Also, a dedicated cell, headed by a member of the Central Board for Direct Taxes (CBDT), will be set up to address concerns faced by start-ups.
Tax experts G Srikanth and Anil Rego will answer all your tax queries in two different chats between 1 pm and 4 pm on Monday, February 3.
The US Trade Representative's (USTR) office will also conduct the Section 301 probe against nine others, including Austria, Brazil, Indonesia, Italy, Spain, Turkey, the Czech Republic, the UK, and the EU, for levying or considering digital services taxes "discriminating against US companies".
'The private sector believes that some enablers in labour-intensive sectors like apparel, toys, tourism, and media retail, can unlock a lot of jobs.'
There is considerable speculation as to whether this award would have any bearing on another Vodafone-type case, namely, the ongoing tax-related arbitration proceedings with Cairn Energy.
The stakes are significant for the BJP in this round as the party had in 2019 won an overwhelming majority of these seats, including all in Gujarat, Chhattisgarh, Bihar and Madhya Pradesh, that will go to polls on May 7.
The Vivaad se Vishwas scheme is a replica of the Sabka Vishwas (Legacy Dispute Regulation) Scheme, 2019 (SVLDRS) for indirect tax litigation. The hope is that this would unlock revenue blocked in long-drawn litigation at various forums. Sources in the department say the total value at stake in these disputes would be Rs 5-6 trillion.
This time Modi has no emotive message to take to the stump. Muscular nationalism doesn't work against the backdrop of China's successive inroads into Indian territory. Rising prices is a sore point that cuts across class and caste barriers; unprecedented levels of unemployment has the youth in a ferment. This has reduced the BJP campaign to a laundry list of recycled grievances and thinly veiled communal appeals, neither of which are working as well as they have in the past, argues Prem Panicker.
The government has tweaked the income tax laws to make it easier for the new owners of loss-making public sector undertakings (PSUs) to carry forward the accumulated losses and set them off against future profits. This will result in significant tax savings for the new owners if they are able to turnaround operations of the ailing PSU within a few years. This will, in turn, boost the post-tax earnings and returns for the new owners.
rediffGURU Vivek Lala answers your income tax and personal finance queries.
When it comes to electric cars, the electric dream is turning out to be a six-letter word starting with f, ending with y, and having antas in between, notes Suveen Sinha.
The Big Four accounting firms have increased the hiring of people from technology backgrounds in India amid an increased focus of clients on digital transformation, especially after the Covid-19 pandemic. EY India said that it has expanded its overall tech talent pool by 3x in the last three years across service lines including consulting, tax, assurance, and strategy & transactions. "Today over 50 per cent of our workforce is from STEM (science, technology, engineering and mathematics) and technology background," it said, adding that it continues to hire significantly in the areas of AI, cloud computing, data analytics and cybersecurity to help its clients in transformation.
'Genuine' share transfer gets relief; CBDT lists three scenarios where tax would be levied
The Gujarat high court on Monday said it does not have faith in the state machinery which gets into action only after innocent lives are lost, as it pulled up the Rajkot civic body over the purported lapses in functioning of the game zone facility where a massive fire killed 27 persons.
A survey done by Deloitte says, predictability of tax laws is poor in China, India and Indonesia.
If the concerns over risking political capital are overcome, the long-term gains for the Indian economy will be immense, asserts A K Bhattacharya.
Employees should review the accuracy and completeness of the information provided in Form 16. They should confirm that all the tax deducted has been credited correctly.
The ministry said it was an anti-abuse provision amid growing instances of NRIs shifting their stay in low or no-tax jurisdiction to avoid tax payment in India.
The Adani group is in advanced talks with top sovereign funds based in West Asia to raise up to $2.6 billion for its airport expansion and green hydrogen projects. The group, which expects to close the ongoing financial year ending March with Rs 80,000 crore of Ebitda (earnings before interest, tax, depreciation, and amortisation), has held a series of road shows in London, Dubai, and Singapore with potential investors, briefing them about their future growth plans. The group's flagship, Adani Enterprises, may dilute part of its stake in the airport-holding firm and/or the green hydrogen business to these funds, which are keen to invest in the Indian infrastructure sector, said a source close to the development.
Both sports and digital will drag down the healthy operating margins that entertainment television continues to make.
Cars and two-wheelers attract 28% GST and a cess in the range of 3-22%, taking the effective tax rate to up to 50%.
Tinesh Bhasin explains the tax liabilities that accompany receiving a gift.
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
If you have not yet filed an ITR for the 2022-2023 financial year, you can file a belated return.
Alternative Investment Fund refers to any fund established or incorporated in India which is a privately pooled investment vehicle that collects funds from sophisticated investors, whether Indian or foreign.
Tax experts said that in FY17 around 80,000 people had reported incomes of over Rs 1 crore
IT major Infosys on Thursday acknowledged that some users continue to experience difficulties in accessing the income tax portal and assured that it is working expeditiously, in collaboration with the income tax department to further streamline end-user experience.
GST collections in March grew 13 per cent to the second highest ever at Rs 1.60 lakh crore, taking the growth rate of revenue mop-up for full 2022-23 fiscal to 22 per cent. March also saw over 91 per cent of the GST registered businesses filing returns and paying taxes - reflecting greater compliance and improving economic activity. Gross GST revenue collected in March 2023 is Rs 1,60,122 crore, of which Central GST is Rs 29,546 crore, State GST is Rs 37,314 crore, Integrated GST is Rs 82,907 crore (including Rs 42,503 crore collected on import of goods) and cess is Rs 10,355 crore, the finance ministry said in a statement.
The government has extended the deadline for filing GST annual return and audit report for the 2018-19 fiscal year by a month, till October 31.
In this Budget, too, there were a number of measures aimed at plugging tax leakages and ensuring greater compliance, says Sanjay Kumar Singh.
Delhi Chief Minister Arvind Kejriwal mounted a blazing campaign in the hot summer after he was released from the Tihar jail on interim bail on May 10, drawing huge crowds at rallies and roadshows, but it proved insufficient to propel his Aam Aadmi Party past the Bharartiya Janata Party challenge in the national capital.
DDT is levied on dividends that a company pays its shareholders out of its profits. It is currently charged at the rate of 20.55 per cent, including a surcharge and education cess. Government may instead tax the shareholders receiving dividends, in a bid to help improve investor sentiment by addressing the multiplicity of taxes and bring down the effective tax rates for companies.
Swiss building material major Holcim has said its $6.38 billion deal with Asia's richest man Gautam Adani's group is tax-free. Holcim had on Sunday signed a binding agreement with the Adani Group to sell its business in India -- about a 63 per cent stake in Ambuja Cement, which owns a 54.53 stake in ACC (of which 4.48 per cent is direct shareholding). "So, according to our analysis, it is a tax-free transaction," Holcim CEO Jan Jenisch said while addressing investors after the deal on Monday." When asked about the tax implications, he said: "Never know if any complication arises, but we assume that we will get the 6.4 billion Swiss Francs as net proceeds." As per the deal, Adani Group will acquire Holcim's full stake in Ambuja Cement and ACC for CHF (Swiss franc) 6.4 billion ($6.38 billion).
'API prices are dragging down margins and impacting our competitive ability.'
'Many non-resident taxpayers faced issues in filing Form 10F since the portal didn't allow those who didn't have PAN to file the form.'
The government has notified mandatory requirement of e-invoicing for B2B transactions for businesses with a turnover over Rs 100 crore with effect from January 1, 2021. Under Goods and Services Tax (GST) law, e-invoicing for business-to-business (B2B) transactions is mandatory for companies with turnover of over Rs 500 crore from October 1. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said e-invoicing will be extended to businesses with a turnover over Rs 100 crore from January 1.
India, the US and 12 other members of the IPEF grouping have signed a supply chain resilience agreement that would help mitigate risks of economic disruptions from supply chain shocks and improve crisis coordination. The agreement would help member countries like India to reduce their dependence on China and provide timely information to the IPEF member countries about potential supply disruptions. The COVID outbreak severely disrupted the global supply chain, as most countries were dependent on China for various products like pharma raw materials.
If a salaried employee does not possess Form 16, he can still file the I-T Return with the help of his salary slips and Form 26 AS.
Begin by creating a household budget. Involve all family members in the exercise and cut costs wherever possible.
'The number of leave accumulated sometimes goes up to 300.' 'The encashed amount is equivalent to almost 10 months' salary.'
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