Finance Minister Arun Jaitley is likely to slash corporate tax rate by about one per cent and may put an end date for certain exemptions availed by the industry.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
HSBC's Swiss bank routinely allowed clients to withdraw "bricks" of cash
The exemption from MAT does not apply retroactively.
Returns for income earned till FY12-13 can be filed till March 31.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
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.
If you have missed your tax filing deadline, there is not much to fret if your tax dues are fully paid, says Anil Rego
It is possible that this experiment might see a rise in the Union government's cost incurred on tax concessions, without any increase in the tax base or coverage, says A K Bhattacharya.
India told Mauritius that it will not take any decisions that will "adversely impact" bilateral relations while reassuring the country that amendments to the bilateral tax treaty would be made only after considering the legitimate interests of both sides.
US IT industry has opposed Obama's move to tax overseas earnings.
Company analysts and tax experts say neither the foreign direct investment nor the portfolio investment by large institutions will be affected.
Minimum taxes on foreign portfolio investors have been removed.
India and the US inked a tax information sharing agreement under FATCA which will enable automatic exchange of financial information.
US government lawyers decided to settle a tax fraud investigation of KPMG rather than pursue criminal charges.
It is important to know the right details about your insurance policies while avoiding these mistakes, says Harjot Singh Narula.
Long-term tax on capital gains arising from selling a house can be invested in another property under Section 54.
With digital technology, the I-T department's ability to catch tax evaders has increased many times.
If not, an assessee might be charged interest for not paying TDS on time.
Britain's Cairn Energy has secured a French court order to seize 20 Indian govt properties to recover arbitration award, it is learnt.
The overall message to the middle class is: the days of freebies are over.
Investors need to evaluate how they stack up against other high credit quality fixed-income options before putting money in them.
If the finance minister's tax proposals have stimulated demand at all, it's for CAs, notes Kanika Datta.
Moving the Finance Bill, 2012 for consideration and passage in the Lok Sabha, Mukherjee halved the capital gains tax for private equity investors to 10 per cent and relaxed the norms for arrest of persons involved in violation of Customs Act.
Gaurav Mohta, chief marketing officer, Home First Finance Company, answers home loan queries.
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As of September, account for bulk of applications for availing of the government's amnesty scheme.
With filing possible only online, there is no scope for any error.
Move could be a major relief to Vodafone.
Four-time world player of the year Lionel Messi would soon face trial for alleged tax evasion; a Spanish judge has ruled and might face a six year jail term if convicted.
The government's plan to mop-up additional revenue from indirect tax may not materialise
The various statements attributed to Chidambaram during his meetings with investors in Hong Kong and Singapore reveal a lot about the broad trend of ideas that would influence his next Budget.
The completely avoidable mess that the finance ministry found itself in was rather surprising, says Debashis Basu.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
After Air India, Britain's Cairn Energy PLC plans to target assets of state-owned firms and banks in countries from the US to Singapore as it looks to ramp up efforts to recover the amount due from the Indian government after winning an arbitration against levy of retrospective taxes. A lawyer representing the company said Cairn will bring lawsuits in several countries to make state-owned firms liable to pay the $1.2 billion plus interest and penalties that are due from the Indian government. Last month, Cairn brought a lawsuit in the US District Court for the Southern District of New York pleading that Air India is controlled by the Indian government so much that they are 'alter egos' and the airline should be held liable for the arbitration award.
New government should consider reforming taxation rules.
Most large American companies earn more than 50 per cent of their revenue from markets outside the US and will be affected by the proposed tax reforms. Business groups in the US had assailed the proposal, arguing it would subject them to far higher taxes than their foreign competitors must pay and ultimately endanger US jobs. Global companies that earn profits in India are subject to a tax rate of 33.9 per cent and the impact of the proposed reforms on them would be marginal.
It is welcome that the government tried to make its intentions clear last week - especially as risk concerns return to global markets.
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