Exemption from minimum alternate tax for REITs & infrastructure investment trusts; Depository receipts on all securities eligible for tax benefit
Jewellers in India, the world's second largest gold consuming country after China, have started receiving more inquiries for purchase of gold or silver immediately after the Reserve Bank's announcement to withdraw Rs 2,000 notes from circulation. However, there is no panic buying of the precious metal unlike the situation witnessed in 2016 during demonetisation, jewellers body GJC said on Sunday. In fact in the last two days, the actual gold purchase has been less in exchange of Rs 2,000 notes due to strict Know your Customer (KYC) norms although sources said some jewellers have started charging a 5-10 per cent premium, taking the gold prices to Rs 66,000 per 10 grams level.
Court cases likely over interpretation of the new levy proposed in the Budget for digital economy.
Certain clarifications by the GST Council, such as tax rates on ice cream parlours and royalty paid to state governments over mineral rights, may turn out to be contentious and lead to litigation, feel some experts. The council, at its meeting in Lucknow on Friday, had clarified that ice cream parlours will attract goods and services tax (GST). The clarification said these parlours sell already manufactured ice cream and such supply would draw 18 per cent tax.
Now, funds from Mauritius interested in India will have to weigh paying capital gains taxes that could range from zero to as much as 20 per cent
Discussing something as challenging as money should not be done through texts or calls in the middle of a stressful week or even a weekend before an important event, advises Ravi Mittal, CEO, Quack Quack, an online dating app.
If an assessee misses the December 31 deadline, s/he can file a belated tax return by paying a late filing fee. 'This must be done within three months from the original filing date.'
Instead of only focusing on the tenure for which the best interest rate is available, investors should also focus on their own investment horizon.
'As regard to specific reference to high net worth individual, the moment we finish the 75th anniversary of India's independence, we shall review and take a call,' Finance Minister Nirmala Sitharaman said.
GST collections in March slipped below the psychological Rs 1 lakh crore-mark for the first time in four months to Rs 97,597 crore as the Covid-19 lockdown that shut most businesses compounded tax collection woes in an already sluggish economy. Goods and Services Tax (GST) mop-up in March recorded a 8.4 per cent decline over March 2019 collection of Rs 1.06 lakh crore. The collections were lower on account of dip in revenues from domestic transactions as well as imports.
The data primarily pertains to activities in March, which had only a few days under the Covid-19 lockdown. For April , hence, CGST collections could be much lower, fear analysts.
Manipal Group chairman Ranjan Pai is in early discussions to invest in Byju's-owned Aakash Educational Services Limited (AESL). According to sources in the know, Byju's founder and chief executive officer Byju Raveendran, who owns a 30 per cent stake in Aakash, is expected to partially offload his holding to Pai for $80-90 million (about Rs 650-740 crore). Raveendran may use the money to repay a large part of the Rs 800 crore loan that Byju's raised from US-based investment firm Davidson Kempner Capital Management in May, after facing a 'technical default', the sources said.
Mauritius and Singapore account for the bulk of the $278 billion in foreign equity investments since 2000
The company was paying huge sums of money to their channel partners under different heads in lieu of commission.
The government on Thursday clarified that black money declarants using the one-time compliance window cannot pay tax and penalty from undisclosed income to bring down their liability.
Aimed at creating a single tax for goods and services across the country, government on Friday introduced the long-pending GST Bill in the Lok Sabha for roll-out of the new regime from April 2016 subsuming various levies like entry tax and octroi.
Congress president Mallikarjun Kharge on Monday launched the party's crowdfunding campaign in New Delhi, asking people to join the fight against unemployment and rising costs.
The retrospective tax decision reversing the January 2012 Supreme Court verdict in the Vodafone case has often been cited as the reason for foreign investors losing confidence in India as an investment destination.
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The 'in substance' agreement with India under Foreign Account Tax Compliance Act was concluded on April 11, the US Treasury said.
New government should consider reforming taxation rules.
Experts said the rate hike would improve working capital position of the manufactures as it would correct the inverted duty structure but may lead to increase in price of the finished goods.
Tax benefit on WFH expenses, regulatory clarity on cryptos figure high on their wish list.
Billionaire Gautam Adani-led promoter group has increased its stake in the group's flagship firm as the ports-to-energy conglomerate continues to recover from the effects of a report by US short-seller Hindenburg Research. Promoter group has increased stake in Adani Enterprises Ltd from 67.65 per cent to 69.87 per cent, according to a stock exchange filing. Promoter group firm Kempas Trade and Investment Ltd, which had a minimal stake in the firm, acquired 2.22 per cent in the open market between August 7 and August 18, it said.
As taxpayers face technical glitch on the GST portal, the government on Tuesday said it is considering extending the April tax payment deadline and has directed Infosys for early resolution of the problem. The Central Board of Indirect Taxes and Customs (CBIC) said a technical glitch has been reported by Infosys in generation of April 2022 GSTR-2B and auto-population of GSTR-3B on portal. "Infosys has been directed by Govt for early resolution. Technical team is working to provide GSTR-2B & correct auto-populated GSTR-3B at the earliest," the CBIC tweeted.
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.
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.
I-T dept will soon issue a unique number to address your refunds and grievances. But the traditional route is still better.
Growing at a robust rate due to economic reforms in key sectors like digitisation and infrastructure, India has emerged as a star performer and is projected to contribute more than 16 per cent of the global growth, the International Monetary Fund said on Monday. "What we have been observing for quite some time now is that India has been growing at a very robust rate. "It's one of the star performers when it comes to real growth when you look at peer countries.
The parents of Brazil forward Neymar have denied any wrongdoing after a judge froze 188.8 million reais ($47.6 million) of the player's assets in a tax evasion case.
Billionaire Gautam Adani-led promoter group has increased stake in two of the group's listed companies, as the ports-to-energy conglomerate continues to work on a claw back strategy after being hit by damaging reports. The promoter group has increased stake in flagship Adani Enterprises to 71.93 per cent from 69.87 per cent, according to stock exchange filings. This is the second time in less than a month that the promoters have raised stake in the flagship firm that incubates new businesses.
Here are some facts about Rishi Sunak and his India connections.
Authorities will allow the country's taxpayers to access the mutual agreement procedure (MAP) for cross-border disputes. This is even if they had settled the case under the direct tax dispute resolution scheme - Vivad se Vishwas - without deviating from the outcome of the scheme, said the Central Board of Direct Taxes (CBDT) on Monday. However, non-resident taxpayers, who opted for the resolution scheme, cannot go for MAP on the same issue, it clarified. MAP is an alternative dispute resolution mechanism under the tax treaties where competent authorities of two countries enter into discussions to resolve tax-related disputes.
The recovering valuations, will lead to enhanced optimism among investors about funding startups.
The GST Council in its meeting next week is likely to consider a proposal for making changes in the monthly tax payment form -- GSTR-3B, which would include auto-population of outward supplies from sales return and non-editable tax payment table, officials said. The move would help curb the menace of fake billing, whereby sellers would show higher sales in GSTR-1 to enable purchasers to claim input tax credit (ITC), but report suppressed sales in GSTR-3B to lower GST liability. Currently, GSTR-3B of a taxpayer includes auto drafted input tax credit (ITC) statements based on inward and outward B2B supplies and also red flags any mismatch between GSTR-1 and 3B.
Legal hurdle cited in I-T action against 32,000 entities.
According to the CBDT, if a social media influencer retains a product from the manufacturing company after using for the purpose of rendering service, then it will be treated as a benefit/perquisite under newly-introduced Section 194R of the IT Act.
Policies to break down the business group format are far more likely to be effective, argues Simon Commander.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
