The government on Friday cut the windfall profit tax on locally produced crude oil in line with a fall in international rates, and reduced the levy on export of diesel and jet fuel (ATF). At the fifth fortnightly review, the government reduced tax on domestically-produced crude oil to Rs 10,500 per tonne from Rs 13,300 per tonne. The levy on the export of diesel was reduced to Rs 10 per litre from Rs 13.5. Also, the tax on Aviation Turbine Fuel (ATF) exports was cut to Rs 5 a litre from Rs 9 with effect from September 17, according to a finance ministry notification issued late Friday night.
Municipal corporations penalise late property tax payments. 'Penalties can include attachment of properties, bank accounts, rent and other movable assets," says Anand Moorthy, co-founder, Square Yards.
With the government clearing the decks for direct listing at the Gujarat International Finance Tec-City (GIFT City) International Financial Services Centre (IFSC), issuers will wait for the ecosystem to develop further before firming up their listing plans. In the meantime, most companies may continue to prefer listing in the onshore market, even as the new avenue provides key benefits such as tax waivers and reduced foreign exchange risk. Sources said that a few key things need to be ironed out further.
The interim Budget proposals that will be presented on February 1 in the backdrop of the general elections scheduled in April/May 2024 are likely to have a hint of populism, believe analysts, but are unlikely to derail the government from its path of fiscal prudence.
BMW Group India recorded its highest annual sales on the back of strong demand for its top-end ICE (internal combustion engine) and electric vehicles (EVs). The German luxury automaker on Thursday announced that its domestic car sales jumped 18 per cent year-on-year (Y-o-Y) to 14,172 units in calendar year 2023 (CY23). This mirrored a trend in the luxury space, with its peers also reporting record numbers.
The Indian government could lose a staggering $3 billion in revenues over a five-year period on account of differential import duties levied on refined and unrefined gold, says a report.
Bajrang Punia and Sakshi Malik met Sports Minister Anurag Thakur to once again request him to stop anyone related to former WFI president Brij Bhushan Sharan Singh from contesting the upcoming polls.
The panel of state finance ministers is likely to recommend a uniform GST levy of 28 per cent on online gaming irrespective of whether it is a game of skill or game of chance, sources said. However, it is likely to suggest a revised formula for calculating the amount on which the Goods and Services Tax (GST) would be levied. Currently, online gaming attracts 18 per cent GST.
'We need a candidate who will do our work and fight with the authorities; someone we can hold accountable.' 'Piyush Goyal is not that candidate.'
The Supreme Court has refused to interfere with the government and RBI's loan moratorium policy, and declined to extend the six-month loan moratorium period.
GST authorities have issued show cause notices worth Rs 1 lakh crore to online gaming companies for tax evasion so far, a senior official said on Wednesday. The official, however, said there is no data yet of foreign gaming companies registering in India since October 1. The government has amended the GST law, making it mandatory for overseas online gaming companies to register in India from October 1.
'Business families like the Godrej group are increasingly realising that an amicable settlement is better.' 'Else, the wealth of all shareholders gets destroyed.'
'The barbell strategy says that the best way to strike a balance between risk and reward is to invest at the extremes of the risk spectrum.'
With the total tax burden currently at 53 per cent, 19.5 per cent and 56 per cent, respectively for cigarettes, bidis and smokeless, tobacco taxation in India is much lower than the level recommended by the World Health Organisation.
If Indrani Mukerjea wanted to whitewash her image, this docu series was not the right platform, asserts Deepa Gahlot.
Budget planners for now have been told to prepare with the assumption that GST will apply from April 1.
Since Sunday there have been around 50 such attacks carried out in the province and in one incident in Sibi town attackers targeted an election rally of a Pakistan Tehreek-e-Insaf party-backed candidate for the National Assembly in which four people lost their lives and six were injured.
A Delhi court has imposed a fine on the police for the "undue harassment" of the accused in a February 2020 riots case, noting that repeated directions to the police commissioner and other senior officers seeking their personal intervention in these matters had fallen on deaf ears.
In nearly 100 seats, the BJP stands almost no chance of winning. In 200 seats, it is a direct fight between the BJP and the Congress where the BJP has an upper hand. In 243 seats, the BJP is pitted against regional parties and it is not going to be easy. That is why 400 seats may end up as a pipe dream, states Ramesh Menon, author of Modi Demystified: The Making of a Prime Minister.
'Those who are starving need not go to watch the match'
Billionaire Bill Gates, in a 2019 interview, supported bringing back a regulation in the US to require the super-rich to pay a 55 per cent tax when they inherit their family fortune. Proponents of an inheritance or estate tax say it reduces inequality and creates a meritocratic society by chipping away at the enormous advantages the children of the wealthiest families enjoy by an accident of birth. Many large economies levy such a tax on their richest citizens; India does not.
The safety and security of citizens is primary for the government, he said.
The Cabinet is believed to have asked the Department of Telecom to examine imposing a Swachch Bharat cess on spectrum charges paid annually by service providers.
Fliers may have to shell out more with the government mulling to impose a two per cent cess on air tickets
Manchester City's Kevin de Bruyne sparked a late comeback 3-2 victory for his side at Newcastle United.
The government has put off by one month the levy of an additional Rs 2 per litre excise duty on petrol and diesel that is not doped with ethanol and bio-diesel in a bid to give the industry more time to implement the measure.
The agency had in October arrested Sameer Vishnoi, an IAS officer of the state, and two others, after conducting several raids in the case.
Markets regulator Sebi has ordered the attachment of bank accounts and shares and mutual fund holdings of fugitive businessman Mehul Choksi to recover dues totalling Rs 5.35 crore. The latest decision has been taken after Choksi failed to pay the fine imposed on him in October 2022 by Sebi in a case pertaining to indulging in fraudulent trading in the shares of Gitanjali Gems Ltd. Choksi, who was the chairman and managing director as well as part of the promoter group of Gitanjali Gems, is the maternal uncle of Nirav Modi, both of whom are facing charges of defrauding state-owned Punjab National Bank (PNB) of more than Rs 14,000 crore.
Salaried persons whose liability is fully deducted as tax deducted at source by their employer need not worry about advance tax payments, unless they have other sources of taxable income.
Catch one of Mammootty's career best works, Oscar-winner Michelle Yeoh and more on OTT this week.
Dinesh Tati (23), resident of Palnar village in Gangaloor police station limits, was held on Friday from a tractor showroom in Bijapur town, Additional Superintendent of Police Chandrakant Gavarna said.
DoT plans to initiate move that might lower the revenues telcos share with government.
The Reserve Bank on Wednesday allowed inbound travellers from G20 nations arriving at select airports to use the popular UPI for making payments in the country. Later, the RBI also proposes to extend the Unified Payments Interface (UPI) facility to travellers from all countries. UPI is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing & merchant payments into one hood.
Through a revised return, you can make changes to your ITR and even end up paying lower tax.
Adopted after nearly two weeks of hectic negotiations, the first Global Stocktake deal, being termed the UAE consensus, urges countries to accelerate efforts toward the phase-down of unabated coal power, which is a climb down after India and China strongly resisted the singling out of coal.
'If taxpayers have not filed a belated ITR, they will be allowed to file an updated ITR from April 1, 2024.'
A 5 per cent GST rate kicked in on Monday on pre-packed and labelled food items such as cereals, pulses and flour weighing less than 25 kg.
The monthly electricity bills of the majority of domestic consumers in Delhi -- who use more than 200 units and up to 600 units -- will be hiked by up to Rs 265 due to an increase in the power purchase adjustment cost (PPAC) levied by discoms in the city, officials said on Monday.
The Delhi high court on Wednesday stayed the recent guidelines prohibiting hotels and restaurants from levying service charge automatically on food bills. Justice Yashwant Varma, while dealing with petitions by the National Restaurant Association of India (NRAI) and Federation of Hotels and Restaurant Associations of India challenging the Central Consumer Protection Authority (CCPA)'s July 4 guidelines, said the issue requires consideration and directed the authorities to file their reply. "The matter requires consideration. Consequently, until the next date of listing the directions as contained in para 7 of the impugned guideline of July 4, 2022 shall remain stayed," the court ordered.
The income tax department has notified rules for valuation of equity and compulsorily convertible preferable shares issued by startups to resident and non-resident investors. As per the changes in Rule 11UA of I-T rules, which comes into effect from September 25, the Central Board of Direct Taxes (CBDT) provides that the valuation of compulsorily convertible preference shares (CCPS) can also be based on the fair market value of unquoted equity shares. The amended rules also retain the five new valuation methods proposed in the draft rules for consideration received from the non-residents viz., (i) Comparable Company Multiple Method, (ii) Probability Weighted Expected Return Method, (iii) Option Pricing Method, (iv) Milestone Analysis Method, and (v) Replacement Cost Method.
