'Day by day, the queues will shorten.'
Replying to the debate on the Finance Bill in Lok Sabha, the minister said he did not propose any change in the tax rate but only provided few rebates which will boost spending and help the economy.
Finance Minister Arun Jaitley on Thursday doled out income tax sops by raising threshold exemption and investment limits by Rs 50,000, raised duties on cigarettes, tobacco, pan-masala and aerated drinks, widened service tax base and announced measures to spur growth manufacturing and revive investor confidence.
Business activity contracted in Q2 FY20, the first contraction since 2013-14 and the second since the 2008 global financial crisis, report, Abhishek Waghmare and Anup Roy.
Combined profit before tax of 81 firms down 37.5% y-o-y, worst show in at least 3 years.
Anti-profiteering authority puts Baba Ramdev-led company in the dock for allegedly not passing on benefits received from the reduced rate of taxation under the GST regime. Patanjali to respond to notice at January 28 hearing.
"This rationalisation is 3-4 month exercise," he said, adding that the GST Council decided on the rate cut on the recommendation of a Fitment Committee.
Tax planning should not be left for March. If you do so, you could face a severe cash crunch in that month, warns Sanjay Kumar Singh.
The panel has proposed lower rates of 10 per cent for annual income between Rs 5 lakh and Rs 10 lakh, 20 per cent for income between Rs 10 lakh and Rs 20 lakh. For income of Rs 20 lakh to Rs 2 crore, the suggested rate is 30 per cent.
The budget-making exercise offers golden opportunities despite challenges, observes Shankar Acharya, former chief economic adviser to the Government of India.
The broader NSE Nifty, after shuttling between 10,649.25 and 10,782.30 points, finally settled 90.50 points, or 0.84 per cent lower at 10,663.50.
In 2019-20 Budget, the government had increased surcharge from 15 per cent to 25 per cent on those with taxable income between Rs 2-5 crore and from 15 per cent to 37 per cent for income above Rs 5 crore. Following the increase, the effective income tax rate for individuals with a taxable income of Rs 2-5 crore will go up from 35.88 per cent to 39 per cent and for those above Rs 5 crore it would go up to 42.7 per cent.
The youth of the country feel they are not getting opportunity to work for the nation, Rahul said.
In a statement, the CBDT, which is the apex policy making body for direct tax policies, said it has never asked IRS Association or these officers to prepare such a report and no permission was sought by them before making the report public. 'It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report.
The Prime Minister's Economic Advisory Council on Wednesday favoured more income tax sops as also a revision in indirect tax rates on consumer durables in Budget 2008-09 to fire up the economy.
'The promises of netas and babus and new laws, however well-meaning, mean little.' 'What matters is implementation on the ground.' 'Every law is finally implemented by a vast army of offici
Tax experts say one of the most dispute-prone proposals is making "fraudulent availing" of input tax credit (ITC), without an invoice or bill, a cognizable and non-bailable offence.
In other words, its revenue numbers are likely to carry greater conviction and the instances of overstated revenue projections may well be a thing of the past.
Dividend distribution tax in FY20 would only be applicable after deducting Rs 70 received from the foreign subsidiary, meaning 20.56 per cent DDT would be paid only on Rs 30.
A road map could be laid out for a gradual reduction in the tax rates from the current incidence of about 62-94 per cent without causing a major blow to the revenues of the Centre and the states. The opportunity arising out of higher GST collections should not be squandered, says A K Bhattacharya.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Options include raising both excise and service tax rates in FY16
'The introduction of a tax on LTCG will be a deterrent for foreign investors and could potentially result in a movement of trading activity away from India to other offshore jurisdictions such as Singapore, which offer better tax rates and sophisticated financial products.'
The derivatives (futures and options) are not treated as capital asset and the income arising from the transfer of the derivatives is treated as business income and liable for normal rate of tax for domestic investors, an official statement said on Saturday, clarifying the stand of tax authorities on gains made from derivatives trading.
DTC task force also favoured doing away with Dividend Distribution Tax by suggesting taxing dividends in the hands of shareholders.
Industry representatives recommended that the basic annual exemption limit for individuals should be raised to Rs 1,50,000 from Rs 1,10,000 and the peak income tax rate be cut to 25 per cent, from 30 per cent at present.
The confidence that GST Network is capable of handling the returns, payments, reconciliation, refunds, etc., has been badly shaken.
But it may come with a downside risk of further rise in prices of several products.
She recited a Kashmiri verse, which was part of a poem by Sahitya Akademi award winner Pandit Dinanath Koul. She rendered the verse in both Kashmiri and Hindi. Besides, the minister quoted woman Tamil poet Avvaiyar, Tamil poet Thiruvalluvar, a verse from Raghuvamsa by Kalidasa, as well as late finance minister Arun Jaitley while talking about the Goods and Services Tax (GST).
With the Rs 1.45 lakh crore tax dole threatening to upset budgeted numbers, Economic Affairs Secretary Atanu Chakraborty sought to allay concerns saying the government is sticking to the glide path of keeping fiscal deficit at 3.3 per cent of the GDP in the current fiscal.
The income tax department estimates total collection to be between Rs 10.5 trillion and Rs 10.7 trillion against the revised target of Rs 11.7 trillion.
The recommendation to slash duty was made by the Bharatiya Janata Party to ease retail prices of petrol and diesel.
Noting that there is a huge potential in the agricultural sector, he said value added production through processing could add considerably to the economic growth.
The basics and history of India's tax policy suggests that increase in the number of taxpayers has occurred and so has compliance with a reduction of tax slabs and moderate rates of tax.
The GST Council also decided that a committee of officers will be constituted to examine the simplification of forms for annual return and reconciliation statement.
Although many European countries have high income taxes, they don't charge as much as India.
During the first quarter ended June, gross tax collections fell 31 per cent driven down by a massive 76 per cent plunge in advance tax mop-up, as the country was in a full lockdown due to the pandemic.
Maruti Suzuki and Hyundai would make the largest gain.
Morgan Stanley Sales & Trading, US, believes the stock is better value for money than others and has a upside as high as 73 per cent. A slowdown in the economy has hit demand and led to a fall in overall consumption in an auto market which till recently was one of the fastest growing in the world.
Budget is a populist one, wil lbeneift common people
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