The corporate income tax breaks make up a relatively small part of $80 billion in business giveaways.
Assessment of the 427 account holders associated with HSBC list will be completed by March 21, 2015.
India Inc on Tuesday sought tax cuts in the forthcoming Budget, even as it asked the government to move towards an effective goods and services tax rate of 15 per cent in the next few years.
Confederation of Indian Industry has sought higher banking exposure norms for lending to steel projects and infrastructure status to the steel industry, besides tax sops on par with special economic zones to boost the sector.
There have been demands from a section of stakeholders that the long-term capital gains tax on equities be reimposed.
The Securities and Exchange Board of India (Sebi) is considering a proposal to allow mutual funds (MFs) to charge a fee based on their performance, said Ananta Barua, whole-time member of the markets regulator. He said the proposal is being reviewed by a working group formed to look into cost structures. "One working group has been set up which is going to review... One of the suggestions is that if any scheme or fund is performing well above the benchmark, it (fee) can be linked to its performance.
Shares of asset management companies (AMCs) have rallied in the last 3-4 sessions due to clarity on regulatory changes in total expense ratios (TER) and expectations that it won't upset profits much in the long run. HDFC AMC has gained over 12 per cent in the last four sessions, while Nippon AMC and UTI AMC are up around 5 per cent. Aditya Birla Sun Life (ABSL), the only other listed AMCs, has risen more than 2.3 per cent in the last four sessions.
Measures may include tax slab and rate revisions for individuals, companies.
'For the first month, we have only had 5.5 million who have paid the tax.' '40 per cent have paid nil as tax; 95 per cent of the taxation for the first two months has come from only 400,000 assessees.' 'So even now, the tax-paying habit, of paying a marginal or negligible amount, or not paying anything at all, is quite prevalent,' reveals Finance Minister Arun Jaitley.
ITC's results for the January-March quarter (Q4) were strong, with robust growth in the fast-moving consumer goods (FMCG) segment and a good performance in hospitality. The tobacco division's performance was on expected lines, with double-digit volume growth, helped by reclaiming of market share from the smuggled trade. There was 60 per cent growth in non-cigarette earnings before interest and tax (Ebit), despite a relatively weak performance in paperboards.
The pharmaceuticals sector is expected to post a revenue growth of around 13.5 per cent and a net profit growth of 30.3 per cent for the third quarter of 2023-24 (FY24), riding on the approval for niche drugs in the US market, fall in raw material prices and correction in shipping rates. In the healthcare segment, hospitals are expected to post revenue growth of 13 per cent during the coverage, while net profit growth would be around 37 per cent, ICICI Securities said in a note. However, the performance may not be comparable on a sequential basis due to the offset of the festive season in Q3FY24, the analysts noted.
Only NIIF has stayed the course as a viable infrastructure financing institution.
'ESG is actually a concept which cannot be applied effectively in the very short run.'
Long-term capital gains tax may be scrapped and the burden of dividend distribution tax could perhaps be shifted from companies to shareholders. Also, the Budget could provide income tax relief for the salaried classes, while proposing tax sops for small, medium and micro enterprises.
The 40 per cent exemption benefit is applicable only for employees.
Majority expect economy to slow down, but are satisfied with Modi govt's performance.
Finance Minister Arun Jaitley on Friday hinted at not raising tax rates and providing incentives for manufacturing.
These mistakes can turn out very expensive and not just in terms of your finances, but also in the time it will take to resort to the conflict at hand. Having a legal hand can save you from any unforeseen troubles, alerts Harshit Malik, entrepreneur, wisdom coach and enrichment guide.
While the corporate sector has benefited from massive capital expenditure, leading to sky-rocketing stock prices, investors would do well to keep an eye on the macroeconomic picture and government finances, not just corporate profits, for signs of trouble, alerts Debashis Basu.
Work is underway in identifying global companies in sectors ranging from electronics, auto components and medical equipment to shift part of their existing or incremental manufacturing to India.
Experts say only three per cent individuals pay taxes.
It was difficult to set up a unified zone on the SEZ land.
The official said the finance ministry will impress upon rating agencies the resolve of the government to contain fiscal deficit at 4.1 per cent this year and lower it to 3 per cent by 2016-17.
India has set a target of $160 billion for merchandise exports during 2007-08.
Finance Minister Nirmala Sitharaman is likely to strike a fine balance between being fiscally prudent and growth supportive when she presents her fourth straight budget on Tuesday, which is expected to have plans to boost spending to revive investment and create jobs. The Budget for the fiscal year starting April 1, 2022 is likely to raise spending on infrastructure to set the economy on a firmer footing. The stage for the Budget presentation was set by the Economic Survey stating that the government has the fiscal space to do more to support the economy that is forecast to grow at a healthy 8-8.5 per cent growth in the 2022-23 fiscal.
Assuming we still have a Modi-led majority government after May 2024, there is no guarantee that reforms will move at anything more than a snail's pace, though we must be thankful even for that, notes R Jagannathan.
Consumers should be given freedom to make a logical choice, and manufacturers enough leeway so that they can produce what the consumer wants.
India is well positioned to lead the global transitions of digital and artificial intelligence, energy, value supply chains, and the country's growth journey will shape the world's future, B20 India chair N Chandrasekaran said on Friday. In his address to the B20 Summit India 2023, Chandrasekaran, who is also the chairman of Tata Sons, asserted that India stands as a beacon of growth and positively stands out in the global economy, which is facing strong headwinds, tightest rate cycle in decades and record levels of public debt. "The world is currently navigating through three important fundamental transitions.
Rationalisation of income tax slabs, infrastructure status for digital services and incentives to hydrogen storage as well as fuel cell development were some of the suggestions made by various stakeholders at the pre-Budget consultation meeting convened by Finance Minister Nirmala Sitharaman. The customary pre-Budget consultation meetings were held with the finance minister virtually between December 15 and December 22, as per the finance ministry statement. More than 120 invitees representing seven stakeholder groups participated in eight meetings, scheduled during this period, it said.
'The package will help in realising the true potential of employment generation in the textile and apparel sector.'
Tony Abbott's views come at a time when the influential G-20 grouping, that includes India, is making stringent efforts to crack down on illicit money flow in the financial system.
The Andhra Pradesh Reorganisation Bill 2014, which got Parliament's approval on February 20 despite strong opposition from Seemandhra leaders, got the Presidential assent, paving the way for creation of the country's 29th state by splitting Andhra Pradesh.
If you have missed your tax filing deadline, there is not much to fret if your tax dues are fully paid, says Anil Rego
The pre-Budget memoranda of the Indian Drug Manufacturers Association and the Federation of Indian Chambers of Commerce and Industry have said more incentives are needed to spur drug research.
It is welcome that the government tried to make its intentions clear last week - especially as risk concerns return to global markets.
Nestle India resumed the production from Pantnagar.
7 key areas that the Budget must address to re-energise the infrastructure sector, suggests Vinayak Chatterjee.
Old ideas contained in the heads of old economists still dominate. That's not good, asserts T C A Srinivasa Raghavan.
