Close on the heels of truckers' strike, tea traders and producers across the country on Monday began their two-day nationwide agitation in protest against the proposed 12.5 per cent tax slab on tea under the value-added tax regime.
If the BJP comes to power, sources say it may change the financial year (April-March) to the calendar year (January-December).
Corporate tax collections rose by a whopping 166 per cent at Rs 9,079 crore (Rs 90.79 billion) till June 23 of this fiscal against Rs 3,413 crore (Rs 34.13 billion) during the corresponding period of 2004-05.
Even though option to invest as a company is available, many FPIs have chosen trust route to enjoy less tax or zero tax through tax havens such as the Cayman Islands and Luxembourg.
India Inc will contribute 82 per cent of the total tax revenues of the Centre this fiscal and the share of income tax still accounted for a mere 18 per cent as majority of the population was out of the tax net.
Rising rural distress due to back-to-back droughts have put pressure on FM to spend more on social schemes; no change in tax slabs likely
The GST Council is scheduled to meet next on November 10 and may consider lowering tax rates on a host of goods such as handmade furniture, plastic products and daily use items like shampoo.
Through this transaction, Amazon has managed to acquire around a 3.6 per cent stake in the Future group.
But it is disappointing to note that Sitharaman's third Union Budget continues to promote a few problematic ideas, observes A K Bhattacharya.
Penning a Facebook post on the second anniversary of GST rollout, Jaitley said as many as 20 states are already showing more than a 14 per cent increase in their revenues and do not require the Centre to compensate them for revenue loss arising out of GST implementation.
Among other things, the agenda is likely to focus on increasing private investment, employment generation and giving relief to the farm sector
Rediff.com's Syed Firdaus Ashraf traces the journey of PM-CARES from its founding to finally admitting it is not a government fund.
Thomas Isaac has been in and out of the national news in his role as Kerala's finance minister since 2018 for various path-breaking tax initiatives. But it is 2020 that he has become more prominent, principally in the GST council.
The 41st meeting of the GST Council, to be held via video conferencing, has just one agenda for discussion -- making up for shortfall in states' revenues, sources said.
After 17 tumultuous years, a nationwide Goods and Services Tax (GST) will rollout from midnight of June 30, overhauling India's convoluted indirect taxation system and unifying the $2 trillion economy with 1.3 billion people into a single market.
The total revenue earned by central government and state governments after regular settlement in December was Rs 43,851 crore for CGST and Rs 46,252 crore for SGST.
On retirement, you will draw a lesser amount as pension.
With the new tax slabs applicable for income earned during Financial Year 2014-15 and host of new changes in income tax returns and filing norms, this e-filing season will certainly bring in a new experience for taxpayers. Here's how
Tinesh Bhasin explains the tax liabilities that accompany receiving a gift.
Experts, however, said that it is a very nominal benefit to the salaried class.
While Congress and the states ruled by non-NDA parties pushed for the Centre meeting its statutory obligation of covering the deficit, the Union government cited a legal opinion to say it had no such obligation if there was a shortfall in tax collections. The Centre as well as BJP-JD-U-ruled Bihar were of the opinion that the states should borrow to make up for the shortfall in the tax revenues that have been compounded by the COVID-19 crisis, sources said.
The people of the nation co-operated and patiently waited for the government's promised "ache din", and now they want their just rewards, says Adhil Shetty.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Lupin was the top gainer after the USFDA cleared its Goa facility
The proposed move to withdraw the DDT would help encourage investments by addressing multiple taxation of income and bringing down the effective tax rate on companies, which is among the highest in the world.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The Budget emphasises on capacity building and empowerment of marginalised sections of society including farmers.
The point to note is that since the new rebate is up to a taxable income of Rs 5 lakh, if anyone earns even little more (say, even Rs 100 more) than this amount, he would have to pay all the taxes, according to the existing slabs.
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.
"This is completely untrue. Please do not re-circulate such message without checking it with authority," Adhia said.
There are high hopes that the Budget for 2014-15 to be presented in Parliament may actually not tinker with the threshold limit or the other tax slabs but could provide reliefs by incentivising savings.
People who are close to retirement and don't intend to go back to full-time work again should deploy a part of their VRS money in equities so that it keeps growing at a faster rate.
Treats gains on sale of as capital gains, not business income, spares him from huge tax liability.
"After the meeting which took place in Srinagar last week, it is safe to say that GST will be levied across the country starting July 1," Gangwar told ANI.
'The economy needed 3 or 4 major fixes. The major one was, of course, the direct tax structure, but we ended up complicating the existing convoluted tax structure,' says M R Venkatesh, chartered accountant and lawyer.
Fridge, washing machine, and paint makers are expected to cut prices shortly, while TV, aircon, and sanitary napkin makers are a disappointed lot
It's better to inform your new employer about income earned and deduction availed with the previous one.
From 0% to 28%, here's the breakup of what attracts how much GST.
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