'Genuine' share transfer gets relief; CBDT lists three scenarios where tax would be levied
'Planning for the transfer of assets to the next generation is an important aspect of financial and estate planning.'
'Banks may find small ticket size lending economically unviable due to the cost of branch operations.'
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 tax authorities may tell banks and crypto exchanges to report transactions of virtual digital assets (VDAs) as the government begins taxing gains from cryptocurrencies and non-fungible tokens from April 1. So far, the tax department has relied on voluntary disclosures on transactions of VDAs. Once implemented, the sale and purchase of digital assets will reflect in the Annual Information Statement (AIS). The AIS contains details of at least 46 of the financial transactions done by a taxpayer in a financial year.
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.
'I found it unbelievable that L&T said 45,000 jobs were waiting to be filled because of unavailability of suitable skillsets.' 'So, when the Opposition sweepingly says there are no jobs, I'm sorry... I'm not saying it's raining jobs, but there are jobs. The (skill) gap has to be bridged.'
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.
Bengaluru-based United Breweries (UBL), makers of Kingfisher beer, is eying strong growth in the premium beer segment, driven by changing consumer preferences towards premiumisation. "Across categories, premiumisation is taking place as people are looking for better choices and beer is no different. "People are upgrading to better beer and newer brands. We have a good offering of premium brands - Kingfisher's premium variants are Ultra and Ultra Max," Vikram Bahl, chief marketing officer (CMO), UBL, said in an interview.
If you have any grievances or disputes regarding the demand stated in the notice, consider seeking professional help.
Tinesh Bhasin explains the tax liabilities that accompany receiving a gift.
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.
There was no smooth surge in middle class prosperity for foreign businesses to tap into because of the Indian economy was mismanaged, argues Debashis Basu.
Through a revised return, you can make changes to your ITR and even end up paying lower tax.
Understand the pros and cons of SGBs before rushing to invest in them based on past returns.
Tax experts said that in FY17 around 80,000 people had reported incomes of over Rs 1 crore
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.
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
We are, therefore, setting up more branches in more tertiary terms, like tier 2 and tier 3 terms. Going forward, that is where the growth will come.
In this Budget, too, there were a number of measures aimed at plugging tax leakages and ensuring greater compliance, says Sanjay Kumar Singh.
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.
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%.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
Banerjee said the prime minister will now have to move around the country and also abroad with two crutches.
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.
Info Edge (India), the country's leading consumer internet company known for its platforms in recruitment (naukri.com), real estate (99acres.com), matrimony (jeevansathi.com) and education (shiksha.com) space, delivered revenue growth in line with expectations in the April-June quarter (Q1) of FY25.
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.
GST collection rose 11 per cent to over Rs 1.65 lakh crore in July as a result of anti-evasion measures and higher consumer spending. This is the fifth time since the rollout of the Goods and Services Tax (GST) regime that monthly collections have crossed the Rs 1.60 lakh crore mark -- making it the new normal. "Gross GST revenue collected in July is Rs 1,65,105 crore of which CGST is Rs 29,773 crore, SGST is Rs 37,623 crore, IGST is Rs 85,930 crore (including Rs 41,239 crore collected on import of goods) and cess is Rs 11,779 crore (including Rs 840 crore collected on import of goods)," the finance ministry said in a statement.
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.
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.
'When a gift is received in cash, it is likely to be questioned, and your father may need to explain its source.'
In the event of the BJP's poor performance in the assembly polls this year and in early 2025, Modi's hold will get further weakened because he will no longer remain the invincible electoral persona tightly controlling the machine at his disposal, asserts Nilanjan Mukhopadhyay.
An analysis of S&P BSE 500 companies suggests that promoters of Indian private-sector companies in particular could end up paying at least 20 per cent more as additional tax on the same dividend income.
Over 100,000 small and medium-sized businesses are non-compliant with e-invoicing norms under the goods and services tax (GST) regime, a mandatory requirement for businesses with an annual turnover of over Rs 5 crore. E-invoicing provides real-time access to invoices that are prepared by the supplier on the purchase of goods, allowing faster accessibility to input tax credit, thereby limiting the manipulation of fake credit as it has to be generated before the transaction. "The default has been reported mainly in businesses with a turnover between Rs 5 crore and Rs 20 crore," a senior official informed
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.
From the word go, Bihar growled its needs out when an MP from the state said aloud: "Give something for Bihar also, Madam." Every time the Budget mentioned cities and towns in Andhra Pradesh, "Kursi Bachao" was the call from Congress MPs.
While using the family to save tax is legal and smart, ensure you use the ones where clubbing income laws isn't a concern, advises Bindisha Sarang.
The Finance Act, 2020, has inserted a sub-section, mandating a seller to deduct tax equal to 0.1 per cent of sale proceeds if the value of goods sold exceeds Rs 50 lakh in a financial year.
'Any finality in such matters requires political views. We will review it closer to the full Budget.'
The two-wheeler segment has shown signs of recovery in the first half (H1) of calendar year (CY) 2024, largely driven by improving performance in rural areas. According to the Federation of Automobile Dealers Associations, rural contribution to two-wheeler sales surged by 57-60 per cent in the April-June quarter of 2024-25, indicating a rising demand in these regions. Experts believe that this trend will continue, supported by a favourable monsoon season and government initiatives aimed at rural development.
