Policies to break down the business group format are far more likely to be effective, argues Simon Commander.
India Inc is staring at significantly higher compliance and governance costs, following the Securities and Exchange Board of India's (Sebi's) latest tightening of disclosure norms and regulations around the filling of key positions, the materiality of information, and third-party transfers. Recently, the securities market regulator amended the Listing Obligations and Disclosure Requirements (LODR) to introduce a raft of changes that will affect how listed companies go about transparency and disclosures. The new framework will further empower public shareholders and soon move towards a 'comply or be penalised regime or comply or explain' in the case of high-value debt-listed entities.
The CBI had registered a preliminary enquiry in 2016 which was later converted into a regular case, they added.
Income-tax payers fear they will receive notices from the government because the annual information statement (AIS) provided by the I-T department in many cases is showing incomes in excess of their earnings. The Central Board of Direct Taxes (CBDT) has dismissed these fears as unfounded. The deadline for filing income-tax returns (ITRs) for the assessment year 2022-23 ended on July 31.
Amendments will be tabled in Parliament for approval by Monday or Tuesday.
Pulse oximeters, hand sanitisers, temperature check equipment and ambulances too will attract lower 5 per cent tax.
MoD dismissed the report saying it draws 'conjectural connection between tax exemption to a private company and procurement of Rafale jets'.
'Tenants who pay rent above the threshold limit must be extra cautious about TDS fillings.'
Portfolio management services (PMS), catering to higher networth individuals (HNIs), are facing tough competition from emerging alternative investment funds (AIFs), evident from their dwindling client base. In May, the number of clients for the industry stood at 125,390, down 20,528 in two months, shows data from the Securities and Exchange Board of India (Sebi). "PMS managers also have a high active ratio, which means their portfolios are quite differently positioned and more actively managed, compared to the benchmark, which is also a highlight for long-term investors.
Besides higher tax outgo, P-note issuers are worried about operational difficulties
Many of the legal outfits, which provide consultancy services to corporates that include drafting merger and acquisition agreements, preparing MoUs, rendering advice etc, operate as sole proprietorships.
New ITR forms indirectly force small businesses to maintain books of accounts, something that wasn't needed earlier, says Anupam Jain.
Recently, the finance ministry waived off basic customs duty and health cess on imported oxygen and related equipment for three years.
If you were deputed abroad, filing income tax can be tricky.
PEs and VCs are taking a closer look at their bouquet of investments. Leading voices in the sector are categorical that cash-burn rates -- that's blowing up equity to acquire market share -- as a business model can't continue to be the polestar.
Remember, pension from EPS will be taxable at slab rate, reducing the post-tax income for people who remain in the higher tax brackets after retirement.
Ponda is currently director of the firm's tax department, which is among the six finalist law firms nationwide for Chambers USA Awards for Excellence 2010 in Taxation Law.
Portfolio investors based out of the US and other countries with which India does not have favourable tax treaties will have to pay a 15 per cent tax on their derivative transactions, after the Budget decided to classify income from all foreign portfolio investment as capital gains.
The US is pressing for taxing digital economy through the 'marketing intangibles' principle and the UK through a 'user-base' principle.
China became the 56th signatory to the agreement by signing the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. With this all the G20 nations, including India, have become official partners to combat the menace of tax crimes and evasion across international borders.
The adjustment orders for AY2012, are expected between January and March 2016.
Talk to your partner for at least ten minutes in the morning and then again when you get back home. In between, keep exchanging texts and brief calls, suggests Ravi Mittal, CEO, Quack Quack, an online dating app.
Private life insurers are expected to deliver decent growth in the first quarter of the 2023-24 financial year (Q1FY24) on the back of stronger group business performance and easing supply-side constraints on individual protection. Life Insurance Corporation (LIC), though, is likely to see a decline. Healthy 12 per cent year-on-year (YoY) retail annual premium equivalent (APE) growth for private players, coupled with 11 per cent year-on-year (YoY) decline in LIC, will pull retail APE growth to a mere 3 per cent YoY in June 2023.
Once the income has been classified as either business income or capital gains, be consistent.
Capital gains tax is no longer exempt even for investors coming via Mauritius, hence FPIs are now classifying it as interest income to save on taxes.
You can avail of tax deduction on expenses incurred on preventive health check-ups. This provision is beneficial to younger people who don't exhaust their Section 80D limit with their health insurance premium.
The FIR against the Indian arm of the global NGO Oxfam was registered based on a complaint from the ministry of home affairs.
The GST collection in April touched the highest ever level of about Rs 1.68 lakh crore, up 20 per cent from the year-ago period, on improved compliance and recovery in business activity, the Finance Ministry said on Sunday. During the month, 1.06 crore GST returns from GSTR-3B were filed, of which 97 lakh pertained to March 2022. The gross GST revenue collected in April is Rs 1,67,540 crore, of which CGST is Rs 33,159 crore, SGST Rs 41,793 crore, IGST Rs 81,939 crore (including Rs 36,705 crore collected on import of goods) and cess Rs 10,649 crore (including Rs 857 crore collected on import of goods), the ministry said.
'In the long run, I don't foresee major ramifications [about Trudeau's allegations].' 'There's just enough hypocrisy among Western nations for India to douse the outrage.'
One of the key issues will be tax exemption sought by the ICC for the future global events in India like the 2021 Champions Trophy and the 2023 World Cup.
'There are unscrupulous traders who create fake invoices by showing bogus e-way bills, movement of goods.' 'Since the entities registered across different states, and kept on changing their numbers, tracing them was difficult.'
Room for rise of up to 2 percentage points, move to help meet higher expenditure need in FY17
Fresh PoEM guidelines will affect pharma, energy, automobiles, manufacturing and software companies.
India has received the fourth set of Swiss bank account details of its nationals and organisations as part of an annual automatic information exchange under which Switzerland has shared particulars of nearly 34 lakh financial accounts with 101 countries.
Here are some facts about Rishi Sunak and his India connections.
Embattled Adani Group on Monday said it has repaid loans aggregating $2.65 billion to complete a prepayment programme to cut overall leverage in an attempt to win back investor trust post a damning report of a US short seller. In a Credit Note released on Monday, Adani Group said it has made a full prepayment of $2.15 billion of loans that were taken by pledging shares in the conglomerate's listed firms and also another $700 million in loans taken for the acquisition of Ambuja Cement. "The prepayment was done along with interest payment of $203 million," it added.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Instruments such as Reits, InvITs, unsponsored GDR, GIFT find few takers.
A record GST tax collection, an overhaul of the income tax return filing portal and the landmark move to scrap retrospective taxation have set the stage for the next level of reforms in tax administration that include bringing a framework for cryptocurrencies and rationalising the GST rate structure. With tax reforms such as faceless assessment taking roots, 2021 will go down as the year that pivoted the tax administration in a country aspiring to become the world's favourite investment destination. The task ahead is going to be a tough one as the tax department would grapple with taxing cryptocurrencies, rationalising Goods and Services Tax (GST) rates to shore up revenues and post June 2022, the scenario of how the GST revenue plays out for states without the Centre's support of compensation.
Global financial consultancy firm Ernst and Young wants the personal income tax slabs to be raised to a reasonable level as the lowest bracket "kicks in too early".
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