'...I'll say this to my fellow Americans, the more ties that we have to more Indians and the more ways we can find to grow our economic and educational exchanges, the stronger America and India.'
Kerala Finance Minister K N Balagopal has sought systemic changes in the GST structure, saying every state and consumer has lost because of its basically flawed architecture that has also led to rampant revenue leakage for the states. The Goods and Services Tax (GST) regime came into force in July 2017. Even though the framework is focused on having a one-nation-one-tax model, quite a few items, including petroleum products and liquor are still out of the GST purview.
The National Pension System (NPS) added 21.5 per cent fewer fresh subscribers under the corporate segment in 2023 compared to the preceding year. Government officials and experts attribute it to the higher exemption limit of income tax of Rs 7 lakh announced in the FY24 Budget that no more requires employees under this income bracket to opt for NPS for tax-saving purposes. Data collated from the Ministry of Statistics and Programme Implementation (MoSPI) reveals that the corporate component is voluntary in nature and saw 158,212 new subscribers in 2023 compared to 201,517 during 2022.
Recommendations on direct taxes vary from seeking cut in corporate tax, re introduction of standard deduction for salaried employees, removal of STT, DDT, etc.
The finance minister has stayed true to her commitment to fiscal consolidation, even though the pace of the decline in the deficit could have been faster, notes A K Bhattacharya.
'If you compare the data from 2017 and 2023 of the US imports from the world and China, you will see that the US was a complete loser in the trade war, and China was a complete gainer.'
In an attempt to bring uniformity in prices of medicines, Chemicals Minister Ram Vilas Paswan on Wednesday asked the states to exempt them from local taxes or at least advance the implementation of value-added tax regime for drugs.
With drought forcing the government to increase its spending, corporations and salaried individuals can expect a tougher tax regime, with Finance Minister Pranab Mukherjee revising this fiscal's direct tax collection target to Rs 4,00,000 crore from Rs 3,70,000 crore mentioned in the Budget last month.
Our advice: engage the services of a qualified investment advisor, make an investment plan for your tax-planning investments and stick to it; finally don't deviate from your risk appetite.
The Bill has proposed that zones notified by the end of March 2012, will get income tax benefits. For units, there is a two-year additional window, with those commencing operations by March 31, 2014, likely to get an exemption.
So tell us, does Sitharaman's 7th consecutive Budget deserve cheers or boos?
Equity benchmarks Sensex and Nifty ended on a mixed note on Wednesday as the euphoria about the Budget fizzled out, with investors going for profit-taking ahead of the Fed interest rate decision. The 30-share BSE benchmark Sensex climbed 158.18 points or 0.27 per cent to settle at 59,708.08 after it trimmed most of the intra-day gains. During the day, it had zoomed 1,223.54 points or 2 per cent to 60,773.44.
Correcting a serious anomaly in the value added tax structure, an official committee on Monday prevailed upon Delhi, Rajasthan, Uttar Pradesh and Gujarat to maintain uniform tax rates on bullion.
Salaried taxpayers may have less kitty for holidays from April 2012, with the government proposing to scrap tax incentives on leave travel allowance in the new direct tax regime DTC.
Interview with first woman president of the Ficci country head of HSBC India.
The Securities Transaction Tax regime covering shares as well as mutual funds has come into effect from October 1.
On the telecom sector, he demanded auctioning of more spectrum.
The Pension Fund Regulatory and Development Authority (PFRDA) has sought income tax exemption for the New Pension Scheme at par with other schemes like Public Provident Fund (PPF).
Majority of respondents feel that the government in the forthcoming Budget will increase the standard deduction and give more incentives for housing loans.
Currently, income between Rs 1.6-5 lakh (Rs 160,000-500,000)attracts 10 per cent tax; Rs 5-8 lakh (Rs 500,000-800,000)20 per cent and beyond Rs 8 lakh 30 per cent.
'Asset allocation should be driven much more by long-term factors rather than the market scenario at any particular point in time.'
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
The government should scrap the windfall profit tax on domestically produced crude oil as the levy is adversely impacting the capex-intensive exploration of oil and gas, the industry said in its recommendation for the forthcoming annual Budget. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, a Rs 23,250 per tonne ($40 per barrel) windfall profit tax on domestic crude production was levied.
'If I close my housing loan, are there any investment avenues (the investment should provide liquidity) to save tax?'
Tax Guru Anil Rego answers your personal income tax queries.
The best solution would be the one followed in 2018 -- allow cost indexation until March 31, 2024 -- but exit at any time. The second-best alternative would be to allow time until March 31, 2025 for investors to exit their investments under the old indexation regime, points out Harsh Roongta.
The Bharatiya Janata Party's proposed banking transaction tax is ill-conceived and inadvisable but it is disruptive enough to raise questions about the perverse nature of India's current tax regime and the need to reinvent it.
Terming Kelkar panel's proposals as "radical", Finance Minister P Chidambaram on Saturday said a comprehensive tax reform will be implemented in the next Budget after a consensus from all sections.
Around 75 per cent of total returns are expected to be e-filed in current year.
Taiwan in 1951 came up with an ingenious plan to improve tax compliance: citizens taking receipts for purchases could use them as lottery tickets. Customers were incentivized, and businesses found it hard to evade taxes. The plan's success prompted other countries, Slovakia and Greece among them, to launch similar initiatives. India doesn't seem to find the need yet for such schemes amid surging goods and services tax (GST) collections.
Rising energy demand could tilt India's energy basket towards fossil fuels from coal to oil, natural gas.
Businesses across the country may soon be required to issue electronic invoices, or e-invoices, directly to consumers for the sale of goods and services. The Goods and Services Tax (GST) Council, in its forthcoming meeting on Monday, is expected to discuss extending the e-invoicing mandate to cover business-to-consumer (B2C) transactions. Currently, e-invoicing is compulsory for businesses with a turnover of Rs 5 crore and above, but only for their business-to-business (B2B) transactions.
Prime Minister Narendra Modi addressed the nation at the Central Hall of Parliament ahead of the GST launch at midnight. Here are highlights from the PM's speech
OSAT majors have concerns about India's ability to provide a stable, predictable, and lasting policy environment for years to come, which is key for making a decision in a capital-intensive business.
The deportation of Indians from the United States, deaths in the Maha Kumbh stampede and the joint Parliamentary committee report on the Waqf bill were among the issues that led to heated exchanges and some disruptions in an otherwise smooth first part of the Budget session that ended on Thursday.
Led by a new generation of entrepreneurs, India's family offices are shifting from traditional investments in physical and tangible assets like real estate to investing in technology, healthcare, and retail stocks. This new wave of family offices is engaging in stock market investments, including pre-IPO placements and secondary market operations. "Born into a world of technology, the next generation, especially those born after 2000, view technology as equally crucial as finance for running a business.
With the implementation of the goods and services tax less than 75 days away -- assuming July 1 as the roll-out date -- Sudipto Dey provides a guide to how businesses can navigate the transition.
'A mid-year review makes the end-of-year financial review manageable and less stressful.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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