'It may be prudent not to plunge into a new online tax appeals system in one go, which could only create more disputes and increase the embarrassingly high tax arrears of the government,' warns A K Bhattacharya.
Government is mulling higher taxes for the rich to help it fund welfare programmes and bring down fiscal deficit. Do you think it is a right thing to do?
According to a CII statement, Godrej mentioned that in the given economic condition, it would have been natural to seek a stimulus including reductions in excise and service tax rates.
While efforts are being mounted on a war footing to arrest its spread, COVID-19 will impact economic activity in India directly through domestic lockdown. The second-round effects, it said, would operate through a severe slowdown in global trade and growth.
Apple's ability to shelter billions of dollars of income from tax has hinged on an unusual loophole in the Irish tax code that helps the country compete with other countries for investment and jobs.
Sticking to his opposition to outsourcing jobs to countries like India, President Barack Obama has said that he wants to give tax breaks to companies that are investing in the United States.
Even with the possible expenditure roll-overs and off-budget financing, the fiscal deficit target will not be met. The FRBM Act, after its amendment in 2018, allows a fiscal deficit slippage of not more than 0.5 per cent for any given year, provided there are justifications. These justifications include war, national security, severe collapse in the agriculture sector, a major natural calamity, big structural economic reforms, or the decline in real output growth of a quarter by at least 3 percentage points below its average of the previous four quarters.
In his State of the Union address to the US national legislature on Tuesday, Obama said: The American people deserve a tax code that lowers incentives to move jobs overseas and lowers tax rates for businesses and manufacturers that create jobs right here in America.
The government had raised Rs 10,000 crore through the last domestic black money amnesty.
As many as 30 sub-groups and committees worked tirelessly to devise rules and laws as well as fix tax rates for over 1,200 goods and services.
Supporters say the new sales tax will add up to two percentage points to India's economic growth
The revenue collection in the same month a year ago stood at Rs 94,442 crore.
P Chidambaram said tax rates that were announced in 1997 (in the Budget he had presented then), have remained and have survived four governments and four finance ministers.
Jaitley promised the states that they would be fully compensated for any loss of revenue arising from implementation of GST.
Goods and Services Tax would usher in an unified indirect tax regime.
Blocked working capital worth Rs 1,500 crore, in the almost-defunct job work diamond polishing units, is expected to be released even as diamantaires will issue fresh orders to such units following the GST relief.
Also discuss a proposal to increase the minimum VAT rate to 6% from 5%; no decision taken yet
Consumer spending in India has taken a hit in the past three quarters as rising food prices, meagre salary increases and the slowest Indian economic growth in a decade hurt buying appetites for clothes, cars and eating out.
According to Parizad Sirwalla, partner (tax), KPMG, the withdrawal of annual tax free transport allowance and medical reimbursements has squared off the benefit on account of standard deduction.
Here are handful of the number of amendments expected and predicted by analysts in the Union Budget for 2013-2014.
Changes in indirect taxes can have a huge impact on monthly home budgets, as these would hit the prices of essential commodities and services.
Long-term capital gains tax may be scrapped and the burden of dividend distribution tax could perhaps be shifted from companies to shareholders. Also, the Budget could provide income tax relief for the salaried classes, while proposing tax sops for small, medium and micro enterprises.
FM indicates adherence to fiscal road map, benign tax rates, correction in inverted duty structure
Stresses on need to boost investor sentiment through stable regulation.
While government should be appreciated for recent reforms, some on the anvil seem ill considered. These include higher tax rates above an income threshold, the re-introduction of the estate duty, and higher import duty on gold.
Very high tax rates can make states turn from extractive to rapacious, and in the process killing the goose that lays the golden egg.
The proposal will benefit 1.8 crore tax payers
The political stand-off in Washington makes tax hikes impossible. But there's a way around it.
The government has been trying to make the tax laws simpler every year; however, there are numerous amendments required in the tax laws.
The opposition parties vehemently criticised the new 'one nation, one tax' system having four different rates instead of a single rate adopted in some countries including the UK and Singapore.
News of all that's transpired on and off the football field
Booking a holiday package online, attending a seminar, buying a designer dress and attending a coaching class will become costlier, thanks to the new service tax rates effective from July 1.
'There is economic danger: Not inflation, but a slowdown that feeds an employment crisis,' says T N Ninan.
In IT, the two-way flow of investments and intellect has been central to the growing linkage, which provides a great opportunity for both nations to improve the quality of life of their citizens, says Raman Roy.
The Individual tax payer exemption limit to be raised to Rs 200,000 from Rs 180,000.
Among other things, the agenda is likely to focus on increasing private investment, employment generation and giving relief to the farm sector
The council decided not to levy any additional tax on small petrol and diesel cars of up to 1200 cc as well as on hybrid ones.
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