After years of disappointing growth, the economy and the markets are poised for a breakout, notes Akash Prakash.
The Finance Ministry on Monday said Cairn Energy Plc is likely to pay close to $1 billion as capital gains tax on the $8.48 billion it expects to get from selling majority stake in its India arm to Vedanta Resources.
A salaried individual needs to file returns as a business owner if s/he has a high turnover while trading in stocks or futures & options, reveals Tinesh Bhasin.
GSR 592(E) states that all NRIs -- including PIO like your son -- are not eligible to open PPF accounts. The accounts opened prior to all these dates are allowed to run up to their maturity but no extension or renewal can be made.
The ruling mean FPIs cannot seek treaty protection against the new withholding tax that companies are required to deduct at source. The apex court order pertains to when the cricketing bodies of Pakistan, India, and Sri Lanka formed a joint committee to conduct the 1996 Cricket World Cup.
Speculation is rife that the Centre can take draconian steps such as mandatory e-passbooks for all real estate holdings and compulsory checking of every single safe deposit vault.
Companies in China, South Korea and Indonesia pay 25 per cent tax, while those in Malaysia pay 24 per cent. Only Japan has a higher tax than India at 30.6 per cent. Hong Kong has the lowest corporate tax rate of 16.5 per cent while Singapore has 17 per cent rate and Thailand and Vietnam levy 20 per cent tax on companies.
Market participants are hoping for a few tweaks on the taxation front which will encourage consumers and businesses to spend.
There are no major announcements in the Union Budget 2014-15.
The bills were passed by voice vote.
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.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The division bench of Justices F I Rebello and D G Karnik on Monday reserved orders as to whether the Birla group's petition is admissible or not. The order will be passed on Tuesday. In the present case, the issue is whether the Birla group is liable to pay capital gains tax on the share-purchase transaction worth $150 million with AT&T Mauritius (subsidiary of AT&T).
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Banks in talks with temple trusts to push gold scheme
CBDT to reopen cases, conduct detailed inquiry of taxpayers who invested in such shares
Investors, including large corporations, view them as a potential hedge against uncertainty, and mainstream investment banks too are jumping into the game.
Your mother gave you those ancestral bangles at the time of your marriage as streedhan. Now you want to sell it. Then be ready to shell out capital gains tax.
Increase in service tax would make properties costlier to buyers.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
'The market was expecting the Budget to do more, given the domestic economic slowdown and global uncertainty. Over the next few days, the market is expected to absorb the volatility.'
There have been demands from a section of stakeholders that the long-term capital gains tax on equities be reimposed.
Cairn faces a potential tax demand on an alleged Rs 24,500 crore of capital gains it made when in 2006-07 it transfered all its India assets to a new company, Cairn India.
The most consistent wealth creators since 2008 are all consumer-facing companies, says Devangshu Datta.
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.
PNs allow such investors (primarily hedge funds, other leveraged investors and high net worth individuals) to enter and exit the India market without the need to register and establish settlement facilities and other requirements. Since it has been difficult for regulators to know those using PNs, questions on the source of such funds have risen.
They can be used as collateral for loans and can be sold or traded on stock exchanges
Levying buyback tax at a flat rate of 20 per cent (plus applicable surcharge and cess), irrespective of the period for which shares are held will be a dampener for equity shareholders who take inherent risks while investing, says Hitesh D Gajaria, partner and head of tax, KPMG in India.
Foreign companies that do not have a permanent establishment in India will be exempt from paying minimum alternate tax.
'Housewives depositing cash up to a limit of Rs 250,000 need not worry.' 'It is understood that in India housewives save money which they get from their husbands for household expenses.' 'The intent of the government is not to question them.'
The Finance Ministry's Economic Survey had projected a growth rate of 7-7.75 per cent.
Gandhi has declared that his source of income was MP's salary, royalty income, rental income, interest from bonds, dividends and capital gain from mutual funds.
MFs continue to find it difficult to attract and retain long-term money from investors
Booking one's loss will help investors in these trying times, says Amar Pandit
the three investors that have submitted their final bids are not commercial banks. Among the three, one is a non-banking financial company. Another distinctive feature of the revival is that PMC may lose its cooperative bank characteristic after its reconstruction.
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