Crypto exchanges have been asked to furnish details this month itself.
Measures may include tax slab and rate revisions for individuals, companies.
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.
The government should set up agricultural co-operatives in every cluster of villages and in respective districts on a war-footing within a time limit. We should involve the services of our military personnel who retire at a young age with several years of working life still left in them and would be happy to contribute to nation-building, recommends Atul Gupta.
Not doing so might mean a penalty, not being able to revise returns or carry forward losses and forfeiture of interest on refund
The penalty can be a maximum 50 per cent of the tax.
The sentence could go up to three years if the evasion exceeds Rs 50 lakh (5 million).
'Now that all the early adopters have the electric car, governments are backing down in some countries because they do not have the money to subsidise so much.'
Deadline ends, after two extensions and only 70% file detailed return for July
The income tax department on Monday released rules for equalisation levy - a tax on online advertisements that would come into effect from June 1.
Aadhaar-based electronic verification code will do away with need to send physical ITR-V copies to I-T centre
You can carry forward losses and revise the returns umpteen times in case of mistakes.
FM proposed rationalisation of various tax exemptions.
If advance tax revenue fails to meet the expected growth, these PSUs could be asked to pay taxes on past demands raised against them.
Taxpayers might face several issues while filing returns this year.
A vast majority of the business leaders believe that the Production Linked Incentive (PLI) schemes have been beneficial and expect an extension to other sectors in the coming years, a Deloitte Survey said on Friday. An overwhelming number of survey respondents hope the budget will fuel growth across industries by building strong domestic demand and focussing on capital expenditure and believe that it would define the 'Amrit Kaal'. "Critical to this growth will be the pace of capital expenditure, infrastructure development, and the need to boost infrastructure financing through private partnership. 60 per cent of respondents suggested raising funds through Indian Government Bonds," the survey said.
The Central Board of Direct Taxes (CBDT) has proposed a new common income-tax return (ITR), with greater focus on disclosing income from virtual digital assets or crypto assets and foreign equity and debt instruments held by resident Indians. For non-resident Indians, the draft ITR seeks exhaustive details ranging from nature of business, permanent establishment (PE), business connection, whether the entity has significant economic presence (SEP) in India, along with the number of users in India. The ITR protocol for NRIs could widen the scope of the SEP principle that was introduced in the Finance Bill 2018-19, and the explicitly defined 'business connection' to include provision of download of data or software, if aggregate payments from such transactions exceed a prescribed amount, or if a multinational's interaction is with a prescribed number of users.
Pulse oximeters, hand sanitisers, temperature check equipment and ambulances too will attract lower 5 per cent tax.
Recently, the finance ministry waived off basic customs duty and health cess on imported oxygen and related equipment for three years.
Indian sweet, snack, and restaurant chain group Bikanervala, with revenues of over Rs 3,000 crore, is working towards an initial public offering (IPO) for its food company in the next three years. Before that, it could also bring in private equity (PE) investors. The low-profile Aggarwal family-owned group company, Bikanervala Foods (which also sells under the brand name Bikano), operates in the snack business.
IBM, Nokia Oyj, Microsoft cases could now be resolved
The proposal to levy a minimum tax based on assets undoes most of the good that the code seeks to do and will discourage capital-intensive industries.
The tax forces young startups to part with a portion of the capital they have raised from investors due to disagreements over the valuation of the company by Income Tax officials.
At least 200 investors have to furnish financial statements
Tax experts said historically in July and August indirect tax collections remain subdued and pick up with the onset of the festive season post Ganesh Chaturthi.
The RBI raked in a massive net income gain from foreign exchange currency sales as a buffer for the rupee during tumultuous geopolitical upheavals last year owing to Russia's invasion of Ukraine.
It is thanks to the policy of liberalisation conceived by Manmohan Singh and enforced by P V Narasimha that the Indian economy has now become the world's 5th largest economy by nominal GDP, asserts Dr Sudhir Bisht.
In a major boost to combat the menace of black money across the world, top financial body OECD has amended its rules on obtaining classified tax information by partner countries.
According to local newspaper La Vanguardia, the agreement specifies that their sons, Milan, 9, and Sasha, 7, will move to Miami with their mother.
It is not just about archaic limits, there are a number holes which, if plugged, will come to the aid of taxpayers, rues Neha Pandey Deoras
OSAT majors have concerns about India's ability to provide a stable, predictable, and lasting policy environment for years to come, which is key for making a decision in a capital-intensive business.
If Tamil Nadu voters preferred the DMK combine, it owed to the Modi-Annamalai combo's ideological battle which often crossed the line of political decency and also challenged 'Tamil pride', argues N Sathiya Moorthy.
BlackRock has again reduced the valuation of its share in edtech firm Byju's - this time to about $1 billion, TechCrunch reported on Friday, citing disclosures made by the US-based asset manager. This is 95 per cent less than its peak valuation of $22 billion in 2022. The markdown comes at a time when the company is facing a multitude of challenges, including securing fresh capital, delays in financial reporting and legal disputes with lenders.
DDT is levied at the rate of 20% on dividend paid by cos to shareholders.
The project, code-named MF101 by Foxconn, will be spread across 1,500 acres at Talegaon or Khopoli.
Assembly elections coming up in November and December could offer a window of opportunity to the government to make GST attractive through rate cuts.
One pro tip that will help you let go: Do not look back.
Experts say only three per cent individuals pay taxes.
The combined market capitalisation of Adani Group companies fell by Rs 54,876 crore, to Rs 10.92 trillion, as investor sentiment turned bearish on Wednesday. Shares of Adani Transmission fell by 7.7 per cent to close at Rs 886 while those of Adani Power lost 7.1 per cent to end the day at Rs 323. The stock of Adani Enterprises, the flagship company of the group, lost 6.2 per cent to finish at Rs 2,530.
A total of 728 applications have been received till July 18, 2016 for Start Up recognition.
