Ahead of the Economic Survey, industry body Ficci today lowered its GDP growth forecast for the current fiscal, pegging India's economic expansion rate at 5.3 per cent compared to its 5.5 per cent previous estimate.
Indian companies, many of which have been acquiring overseas entities, suffer from taxation planning as part of the deals, said accountancy and consultancy firm Ernst & Young
India and Myanmar have signed a Double Taxation Avoidance Agreement (DTAA), which provides that business profits will be taxable in the source state. In the case of India, the DTAA will cover income tax and surcharge and in the case of Myanmar, income tax and profit tax. However the maximum rate of tax to be charged in the country of source will not exceed 5 per cent in the case of dividends & 10% in the case of interest and royalties. The deal also has anti-abuse provisions.
Finance Minister Arun Jaitley on his maiden visit as minister to Washington, DC, addresses two think thanks, leaves American Establishment impressed, reports Aziz Haniffa/Rediff.com.
Excise exemptions may be whittled in Budget to offset higher govt salaries, pensions
Corporates are not really expecting a change in the capital gains taxation
Treats gains on sale of as capital gains, not business income, spares him from huge tax liability.
'The economy has to become the government's No. 1 priority, which it is not at the moment,' says T N Ninan.
'The hour is very late, and the choice between triumph and tragedy knocks at our door,' says Ajay Shah.
A 15 per cent corporate tax rate for services companies in SEZs, setting up a fund for deep-tech startups and establishing clusters to demonstrate design-to-manufacturing capabilities of tech firms were some of the key demands made by the IT sector at the pre-Budget consultation on Monday. The participants shared their views and suggestions regarding Big Data, incentives for encouraging setting up of data centres, fiscal incentives for data localisation, incentives for pushing digital penetration in rural areas, and corporate guarantee to startups for competing with other nations.
Jaitley's concerns are unlikely to cut much ice with the Congress.
The previous United Progressive Alliance government had undertaken some decisions, like introduction of retrospective tax amendments and GAAR, which had dented investor sentiments.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Court cases likely over interpretation of the new levy proposed in the Budget for digital economy.
Measures may include tax slab and rate revisions for individuals, companies.
The Non-Resident Indians (NRIs) living in the US, UK, Canada and Singapore can now avail the benefit of a lesser tax deduction on their Non-Resident fixed deposit with ICICI Bank, a top bank official said in Mumbai. The NRO FD Plus offers the benefit of concessional rate of tax deducted at source (TDS) under the Double Taxation Avoidance Agreement (DTAA) of India with these countries, ICICI Bank General Manager and Head NRI Services Manish Mishra said.
There will be pressure on the fiscal situation, especially at a time when the monsoon can also disappoint. More populist expenditure is on cards if the mandate is a hung Parliament or a coalition government.
Though GST could mean complications in the short run, it will bring in undeclared revenues and streamline taxation across the value chain, the benefits should be worth the pain.
Bihar became the first non-NDA state and overall second after the BJP-ruled Assam to pass GST bill.
While home-grown firms like Tata and Mahindra have been actively participating in the government's e-mobility mission, by launching electrified versions of their existing models, the global firms believe electric is not the best solution for a country where the primary source of power generation is coal, and where infrastructure is a big impediment.
The sops being given to the IT firms in metro cities should be extended to companies in tier 2 and 3 cities as it will generate greater employment opportunities and boost growth, industry body Nasscom has said.
Before participating, consider company's long-term prospects, premium offered and acceptance ratio.
Swiss brokerage UBS joins European banking peer HSBC in shutting down its offshore derivative business
Over the next four years corporate tax will come down by 5 per cent and lot of exemptions will get phased out.
Most say they will review their Make in India plans as prices may top pre-GST level
The income tax department on Monday released rules for equalisation levy - a tax on online advertisements that would come into effect from June 1.
Tax Guru Anil Rego answers your personal income tax queries.
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.
The Central government is stuck between the devil and the deep blue sea as far as the runaway fuel prices are concerned.
The case relates roughly to assessment years 2000-01 to 2002-03 and 2004-05 to 2007-08
Particularly hit has been the apparel sector, where the time taken by the industry to adjust to the Goods and Services Tax regime, downward revision of export incentives, and a credit squeeze faced by small and medium scale enterprises, has pushed production downwards.
Government introduced two Bills in Lok Sabha on Friday -- one seeking to phase out central sales tax in four stages and eventually abolish it in three years and another to give more operational flexibility to the Reserve Bank of India.
The actual expenditure will only be marginally higher and hence, the multiplier effect will be muted.
Increase in surcharge will adversely impact fund managers planning to shift to India. As a matter of fact several fund professionals based in India could also relocate to other jurisdictions, resulting in a brain drain.
GST will lead to consolidation of multiple indirect taxes
Tax Guru Anil Rego answers your personal income tax queries.
The GST Council, that includes representatives of all states, will meet again on November 3-4 to decide on the tax rates
After turning net buyers for the fifth straight month till June, foreign portfolio investors (FPIs) withdrew a net of Rs 11,743 crore ($1.7 billion) in July. This was their highest outflow since October 2018.
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