Experts have flagged issues regarding the levying of new cess/tax, especially those related to complications in administering the cess.
'Subject to any worldwide economic collapse.'
The government on Tuesday increased the windfall profit tax on crude oil produced in the country and reduced the levy on exports of diesel. The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude oil was increased to Rs 9,800 per tonne from Rs 9,050 a tonne, according to an official notification. SAED on the export of diesel was reduced to Rs 2 per litre from Rs 4 a litre and on jet fuel or ATF to nil from Rs 1, the notification said.
The bank has said rent payments will not earn reward points, and redemption of reward points on various cards have been capped in certain segments.
As part of the national telecom policy, which is likely to be released next month, various levies and charges including SUC would be reviewed in line with the input tax credit available.
Taskin was dropped from T20 WC match against India after missing team bus, pacer denies
India is not "rethinking" supporting investments from China, said Commerce and Industry Minister Piyush Goyal on Tuesday, referring to a proposal made in the Economic Survey 2024. The survey by India's chief economic advisor last week said India had two "choices" to benefit from the so-called China plus one strategy, either by integrating into that country's supply chain or by promoting foreign direct investment (FDI). "Chief economic advisor's report speaks about new ideas and gives out their own thinking. It is not at all binding on the government and there is no rethinking to support Chinese investments in the country," Goyal told reporters in Delhi.
Venezuela struck twice in the space of 10 minutes in the second half to come from behind and earn a 2-1 victory over Ecuador.
Greece beat England for the first time as striker Vangelis Pavlidis's double earned the visitors a richly-deserved 2-1 victory.
The income tax department on Tuesday asked taxpayers to link PAN with Aadhaar by May 31 to avoid tax deduction at a higher rate. As per income tax rules, if a Permanent Account Number (PAN) is not linked with biometric Aadhaar, TDS is required to be deducted at double the applicable rate. Last month, the income tax department issued a circular stating that no action will be taken for short deduction of TDS in case the assessee links his/her PAN with Aadhaar by May 31.
IMAGES from the English Premier League matches played on Sunday
A group comprising top tech startups and unicorns has raised several "serious concerns" over a platform-based gig workers Bill proposed by the Karnataka government, saying it would hurt the ease of doing business. They told the state government the Bill in its current form would hamper operations and increase regulatory and compliance burden on the nascent gig and startup economy, according to sources.
Students can be imposed a penalty of Rs 20,000 for holding dharnas and face admission cancellation or a fine of up to Rs 30,000 for resorting to violence at Jawaharlal Nehru University, its latest rules stipulate.
The proposed exemption in customs duty on import of lithium, cobalt and other rare minerals in the Union Budget 2024-25 is likely to lower the battery production cost and help in making electric vehicles more affordable for the buyers, auto industry leaders said on Tuesday.
The best solution would be the one followed in 2018 -- allow cost indexation until March 31, 2024 -- but exit at any time. The second-best alternative would be to allow time until March 31, 2025 for investors to exit their investments under the old indexation regime, points out Harsh Roongta.
The cabinet also gave its nod to a proposal to amend the Madhya Pradesh Minister (Salary and Allowance) Amendment Bill, 2024, and make a provision for state ministers to deposit their income tax instead of the government bearing such burden.
National-award winning actor, producer, hotelier, ex-politician, cricket team owner, philanthropist, highest tax payer, reality show judge, animal lover and, above all, people's hero -- Mithun Chakraborty -- who has been conferred the Dadasaheb Phalke Award -- is truly a force of nature, notes Sukanya Verma.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
According to sources in the aviation ministry, only State-owned Air India and private carrier AirAsia India have agreed to pay the surcharge.
Telecom service providers have doubled down on their demands for a proposed fair-share charge (FSC) to be levied on major over-the-top (OTT) service providers, opening up the 6 GHz spectrum band and increasing the number of testing labs for telecommunication products. Telecom industry body Cellular Operators Association of India (COAI) on Wednesday said these were the topmost demands for Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government. The industry body wants this additional capital expenditure to be borne by these Large Traffic Generator (LTGs) OTTs as a proposed fair-share charge.
The principal commissioner has been made responsible for developing and approving any intelligence, conducting search, and completing investigations and relevant subsequent actions, including at the lower field formations, points out T N C Rajagopalan.
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.
They said the Left party is consulting its lawyers to challenge the notice of the tax authorities.
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.
The Supreme Court imposed a green tax on trucks destined for other states but wanting to take a shorter route through Delhi.
Here is what your favourite celebrities have been upto.
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.
Rajeev Ram and partner Harel Levy of Israel set up a showdown with Cypriot star Marcos Baghdatis and Marc Gicquel at the Chennai Open.
Telecom operators pay 30 per cent of their revenue as levies like annual licence fee, spectrum charges, contribution to universal service obligation fund and the total burden adds up to 40 per cent along with service tax.
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.
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.
If sources are to be believed the Khiladi is all set to become the brand ambassador of Levi's Jeans, a rather interesting tidbit given the fact that the brand is usually associated with the youth.
China is contemplating levying carbon tax and raise the prices of petroleum for the next five years as an incentive to cut greenhouse gas emissions and help realise green targets, an expert said on Monday.
Idan Amedi, 35, was fighting as an IDF reservist. He was airlifted to a hospital on Monday where he was sedated and received treatment.
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.
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.
Not filing an ITR or paying the tax dues on the deceased's behalf can lead to penal consequences.
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.
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