aggregate premium exceeding Rs 5 lakh, and the maturity amount, would not be exempt from tax.
Income Tax Department has slapped fresh tax notice on Nokia India, tax authorities said.
The fourth finance ministerial meeting, to be held in New Delhi, will have Finance Minister P Chidambaram from the Indian side and Hyun Oh-seok, Deputy Prime Minister and minister of strategy and finance, from South Korea.
'If the NDA comes to power with 320-330 plus seats, then we could see some correction. We could possibly see a level of 19,500 to 20,000.' 'If the NDA comes to power with a majority of 400-plus, we could see the markets going to about 23,500-24,000 levels.' 'And from there we could see some correction because markets are expensive at this point of time and a correction is overdue.'
One of the key concerns of foreign investors is how the general anti-avoidance rule would apply in case an investor is availing benefits under double taxation avoidance agreement.
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.
Airports levy charges such as FTC, infrastructure charge, and into-plane charges on sale of jet fuel. The levy is passed through to airlines, pushing up costs.
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On the Congress accusing BJP of hypocrisy for its failure to disclose names, Jaitley said the Congress got it all wrong because media "completely misreported" the case.
With the Modi government facing the arduous task of fulfilling its promise of getting back black money stashed abroad, Attorney General Mukul Rohatgi on Friday said all amounts deposited in foreign banks by Indian citizens can't be termed as black money and that it is not a crime to open such accounts.
The Centre on Friday submitted before the Supreme Court that all the information on black money received from foreign countries, with which India has double taxation avoidance agreement, cannot be disclosed.
GAAR will not override the recently revised double taxation avoidance agreements with Mauritius and Singapore.
Domestic I-T laws require you to deduct tax on software, e-books and music albums; must report every such transactions while filing returns.
Five key capital market announcements from the previous Budget.
The President has begun studying Constitutional and Presidential precedents in anticipation of a fractured mandate in next year's general election, reveals R Prema.
Compliance requirements, valuation, input tax credit transfers are likely to lead to tax litigation, says Sayan Ghosal.
It will reduce compliance cost as the assessee will not have to maintain multiple records for a variety of taxes
Black money is because of P Notes, hawala and variety of other reasons.
Replying to a query, whether the government has made any assessment of black money stashed by Indians in foreign countries, Jaitley said there is no official estimation of that.
'Defence and aerospace show huge potential thanks to the government's Make in India push.'
In its effort to unearth black money stashed away abroad, India has received data on over 24,000 instances of alleged tax evasion and dubious funds which has been detected in foreign shores in the last financial year.
Equity inflows worth $3.7 billion came from the sunny Caribbean jurisdiction in 2019-20, a 267 per cent increase from the $1 billion registered in 2018-19 making it India's 10th largest source of FDI.
Currently, companies are taxed in the jurisdictions in which they have a physical presence. However, digital businesses generate revenues from markets without a significant physical presence in a country.
Long accused of being a route for avoiding taxes for foreign investments into India, Mauritius says it has put additional safeguards in place to thwart such wrong perceptions and to boost its image as a preferred global financial centre.
The paper will invite comments on whether or not the royalty ceiling applicable till 2009 should be re-imposed.
The revised structure will help to keep airfares down, when airlines already face a triple challenge of rising crude oil prices, rupee depreciation and constrained airport capacity.
ITC has been one of the best performing large-cap stock at the bourses thus far in calendar year 2022 (CY22), rallying nearly 52 per cent during this period and outperforming the sector benchmark - the S&P BSE FMCG index - by a wide margin that moved up around 17 per cent during this period. However, the counter has lost over 5 per cent from its recent high of Rs 346.25 hit on September 23, 2022 and has underperformed the S&P BSE Sensex, which has lost nearly 2 per cent since then. So, is the rally in the stock coming to an end, and is this a good time to book profit?
The Budget proposed abolishing the under-performing, authority of advance ruling, to replace it with a two-member board of advance ruling.
Prime Minister Narendra Modi arrived in Seoul on Monday on the last leg of his three-nation visit during which he will hold talks with the South Korean leadership aiming to give a fillip to economic and trade cooperation.
The US launched an investigation, focusing on whether the tax in India and other countries discriminated against American companies, were retroactive, and reflected unreasonable tax policy.
Modi, upon arrival, was received by External Affairs Minister Sushma Swaraj.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
In touch with the Swiss government under the DTAA mandate
The US is pressing for taxing digital economy through the 'marketing intangibles' principle and the UK through a 'user-base' principle.
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.
'At the policy's maturity, the total premium is refunded.'
