The finance minister also provided some relief to readymade garment manufacturers by raising the abatement available for levy of taxes on retail price of some branded garments and textile made-ups.
Invest in MFs for liquidity and choice of funds. Invest in NPS for the tax benefits, tax-free rebalancing, and for earmarked savings for retirement.
The levy will be 10%, with an abatement of 50%, effectively bringing down the service tax levy to 5% on the tariff.
The decision to impose a 28 per cent tax on the full face value of bets placed on online games will be implemented from October 1 even though there was demand for a review from states like Delhi and Goa, finance minister Nirmala Sitharaman said on Wednesday. The GST Council -- the highest decision making body of the new indirect tax regime that comprises Union finance minister and representatives of all states -- discussed the language of amendments that will be needed to enabling taxing online gaming, she said after the panel meeting.
The Securities and Exchange Board of India proposes to levy fee on stock exchanges.
The Reserve Bank of India has stated that banks cannot levy charges on paper-based transactions.
The move, first announced in March 2014, is expected to generate net annualised cost savings of $175-200 million once fully implemented.
Concerned over the practice of banks and Non-Banking Financial Companies (NBFCs) using penal interest as a revenue enhancement tool, the Reserve Bank on Friday came out with modified norms, under which lenders would be able to levy only "reasonable" penal charges in case of default in repayment of loans. The banks and other lending institutions will not be allowed to levy penal interest with effect from January 1, 2024, the RBI said in its notification on 'Fair Lending Practice-Penal Charges in Loan Accounts'. "Penalty, if charged, for non-compliance of material terms and conditions of loan contract by the borrower shall be treated as 'penal charges' and shall not be levied in the form of 'penal interest' that is added to the rate of interest charged on the advances," RBI said in a notification.
Levi Strauss (India) Pvt Ltd, the wholly owned subsidiary of jeans manufacturer Levi Strauss & Co, San Francisco, is planning to have 200 exclusive outlets throughout the country for its newly launched 'Signature' brand of jeans.
IC 814: The Kandahar Hijack begins by asking why the hijack lasted seven days and ends in wondering if the good guys fought the bad ones hard enough, observes Sukanya Verma.
FM had proposed an enabling provision to levy cess at 2%
Protesting against imposition of levy on roaming calls to be paid to state owned BSNL as announced by TRAI, cellular operators have challenged the order in TDSAT saying "the order is arbitrary and anti-consumer."
Idan Amedi, 35, was fighting as an IDF reservist. He was airlifted to a hospital on Monday where he was sedated and received treatment.
Mohammed Shami went through the toughest phase of his career in 2018 when he had to battle his way against allegations of match-fixing levied by ex-wife Hasin Jahan.
This is the first instance of AAI-run airports charging fee.
PNGRB, the oil regulator, which as per its enacting legislation has powers to levy fee, has levied a minimum tax of Rs 2 crore per annum on turnover that companies like GAIL and Reliance Industries earn from selling CNG to automobiles and piped natural gas to households and industries.
Telecom services providers have urged the Ministry of Finance to suspend the universal service obligation (USOF) till the existing corpus is exhausted. In their Budget recommendations, they have also pressed for an exemption from the service tax on "assignment of right to use natural resources" and the slashing of Customs duty on telecom equipment to zero. The Cellular Operators Association of India (Coai), which represents private sector telecom operators Reliance Jio, Bharti Airtel, and Vodafone Idea, called for abolishment of USOF levy.
Levi Strauss & Co. said it was looking at doubling its revenues in the next three years and would set up more manufacturing bases to meet the growing demand.
South African T20 sensation Richard Levi was signed by Mumbai Indians as a replacement for former Australian batsman Andrew Symonds, for the fifth edition of Indian Premier League 2012.
The government may levy a cess on domestically produced natural gas to fund construction of gas pipeline network, Petroleum Secretary R S Pandey said on Wednesday.
South African opener Richard Levi who scored the fastest century in the history of T20 International during his knock 117 off 51 balls against New Zealand has made the IPL franchises owners sit up and take notice after being ignored at auctions in Bangalore, earlier this month.
Opening batsman Richard Levi took advantage of the small boundaries at Seddon Park to blast a world record 13 sixes and guide South Africa to an eight wicket win over New Zealand to level their Twenty20 series in Hamilton on Sunday.
Finance Minister Nirmala Sitharaman on Tuesday announced income tax relief for the middle class, a Rs 2 lakh crore outlay for job creation schemes over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled the Modi 3.0 government's first budget after the general elections.
Any business that makes inter-state supply is outside the ambit of the scheme
Being a young country, it's kinda obvious that a lot of advertisements would have young Indians as their target audience. These two ads however, we felt, stood out amongst the rest.
Being a young country, it's kinda obvious that a lot of advertisements would have young Indians as their target audience. These two ads however, we felt, stood out amongst the rest.
Being a young country, it's kinda obvious that a lot of advertisements would have young Indians as their target audience. These two ads however, we felt, stood out amongst the rest.
Detailed order, to be passed on Monday, will consider green tribunal's decisions
The fare will be cheaper as it will be capped at Rs 2,500 per passenger.
The BSE faces a larger outgo after regulatory clarity on the fee to be paid to the Securities and Exchange Board of India (Sebi) as a turnover charge on options volume. The market regulator on Friday directed the exchange to pay a regulatory fee on the 'notional value' of annual turnover.
Hospitality and travel sector players on Tuesday demanded infrastructure status for the hotel industry besides measures such as tax exemption on LTA annually to boost domestic tourism ahead of the Union Budget. They also recommended removal of the current TDS levied on automated bookings for internal or closed user groups such as business travel platforms and reducing the total number of licenses required to establish a hotel. "A full-blown infrastructure status for the hotel sector and further rationalisation of the Goods and Services Tax (GST) and a Central single window clearance for hotel projects are some of the major expectations from the Budget 2024," Roseate Hotels & Resorts CEO Kush Kapoor said in a statement.
Not filing an ITR or paying the tax dues on the deceased's behalf can lead to penal consequences.
With this latest notice, the Income Tax department has raised a total demand of Rs 3,567 crore from the Congress.
Maharashtra is considering imposition of betterment charge and service tax on developers of residential and commercial complexes adjacent to the mega-infrastructure projects lined up in Mumbai.
Adding petrol and diesel to GST was a challenging task due to their significant role as revenue generators for both the central and state governments.
'If petro products are brought into GST, then there will be minor impact on the incidence of tax... and minor impact on prices. The price of petrol, diesel will continue to be driven by global factors'
In order to reduce government litigations, the Union Finance Minister Nirmala Sitharaman on Saturday said the GST Council has fixed a monetary limit for filing appeals by the tax department before the various appellate authorities. It has recommended a monetary limit of Rs 20 lakh for GST Appellate Tribunal, Rs 1 crore for the High Court and Rs 2 crore for the Supreme Court for filing of appeals by the department before these legal forums, she said after the 53rd GST Council meeting held in New Delhi.
The climate for 'doing business' remains forbidding, taxtortion is still rife, corruption at state and district levels has increased, oil prices remain extortive with high taxation, and the continued red tape has kept the enterprise system as stifled as before, points out Debashis Basu.
One per cent TDS will apply on non-agriculture immovable property of over Rs 50 lakh on the basis of sale price or the stamp duty value, which ever is higher, after an amendment in the Income Tax Act.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances