Finance Minister Nirmala Sitharaman on Monday said the government is planning to extend the suspension of fresh insolvency proceedings for another three months, a move which will provide major relief to corporate borrowers hit by the coronavirus pandemic. Addressing the Bangalore Chamber Of Industry And Commerce (BCIC), she said the government has taken several measures, including deferment of tax payment date, to help businesses and people.
According to the department, Kingfisher owes the sum for the April-September period and Air India's is for the period between April and August.
The collection from borrowings and other liabilities will be 20 paise, while income tax will yield 17 paise to every rupee collection.
India's existing web of federal and state sales taxes is levied at different stages of the supply chain and often results in double taxation, while forcing trucks to spend nearly a quarter of their road time in border checks or other inspections.
The central government has given banks and credit card entities six to eight months to put in place the requisite reporting mechanism and related features to collect tax at source on international credit card transactions, a senior bureaucrat told Business Standard. According to the bureaucrat, the plan to bring overseas credit cards under the Liberalised Remittance Scheme (LRS) has not been mothballed and is simply being deferred so that banks get adequate time to get the system up and running. The official expects the reporting mechanism to be ready in the given time, and the rule could be implemented in the next financial year (2024-25, or FY25).
Finance Minister Nirmala Sitharaman said: "This will cover 99.3 per cent of the companies. Now only 0.7 per cent of companies will remain outside this rate."
Maharashtra government initiative aimed at making system more transparent.
'Rationalising TDS on dividends for FPIs to reduce it to treaty rates ranging from 5 to 15 per cent, depending on the country of residence of FPIs from current rate of 20 per cent will provide a big cash flow relief for FPIs.'
A visit to an ATM today can help you accomplish myriad value-added transaction services like utility payments, pre-paid mobile re-charge, credit card payments, tax payments and much more.
Tax Guru Anil Rego answers your personal income tax queries.
Experts believe that the government needs more innovative ways to secure the cyber space in the country and a cess is more like a punishment which would not help in the long run.
SBI Cards & Payment Services reported mixed results for the January-March quarter (Q4) of FY24. While it managed to deliver strong earnings growth, it saw a perceptible decline in net interest margin (NIM) and suffered deteriorating asset quality. Taken together, the market was disappointed with the share dropping 3.5 per cent.
The service will be available through its 1,000-plus ATMs spread across the country. The bank has received an approval from the Central Board of Direct Taxes for this facility in the country.
Without accounting for refunds, however, the collection contracted 5.4 per cent, indicating muted economic activity as the Covid-19 pandemic and subsequent curbs paralysed most sectors.
Credit outstanding to the housing sector rose by nearly Rs 10 lakh crore in the last two fiscals to reach a record Rs 27.23 lakh crore in March this year, according to RBI's data on 'Sectoral Deployment of Bank Credit'. Experts from banking and real estate sectors attributed this growth in housing credit outstanding to a strong revival in the residential property market post-COVID pandemic on pent-up demand. According to the data of the Reserve Bank of India (RBI) on sectoral deployment of bank credit for March 2024, the credit outstanding to the housing (including priority sector housing') stood at Rs 27,22,720 crore in March 2024, up from Rs 19,88,532 crore in March 2023, and Rs 17,26,697 crore in March 2022.
At least 200 investors have to furnish financial statements
A committee on digitalisation headed by Andhra Pradesh Chief Minister Chandrababu Naidu had in an interim report recommended taxing cash transactions of at least Rs 50,000 to promote digital payments.
The outstanding tax demand by the income tax department on the Board of Control for Cricket in India may go up to over Rs 860 crore, according to an RTI reply from the department.
In a set of FAQs on applicability of Goods and Services Tax on banking, insurance and stock brokers sectors, the revenue department has clarified that transactions relating to securitisation, derivatives, future and forward contracts are exempt.
Dubious and personal expenses of Rs 1,000 crore were made from bank-loan funds for Jet Airways founder Naresh Goyal and his family members even as the airline "diverted" money to some tax havens, the Enforcement Directorate (ED) alleged on Saturday, after arresting the businessman in a money-laundering case. Goyal (74) was taken into custody late on Friday night after the central probe agency took him to its Mumbai office from Delhi. A special court set up to deal with cases lodged under the Prevention of Money Laundering Act (PMLA) on Saturday sent him to the ED's custody for 10 days, till September 11.
If advance tax revenue fails to meet the expected growth, these PSUs could be asked to pay taxes on past demands raised against them.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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For every rupee in the government coffer, 58 paise will come from direct and indirect taxes, 34 paise from borrowings and other liabilities, six paise from non-tax revenue like disinvestment and two paise from non-debt capital receipts, according to the Budget documents for 2023-24.
ATMs are on their way to becoming a one-stop shop for most banking services. Here's what your ATM can do for you.
Income tax collection, by way of advance tax and TDS, in the April-June quarter was about 80 per cent of what was collected in the same period last year.
The move would help in further promoting ease of doing business in the country.
While analysts assessed One97 Communications (Paytm) Q1FY24 results as in-line with guidance, the market was disappointed and the stock fell by around 5 per cent. Paytm reported a net loss of Rs 360 crore, but revenue grew 39 per cent year-on-year (YoY) to Rs 2,340 crore. It was supported by strong growth in gross merchandising value (GMV), higher disbursements and the addition of subscription devices.
The government has become used to accounting for TDS as its income even though it knows a significant portion needs to be returned as refund
Corporation tax is the single largest source of income, contributing 21 paise to each rupee earned.
The Income Tax department on Friday moved the Delhi High Court seeking "directions/clarifications" of the December 12 order by which the assets of mobile phone handset maker Nokia in India were defreezed.
Investments and expenses under section 80 C allows various tax benefits, says Harjot Singh Narula
The I-T department issued a circular allowing manual filing of Form 15CA/15CB (required for foreign remittances) with banks till June 30, so that business transactions may go on. The forms will be uploaded online on the e-filing portal later, it added.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) will answer your personal finance-related questions.
The government on Tuesday extended the deadline for linking PAN and Aadhaar by three months to June 30, 2023, to provide some more time to taxpayers, an official statement said. The earlier deadline was ending on March 31. Persons can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions, it added.
Now that the economy is growing at a higher-than-expected rate, it is time to accelerate the pace of fiscal consolidation, and the Budget could be a good starting point, argues Rajesh Kumar.
Employees should review the accuracy and completeness of the information provided in Form 16. They should confirm that all the tax deducted has been credited correctly.
Prime Minister Narendra Modi on Tuesday said India will become the growth engine for the world in the coming years, and the ease of doing business has improved with "mission-mode" reforms being undertaken by his government. Speaking at the BRICS Business Forum Leaders' Dialogue in Johannesburg, Modi also said India soon will become a $5 trillion economy.
Every bank offers a different slab of minimum balance to customers, based on which 'free services' are provided
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