Finance Minister Nirmala Sitharaman on Wednesday raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade as she did a tight rope walk in the Budget between staying fiscally prudent and meeting public expectations in the year before general elections.
The paper said that the taxation proposal needs to be accompanied by explicit redistributive policies to support the poor, lower castes, and middle classes.
First thing an average citizen thinks about before any Budget is about income tax.
Finance Minister Nirmala Sitharaman will present her 8th straight Budget and all eyes will be on the much-expected tax relief for the middle class. Sitharaman had in her first Budget in 2019 replaced the leather briefcase -- which had been in use for decades for carrying Budget documents -- with a traditional 'bahi-khata' wrapped in red cloth.
Self-employed individuals often face hurdles in buying term insurance due to financial documentation that doesn't fully reflect their earnings. This complicates underwriting.
Wednesday's joint protest march in Patna marked a significant moment, with Rahul Gandhi, the Leader of the Opposition in the Lok Sabha, and Tejashwi Yadav, the Leader of Opposition in the Bihar assembly, leading a unified demonstration -- perhaps a first in the state's recent political history.
Indian subsidiary of consumer electronics major Sony has been allowed by income tax tribunal to claim deductions on its expenses on advertisement and sales promotion for calculating its tax liability.
'I do believe there will be a resolution in the next couple of months on the penal tariff and hopefully on the reciprocal tariff also.'
The income and profits shown by various BBC group entities are "not commensurate" with the scale of their operations in India and tax has not been paid on certain remittances by its foreign entities, the income tax authorities said Friday, a day after they ended a three-day-long survey operation against the British media organisation.
Concessional rate of tax on dividends received by Indian companies from foreign subsidiaries will be done away with from April 1, a change that may hamper global expansion of Indian companies and compel some firms to move their headquarters out of India to geographies such as Singapore and Dubai. At present, dividends received by Indian companies from their foreign subsidiaries are subject to a concessional tax rate of 15 per cent under Section 115BBD of the Income Tax (I-T) Act. The provisions of this section shall not apply from assessment year 2023-24 onwards, according to the Finance Bill.
HUFs are not used for tax evasion but for tax avoidance/to save the tax within the four corners of the law. Experts say that there will be little or almost insignificant change in tax revenues.
"Remember, the IT Department and the ED implement the Pradhan Mantri Hafta Vasuli Yojana. The State Bank of India implements the #ElectoralBondScam. And at the end of the day, all of these institutions report to the same person: the Finance Minister," Ramesh alleged.
IT department reportedly sent notice to Microsoft seeking details of its income from Indian operations for four years beginning with the 2005-06 fiscal.
Growth in incomes in the top most slabs have increased substantially compared to (a) previous two years and (b) lower income brackets
Engineering Export Promotion Council (EEPC) of India has urged the Centre to extend lower corporate tax benefit to Limited Liability Partnerships (LLPs) and proprietary firms as it would make funds available with MSMEs and boost private investment cycle. A body of direct tax professionals also sought for reduction of tax burden on individuals and requested the government to raise the income tax exemption limit at Rs 2.5 lakh to Rs 4 lakh per annum in the upcoming budget for 2022-23 fiscal. EEPC India chairman Mahesh Desai claimed around 84 per cent of small businesses are being denied the benefit of lower corporate tax which was aimed at providing industrial units with more investible surplus.
The proposed move to withdraw the DDT would help encourage investments by addressing multiple taxation of income and bringing down the effective tax rate on companies, which is among the highest in the world.
The company moved the income-tax appellate tribunal and its appeal is pending there.
'They are positioned as defensive products and can potentially give marginally higher returns than liquid funds.'
An accused is discharged at the stage of charge-framing when the judiciary is persuaded that the prosecution's claims do not contain adequate prima facie evidence to suggest criminal conduct.
While there has been no official statement related to the action, British government sources said they are 'closely monitoring reports of tax surveys conducted at the offices of the BBC in India'.
The I-T department issued a circular allowing manual filing of Form 15CA/15CB (required for foreign remittances) with banks till June 30, so that business transactions may go on. The forms will be uploaded online on the e-filing portal later, it added.
Paraphrasing Abraham Lincoln, Finance Minister Nirmala Sitharaman on Sunday described the Union Budget as "by the people, for the people, of the people", and said Prime Minister Narendra Modi was fully behind the idea to cut taxes for the middle class but it took time to convince the bureaucrats. "We have heard the voice of the middle class" who had been complaining about their aspirations not being met despite being honest taxpayers, she told PTI in an interview.
What is worrying is that this year, angel investments and seed funding deals have fallen by 40 per cent, ringing alarm bells in the start-up community in India.
India Inc and economic think-tanks want the Budget to tax the agriculture income of large farmers for equity in the system and widening the net.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Taxing the rich will fetch nothing; only votes, argues Debashis Basu.
Various start-ups have raised concerns on notices sent to them under the Section 56 of Income Tax Act to pay taxes on angel funds received by them.
Many affluent young people are first-generation wealthy. They have limited financial literacy, lack quality financial guidance or role models, and often fall prey to mis-selling. This makes them hesitant to invest in high-return assets like equities.
Geopolitical tensions, trade policy uncertainties, volatility in international commodity prices and financial market uncertainties pose considerable risks to India's economic growth in the coming year, the finance ministry cautioned on Wednesday. "Global trade continues to be affected by uncertainty in the policy environment... tariff-related developments in multiple countries have heightened trade-related risks, affecting investment and trade flows globally.
Business subsidies may attract tax
A progressive tax system (in which the rich pay more than the poor) is one in which direct taxes account for more revenue than indirect taxes (which are on goods and services). In that respect, India's period of supposedly extortionate tax rates produced a most undesirable result because the Centre's next direct tax revenue was barely a fifth of its net indirect tax revenue.
Hero MotoCorp is expecting its electric vehicle (EV) business to break even once it reaches monthly sales volumes of 25,000 to 30,000 units, which is a couple of years away, Chief Financial Officer (CFO) Vivek Anand said on Tuesday. "This year, in 2024-25 (FY25), if I really look at my EV performance, our volumes have grown by 200 per cent," Anand told analysts during the company's post-results conference call.
The Enforcement Directorate on Friday detained Bahubali Shah, one of the owners of the leading Gujarati newspaper Gujarat Samachar, following a raid on their premises in Ahmedabad, sources said.
India's economy is expected to grow 6.4-6.7 per cent during the current financial year driven by strong domestic demand, even as geopolitical uncertainty poses downside risks, the newly appointed CII president Rajiv Memani said on Thursday.
The new amendment, which came into force on April 21, has been introduced to detect discrepancies between the expenses and incomes of people who do not have to file tax returns.
: Build lasting wealth via disciplined, long-term mutual fund investing in India's compounding marathon, Shanaihi, Shanaihi, says Ramalingam Kalirajan
DAP does not consider past I-T returns to match a taxpayer's resources with their expenditures or investments, points out Harsh Roongta.
The Centre is likely to give a 100 per cent income tax relief on the prize money, the players and the support staff earned from their World Cup victory.
Banking on the Budget's tax relief, the BJP seeks to energise Delhi's middle class; the AAP is doing its bit too. But will their outreach mobilise this politically crucial yet disengaged electorate?
'Despite rising inflows, many NRIs lack awareness about NRO and NRE accounts and mistakenly use family accounts or invest in a relative's name.' 'Many are unaware of tax implications.'
