Tax

Tax

India is a rapidly growing outbound travel market. Padded by its steady 7% GDP global growth rate, an abundant middle class distribution and availability of low-cost airline fares, it is on track...
Mar 19, 2018
312
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Tax

The World Bank has concluded that GST is one of the most complex taxes, with the second highest tax rate in the world among a sample of 115 countries which have a similar indirect tax system...
Mar 15, 2018
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Tax

The Central Board of Direct Taxes (CBDT) will conduct a countrywide review of tax collection today, especially for advance tax, tax deduction at source (TDS), arrears and black money cases to shore...
Mar 14, 2018
164
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Tax

Background   With automation and Artificial Intelligence (AI) becoming buzzwords today, taxpayers need to be alive to the real-time requirements of data tax administrations in their drive to...
Feb 06, 2018
503
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Tax

It is better to wait beyond March 31 this year to sell equity shares or units of equity-oriented mutual funds if one is incurring losses. This is so because these losses can be set off for long-...
Feb 06, 2018
350
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Tax

Finance Minister Arun Jaitley has said that corporate tax rate can be brought down to 25 per cent only after all the exemptions given to the industry have ended.    Speaking at a post-Budget...
Feb 06, 2018
152
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Tax

The government has drawn up plans to abolish MAT on foreign companies. An amendment proposed by the Finance Bill 2018 seeks to exempt foreign companies engaged in shipping, air transport, oil...
Feb 05, 2018
222
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Tax

Latest Budget documents show that India’s most profitable companies paid 23.9 per cent tax on an average on their profits for financial year 2016-17, which is about 10.7 percentage points lower...
Feb 05, 2018
198
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Tax

With the announcement of introduction of long-term capital gains tax, foreign investors have started treaty shopping, the process of moving base to a country for tax arbitrage.   Insiders say...
Feb 02, 2018
233
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Tax

The Union Budget has proposed to reintroduce standard deduction for salaried individuals to the tune of Rs40,000 a year.    Finance Minister Arun Jaitley said, “Income tax data analysis...
Feb 02, 2018
269
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Tax

The government is proposing a long-term capital gains tax for investing in stocks, according to people with knowledge of the information. The news has sent both equities and the rupee lower.  ...
Feb 01, 2018
189
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Tax

The government is facing a revenue squeeze that may make it difficult fulfil its promise to lower corporate tax rate over time to 25 percent from 30 percent.   Tax competition around the world...
Jan 30, 2018
261
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Tax

Finance Minister Arun Jaitley will be under pressure from India Inc. to fulfil his promise of reducing corporate tax rate to 25% to boost job creation and drive investments.   “Topping the...
Jan 24, 2018
199
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Tax

As the Modi government prepares to present its last complete budget before the 2019 general elections, we reflect on the current fiscal year and evaluate the key target areas for the financial and...
Jan 23, 2018
352
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Tax

EY India has said that the Finance Ministry might tax dividend in the hands of shareholders and do away with the dividend distribution tax (DDT) in the Budget.   In its pre-Budget expectations...
Jan 15, 2018
143
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Tax

  Experts have said that the Finance Ministry may tweak the provisions on Minimum Alternate Tax (MAT) in the Budget to help the industry over come the impact of tax reforms in the US. MAT was...
Jan 15, 2018
197
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Tax

The Society for Indian Automobile Manufacturers (SIAM) has urged the GST Council to review the highest rate of 28% GST being reviewed on commercial vehicles (CVs). The recommendation comes even as...
Jan 15, 2018
157
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Tax

The government might come out with detailed anti-profiteering guidelines by the first week of December, according to three people close to the development. The aim is to prescribe a methodology to...
Nov 15, 2017
394
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Tax

The Central Board of Direct Taxes (CBDT) may drop its proposal directing companies and professionals to submit their tax payment estimates for the next two quarters in advance.   In September,...
Nov 13, 2017
346
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Tax

Some of the offshore accounts revealed in the Paradise Papers were already being probed by the Income Tax Department of India. A reconstituted multi-agency group will now also monitor...
Nov 07, 2017
277
0

Tax

European Commission recently asked large firms to make their tax affairs within Europe more transparent. A report published by OECD states that there are still countries that have to implement...
May 05, 2016
4,075
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Tax

The income tax department is processing rectification requests online having processed online rectification in nearly 6.53 lakh cases. The CBDT has asked assessees to make use of the e-filing portal...
Apr 01, 2016
718
0

Tax

In a major development that will ease the tax burden of millions of salaried employees, the government has rolled back the proposal to tax the retirement proceeds of the Employee Provident Fund....
Mar 08, 2016
1,346
1

Tax

After a backlash from the public on taxing the Employee Provident Fund withdrawals, the government clarified that only the interest portion will be taxed, and not the principal investment. Revenue...
Mar 01, 2016
1,628
2

Tax

There are high hopes riding on Budget 2016 as industry members watch for signs of infrastructure spending and streamlining corporate tax.    Among the tax reforms that the industry is looking...
Feb 22, 2016
817
0

Tax

Service tax collection for consultants has been a bone a contention when payments get delayed. Ficci has called for a review of the service tax collection process and its National Committee on...
Feb 18, 2016
883
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Tax

While dealing with tax holidays, the CBDT has clarified that infrastructure companies can choose the year from which they want to initiate tax benefits. The CBDT has said that the initial...
Feb 16, 2016
1,001
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Tax

Buoyed by indirect tax collections, which is likely to exceed targets by around Rs 40,000, crore, the government’s revenue targets are expected to be comfortably achieved during this fiscal....
Feb 10, 2016
1,074
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Tax

Over 1.75 crore assessees have received refunds from the government of India amounting to over Rs 1 lakh crore, said an official from the finance ministry on twitter.    Revenue Secretary...
Feb 08, 2016
819
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Tax

To ease communication with the Income-Tax departmen, the government has allowed tax payers to reply to notices using their registered email address. Detailed guidelines for using emails have been...
Feb 05, 2016
1,643
0

Tax

The income-tax refund process is getting streamlined. Tax authorities plan to speed up cases of refunds in cases where a prior demand has been contested by the assessee.   The new internal...
Feb 01, 2016
1,428
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Tax

For a greater degree of stability and predictability, India is changing its tax laws with the GST (Goods and Service Tax) a big step towards this, said Finance Minister Arun Jaitley.   The...
Jan 21, 2016
2,094
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Tax

The Justice (rtd) R V Easwar Committee in a 78-page draft report said nearly 65 per cent of the personal income-tax collection in India was through tax deducted at source (TDS) and TDS provisions...
Jan 18, 2016
1,058
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Tax

Parliamentary Affairs Minister Venkaiah Naidu met Congress President Sonia Gandhi today and sought her party’s cooperation for early passage of the GST and Real Estate bills. The minister said the...
Jan 07, 2016
975
0

Tax

The finance function has for a long time borne the brunt of the multiplicity of taxes that afflicts India’s indirect tax regime. At meetings attended by CFOs, sharing the trials faced at the hands...
Jan 07, 2016
2,538
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Tax

Nov 25, 2015
1,768
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Tax

The Organisation for Economic Cooperation and Development (OECD) recently came out with a set of comprehensive rules for BEPS Project.   BEPS refers to tax planning strategies that exploit gaps...
Oct 29, 2015
1,853
0

Tax

Multinational companies which had adopted aggressive tax planning to avoid paying tax in any of the jurisdictions that they operate in now have reason to worry. Revenue-strapped governments of...
Oct 23, 2015
2,023
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Tax

Last time a window was provided for declaring black money was some 17 years ago. The Voluntary Disclosure of Income Scheme (VDIS) introduced by then Finance Minister P. Chidambaram yielded Rs 10,000...
Sep 07, 2015
1,952
0