Finance Minister Pranab Mukherjee has revised the Income Tax rates.
Under the Goods and Services Tax, effective midnight of June 30, most of the financial services would attract a higher tax of 18 per cent as against 15 per cent as of now.
GST rates on under-construction houses maybe reduced from 12 pc with input tax credit to 5 pc without ITC. Similarly, the rate for under-construction affordable houses could come down to 3 per cent without input tax credit, from the current 8 per cent.
The Union Budget, while keeping the service tax rate unchanged at 10 per cent, has expanded its ambit to include services provided by legal consultancy and advisory firms. The tax would, however, not be applicable if the service provider or receiver is an individual.
'A close relationship between India Inc and the government cannot help the BJP win elections.' 'While Opposition parties may feel good about Mr Bajaj criticising the Modi regime, the BJP should be seeing the indictment as a political boon,' says A K Bhattacharya.
The forthcoming Budget is expected to bring about some of the changes for a smoother transition to the new tax code. Read on. . .
The government may take the first step towards fiscal consolidation in Budget 2010-11 by partially rolling back tax cuts given to the industry last year. The service tax rate may be restored to 12 per cent, while excise duty could be increased marginally.
Weak enforcement results in Rs 15,000-cr of imitations sold annually.
The government may take the first step towards fiscal consolidation in Budget 2010-11 by partially rolling back tax cuts given to the industry last year. The service tax rate may be restored to 12 per cent, while excise duty could be increased marginally.
The finance minister is likely to announce the government's vision for a tax-friendly regime by raising the I-T exemption limit from the current Rs 250,000 per annum.
The draft Direct Taxes Code promised by the finance minister is up for discussion. This article looks at the proposed changes in the new code which would affect businesses.
Mauritius wanted extension of the benefits limitation clause in India's treaty with Singapore, which we were quite willing to extend, for our price
The government on Wednesday released a brand new direct taxes code that will replace the 1961 Income Tax and other direct tax laws, saying it will provide a simple tax structure for better compliance.
The Centre has decided to keep ayurveda products in the mid-range of the goods and services tax
The 6-member Monetary Policy Committee, headed by Reserve Bank of India Governor Urjit Patel, in its fifth bi-monthly review, kept the repo rate unchanged at 6 per cent and reverse repo at 5.75 per cent.
While the focus on infrastructure means more business for PSU banks, the lack of risk-assessment capability is a major issue.
With audits and greater emphasis on anti-evasion measures, more tax demands will lead to more litigation. So, it is a bit early to start celebrating. GST is still work in progress.
The government will have to get projects moving.
The levy of service tax for transport of goods by rail, transport of cargo, goods through inland water including national waterways will hike the transport cost.
Unveiling the Budget for 2009-10, Finance Minister Pranab Mukherjee said, "MAT was introduced to address inequity in taxation of corporate taxpayers. In the quest for greater equity, I propose to increase the rate of MAT to 15 per cent of book profit from the present rate of 10 per cent."
Finance Minister Pranab Mukherjee has announced that Fringe Benefit Tax (FBT) has been abolished. The commodity transaction tax (CTT) has also been abolished. The Goods and Services Tax (GST) will come into effect from April 01, 2010, Mukherjee said.
A neutral Budget for media and entertainment sector.
Common use products like hair oil, soaps and toothpaste will be charged with a single national sales tax or GST of 18 per cent instead of present 22-24 per cent
Inflation and asset prices have eroded the value of money.
The income tax department has recommended that TDS rates should be structured in three slabs of between one and five per cent for any stream of income. At present, there are multiple tax rates for TDS, starting from one per cent to over 30 per cent. Also, some rates are specified in individual sections that deal with the tax treatment of a particular income; others are included in separate schedules, making TDS payments difficult to monitor.
The income tax department has recommended that TDS rates should be structured in three slabs of between one and five per cent for any stream of income. At present, there are multiple tax rates for TDS, starting from one per cent to over 30 per cent. Also, some rates are specified in individual sections that deal with the tax treatment of a particular income; others are included in separate schedules, making TDS payments difficult to monitor.
The Authorities need to realise that a major problem facing this economy, and the world, is deflation, NOT inflation.
Limits and high taxes on FDIs have led to lesser investments in the Indian aviation sector.
There is talk of a fresh approach to a new labour code as well as reforming land acquisition laws in such a way as to be politically.
In a conversation with Vishal Chhabria and Hamsini Karthik, Gautam Chhaochharia, executive director & head, India Research, UBS, explains why implementing goods and services tax (GST) may not be as disruptive as many perceive it to be. But, he warns investors shouldn't have high expectations on corporate earnings.
Almost 40 per cent of a durable company's sales are achieved during the festival season
A moderate GST rate obviates the need for the two-rate structure.
'After Vajpayee-Advani, Modi-Shah is the second best in India.'
'The current crisis is one of incomes, driven by poor job growth, agrarian distress and poor investment sentiment,' notes Harsh Pati Singhania, director, JK Organisation.
The 50-share NSE Nifty ended flat, up 5.80 points, or 0.06 per cent, at 10,308.95.
Finance Minister Pranab Mukherjee presented the Union Budget 2010-11 in parliament on Friday.
India has earned the dubious distinction of being the country adding the maximum teeth to its tax regime since last year, says a study by Forbes.
A future road map could be to work towards a single standard rate instead of two standard rates of 12 per cent and 18 per cent, he said.
Your mother gave you those ancestral bangles at the time of your marriage as streedhan. Now you want to sell it. Then be ready to shell out capital gains tax.
Non-life insurance companies say premium charged on policies sold by them is likely to increase from next year because of a proposed change in the way their income is calculated.
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