In an attempt to bring uniformity in prices of medicines, Chemicals Minister Ram Vilas Paswan on Wednesday asked the states to exempt them from local taxes or at least advance the implementation of value-added tax regime for drugs.
With drought forcing the government to increase its spending, corporations and salaried individuals can expect a tougher tax regime, with Finance Minister Pranab Mukherjee revising this fiscal's direct tax collection target to Rs 4,00,000 crore from Rs 3,70,000 crore mentioned in the Budget last month.
Our advice: engage the services of a qualified investment advisor, make an investment plan for your tax-planning investments and stick to it; finally don't deviate from your risk appetite.
The Bill has proposed that zones notified by the end of March 2012, will get income tax benefits. For units, there is a two-year additional window, with those commencing operations by March 31, 2014, likely to get an exemption.
'Rates go up, revenues go up, and the need for compensation diminishes.'
Kerala Finance Minister K N Balagopal has sought systemic changes in the GST structure, saying every state and consumer has lost because of its basically flawed architecture that has also led to rampant revenue leakage for the states. The Goods and Services Tax (GST) regime came into force in July 2017. Even though the framework is focused on having a one-nation-one-tax model, quite a few items, including petroleum products and liquor are still out of the GST purview.
India has reduced the time period for foreign investors to seek international arbitration from five years to three years as part of the recently signed investment pact with the United Arab Emirates (UAE), a departure from its model Bilateral Investment Treaty (BIT). Under the Investor-State Dispute Settlement (ISDS) mechanism, if the Indian judicial system is unable to resolve a dispute within this shortened period, investors can resort to international arbitration. The investment pact, signed on February 13 in Abu Dhabi, came into force on August 31, replacing the previous pact.
rediffGURU Vivek Lala answers your income tax and personal finance queries.
Correcting a serious anomaly in the value added tax structure, an official committee on Monday prevailed upon Delhi, Rajasthan, Uttar Pradesh and Gujarat to maintain uniform tax rates on bullion.
Salaried taxpayers may have less kitty for holidays from April 2012, with the government proposing to scrap tax incentives on leave travel allowance in the new direct tax regime DTC.
The Securities Transaction Tax regime covering shares as well as mutual funds has come into effect from October 1.
Interview with first woman president of the Ficci country head of HSBC India.
The Pension Fund Regulatory and Development Authority (PFRDA) has sought income tax exemption for the New Pension Scheme at par with other schemes like Public Provident Fund (PPF).
On the telecom sector, he demanded auctioning of more spectrum.
Budget 2025-26 delivers a carefully calibrated strategy-stimulating demand and investment while keeping fiscal discipline intact. In an environment marked by global trade disruptions, and a softening in urban consumption, Finance Minister Nirmala Sitharaman has taken a measured approach.
With its age-old fascination for education, southern states have done better than the North. Start-ups, IT hubs, and industry majors setting up shop have changed the face of the South. Nearly 79% of global offices set up by international conglomerates in India are in the South. Almost 46% of tech unicorns are from the South. The GDP per person in the South is 4.2 times higher than the North. None of these indicators can be ignored by any central government, whatever the political compulsions, notes Ramesh Menon.
Here is a list of Q & As to explain these issues and implications of the US move.
Currently, income between Rs 1.6-5 lakh (Rs 160,000-500,000)attracts 10 per cent tax; Rs 5-8 lakh (Rs 500,000-800,000)20 per cent and beyond Rs 8 lakh 30 per cent.
The government has exempted units of investment trusts and ETFs issued by entities based in GIFT City or traded in exchanges there from capital gains tax. The Central Board of Direct Taxes (CBDT) notified the exemption from capital gains tax any unit of investment trust; a unit of a scheme; and a unit of an Exchange Traded Fund (ETF) launched under the International Financial Services Centres Authority (Fund Management) Regulations, 2022. Gujarat International Finance Tec-City (GIFT)-IFSC is being promoted as a tax-neutral enclave for the financial sector.
Data from Value Research analysed on five-year, three-year and one-year performances of active equity schemes to pick the best performers in popular scheme categories.
Majority of respondents feel that the government in the forthcoming Budget will increase the standard deduction and give more incentives for housing loans.
'Customers are coming in; if they aren't buying, they are at least visiting the stores, which was not the case before the Budget.'
...the DMK chief minister's campaign -- which includes criticism of the BJP's 'pro-Hindutva, anti-Tamil, anti-federal' policies and building on his own government's social welfare programmes targeting especially women and youth -- appeals to Tamil Nadu's voters in next year's assembly election, explains N Sathiya Moorthy.
These are the highlights of the Union Budget 2025-26 presented by Finance Minister Nirmala Sitharaman in Parliament on Saturday.
Buying makes sense for those planning to stay in a city for at least 7 to 10 years. Financial preparedness is crucial.
The Bharatiya Janata Party's proposed banking transaction tax is ill-conceived and inadvisable but it is disruptive enough to raise questions about the perverse nature of India's current tax regime and the need to reinvent it.
The finance minister has stayed true to her commitment to fiscal consolidation, even though the pace of the decline in the deficit could have been faster, notes A K Bhattacharya.
Terming Kelkar panel's proposals as "radical", Finance Minister P Chidambaram on Saturday said a comprehensive tax reform will be implemented in the next Budget after a consensus from all sections.
Around 75 per cent of total returns are expected to be e-filed in current year.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Mahanagar Gas (MGL) has just hiked prices for compressed natural gas (CNG) and domestic piped natural gas (PNG) in the Mumbai Metro Area. The distributor raised prices by Rs 1.50 per kilogramme (kg) for CNG, bringing the price up to Rs 75 per kg, including taxes. Domestic PNG prices were hiked from Rs 1 per standard cubic meter (SCM) to Rs 48 per SCM, inclusive of taxes.
Prime Minister Narendra Modi on Saturday launched a scathing attack on the Congress party, accusing it of repeatedly "wounding" the Indian Constitution. He claimed that the Congress, driven by its "lust for power," has consistently undermined the principles of the Constitution. Modi, however, praised India's democratic journey since its independence, highlighting the country's strong democratic roots and its unwavering commitment to its founding principles. He underscored the importance of unity for India's future development and emphasized that the Constitution is the bedrock of that unity.
Tax Guru Anil Rego answers your personal income tax queries.
'Young investors with limited funds should ensure that investing in NPS does not crowd out their other, more liquid, investments.'
Equity benchmarks Sensex and Nifty ended on a mixed note on Wednesday as the euphoria about the Budget fizzled out, with investors going for profit-taking ahead of the Fed interest rate decision. The 30-share BSE benchmark Sensex climbed 158.18 points or 0.27 per cent to settle at 59,708.08 after it trimmed most of the intra-day gains. During the day, it had zoomed 1,223.54 points or 2 per cent to 60,773.44.
Prime Minister Narendra Modi addressed the nation at the Central Hall of Parliament ahead of the GST launch at midnight. Here are highlights from the PM's speech
The Budget assumes significance as it comes on the back of lower-than-expected growth numbers during the second quarter and geopolitical uncertainty.
A trends study conducted by India's Financial Intelligence Unit (FIU) has expressed suspicion that cryptocurrency is being used across the country in serious criminal acts like terrorist financing, fuelling secessionist activities, cybercrime, narcotics trafficking, illegal betting and gambling. The report, which was based on suspicious transaction reports and operational analysis, shared these trends and credible intelligence with law enforcement agencies.
'If I close my housing loan, are there any investment avenues (the investment should provide liquidity) to save tax?'
