The net direct tax collection for the fiscal ended March 31 stood at Rs 9.45 lakh crore, an increase of 5 per cent over the revised estimates in the Union Budget. Central Board of Direct Taxes (CBDT) Chairman P C Mody on Friday said the income tax department has exceeded the revised estimates despite issuing substantial refunds in the 2020-21 fiscal. During the fiscal, the net corporate tax collection stood at Rs 4.57 lakh crore, while net personal income tax was Rs 4.71 lakh crore. Another Rs 16,927 crore came from securities transaction tax (STT).
Finance Minister Pranab Mukherjee on Monday said that he proposes to exempt the income of New Pension System Trust from the income tax and any dividend paid to this Trust from Dividend Distribution Tax.
'Extensive thought has been put in, and we have pondered over each and every suggestions and demands received from our members.'
The government is open to 'some tinkering' in the varied rates and holding period for computation of capital gains tax on shares, debt and immovable property, in a bid to make it simple, revenue secretary Tarun Bajaj said on Wednesday. Under the Income Tax Act, gains from sale of capital assets, both movable and immovable, are subject to 'capital gains tax'. The Act, however, excludes movable personal assets such as cars, apparels, furniture from this tax.
A consortium led by Singapore Technologies Telemedia Pte and Telekom Malaysia Bhd has bid for the one-third stake of AT&T Wireless Services Inc in Indian telecom major Idea Cellular Ltd.
Brokers also want tax rebates, removal of additional tax on dividends, streamlining of GST...
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 introduction of a tax on LTCG will be a deterrent for foreign investors and could potentially result in a movement of trading activity away from India to other offshore jurisdictions such as Singapore, which offer better tax rates and sophisticated financial products.'
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Tax department feels that the second quarter would be much better than the first quarter of the year as the economy has started improving.
A strong start-up ecosystem can propel investment, jobs, and demand creation, and for that, substantial growth capital is required.
Finance Minister Arun Jaitley said Sebi would develop new products in the commodity derivatives space apart from taking steps to deepen the corporate bond market.
Government needs to rationalise taxation policies to promote investments through stock markets, says BSE chief.
A key demand is to reduce the dividend distribution tax on listed firms.
Budget proposal has put an end to the flourishing trade in STT, as STT is likely to be treated as any other deductible expenditure against business income.
The regulations will only apply to the share purchases that have been done after October 1, 2004
The government will reduce taxes levied on various transactions in the securities market, a move that will help in bringing down the overall cost for investors.
Allaying investor fears over the levy of long-term capital gains tax on share transfer in unlisted companies, the government on Friday said the move is only to target 'khoka' companies, and 'genuine investments' in start-ups and through FDI will be exempt.
'Genuine' share transfer gets relief; CBDT lists three scenarios where tax would be levied
A N Shanbhag, the highly respected investment guru, and his son Sandeep Shanbhag, answer your questions on NRI investment.
The political-electoral calculus favours spending thousands of crores on vanity projects like Sardar Patel's statue and the Central Vista over building up our military to handle the confrontations and conflicts that loom large, points out Ajai Shukla.
Finance ministry takes up a review of the STT regime after a meeting with stock exchange officials.
Debashis Basu lists various reasons why laundering through the stock market thrives.
'The only good thing is people will not be required to maintain their medical bills and invest time in that.'
The central government is likely to exceed the budgeted tax collection target of Rs 22.2 trillion for the current fiscal year, led by better indirect tax mop-up, compliance measures, and recovery in most sectors following the second wave of the Covid pandemic. Personal income and corporate tax collections (net of refunds) grew 74 per cent to Rs 5.70 trillion in the first half of the current financial year, driven mainly by advance tax and TDS payments. The target for the current fiscal year is Rs 11.08 trillion; higher taxes are paid usually towards the end of a fiscal year.
Ministry considering tax sops for India's first global financial centre, steps to liberalise futures and options markets.
Sources said much has been done to ease the tax burden of the middle classes in the last five years, and that such a measure affects only a limited segment of people when the focus should be to put money in rural areas. Archis Mohan reports.
The Income Tax Department has decided to scrutinise all returns filed by brokers and market players who seek rebate after paying the securities transaction tax (STT).
Members of the Securities and Exchange Board of India have suggested a phased reduction of the securities transaction tax, as part of a package of measures to develop the capital markets that was discussed with Finance Minister Pranab Mukherjee last week.
With all the guessing game and uncertainty now over after the allocation of six key portfolios, the market is expecting the new government to deliver strongly on issues that will help the domestic bourses continue on their uptrend.
There have been demands from a section of stakeholders that the long-term capital gains tax on equities be reimposed.
The regulator has sought an increase in the investment limit for tax-saving equity mutual fund schemes to Rs 200,000 from the current Rs 150,000.
While for the consumers, there is some gain and some pain, for India Inc, it's all about compliance, consolidation and parity
Payment in cash for buying goods and services worth more than Rs 2 lakh with the exception of jewellery will attract 1 per cent tax collected at source (TCS) from Wednesday.
The market players were expecting that if long-term gains are taxed, the STT would go. But this has not happened, says Debashis Basu.
Investors want lower securities tax, tax breaks on equity investments.
'A total overall of the existing way of working by abolishing taxes and allowing citizens to help themselves without any government bottlenecks and impediments,' observes Rahul Mishra.
Higher levy on dividends earned by individuals also on radar.
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