Tax Benefits

Health insurance benefits: Taxpayers' guide to getting income tax rebates

Individuals can claim a tax rebate for health insurance premiums under Section 80D of the Income Tax Act

Amnesty scheme for customs, easier taxes on India Inc's Budget wishlist

An amnesty scheme for customs, reduction in tax rates for individuals and Limited Liability Partnership firms, easier tax compliance, fast tracking of faceless appeals and a dedicated dispute resolution mechanism top India Inc's wishlist for the next Budget submitted to the government. Representatives from all four key industry bodies, CII, FICCI, ASSOCHAM and PHDCCI, have put forth detailed recommendations with regard to the Budget, to be presented on February 1, 2025, in separate meetings held with top Finance Ministry officials. Industry body FICCI sought the introduction of an "Amnesty Scheme under Customs" as a one-time settlement scheme to clear past dues, arguing that it will help the industry to reduce the baggage of litigation. Similarly, Assocham has also pitched for the introduction of a comprehensive Tax Amnesty Scheme under Customs. "A one-time settlement scheme to clear past litigations can be considered by the Government, on the lines similar to Sabka Vishwas Legacy

CG Power Q2 FY25 results: Net profit declines 10% to Rs 220 crore

CG Power and Industrial Solutions on Monday reported a nearly 10 per cent decline in its consolidated profit after tax to Rs 220 crore for three months ended September 2024. Its profit after tax (PAT) was Rs 244 crore in the year-ago quarter. Aggregate sales for the quarter increased 21 per cent to Rs 2,413 crore during the July-September quarter of the current fiscal from Rs 2,002 crore in the same quarter of 2023-24, the company said in a stock exchange filing. The order intake for the second quarter rose 42 per cent to Rs 3,302 crore, and the unexecuted order backlog stood at Rs 7,965 crore (48 per cent higher year-on-year) as of September 30, 2024. Its consolidated results include the performance of the operating subsidiaries in Sweden, Germany and Netherlands (Drives and Automation Europe), CG Adhesives Products (India), CG Semi (India), GG Tronics India and other non-operating and holding subsidiaries. On a standalone basis, the company's profit stood at Rs 223 crore, down

Malaysia announces tax breaks, incentives for Forest City development

Forest City, a joint venture between the embattled Country Garden and a private Malaysian company backed by the country's king, has been beset by problems

Windfall tax cut on crude may not impact companies and govt: Analysts

Analysts say move in line with falling global oil prices and shrinking upstream profits

Australia's Lendlease reports $1 bn loss amid strategy shift, delays

The country's largest property developer reported a full year loss after tax attributable of A$1.50 billion ($1.00 billion) as compared to a loss of A$232 million a year ago

Share buyback tax regime to change from October 1: What this means for you

The new share buyback tax rules in India are designed to create a more equitable tax environment. However, the changes will have varying impacts on different stakeholders

Start, maintain Public Provident Fund account, even in new tax regime

Since PPF is a government-backed scheme, it offers full capital protection and guaranteed, risk-free return

Union Budget 2024: A commitment to tax certainty

The introduction of the tax dispute settlement scheme promises a transformative impact on India's tax landscape

Union Budget 2024-25: Rise in income tax filings by individuals

The largest source of income for individuals is salaries, but it has grown slowest among income categories

Lower food prices, train fares, tax ease: Common man's plea to Budget 2024

'Roti, kapda aur makaan' (food, clothing, and shelter) are the needs of the common man, citizens speak on Union Budget 2024-25 expectations

TaxBuddy Announces "Filing Mahotsav": Taxpayers get 25% Discount on Assisted ITR Filing Services from 13th to 25th July

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Ballots to Budget: Taxpectations from Union Budget 2024

Economists predict a potential populist shift through a surge in welfare initiatives, write Sandeep Puri and Jitendra Jain

Budget wish list: Pharma industry seeks tax benefits, effective IPR regime

There is a need to incentivise R&D investments, offer corporate tax concessions and establish an effective intellectual property rights regime in order to push the growth of domestic pharmaceutical industry, as per the industry bodies. Outlining the sector's wish list for the upcoming Union Budget, Organisation of Pharmaceutical Producers of India (OPPI) Director General Anil Matai urged the government to explore methods to incentivise R&D investments, such as deductions on R&D expenses, research-linked incentives for MNCs, and corporate tax concessions. The initiatives will help in accelerating R&D and innovation in the sector, he added. "Recognising the high-risk, long-gestation nature of R&D, we suggest extending the scope of section 115BAB of the Income Tax Act, 1961 to companies solely engaged in pharmaceutical research and development and providing a 200 per cent deduction rate on R&D expenditures," Matai said. This would significantly boost the sector's .

Tax tribunal rulings open doors to more firms claiming CSR deductions

Orders expected to settle matter but chances of the authorities questioning such deductions not ruled out, say tax experts

74% Indians support taxing super-rich to address global inequality: Survey

As G20 finance ministers prepare to consider a wealth tax on the super-rich next month, a survey has revealed that 68 per cent of people in these countries, including 74 per cent in India, support the idea to address global hunger, inequality and climate crisis. The survey by the Earth4All initiative and Global Commons Alliance covered 22,000 citizens in the world's largest economies. The proposal for a levy on the super-rich has been under discussion since at least 2013 with international support on the issue growing over the years. Brazil, the current president of the G20, aims to build consensus on the taxation of wealth and is likely to push for a joint declaration at a meeting of G20 finance ministers in July. Gabriel Zucman, a French economist and a key influencer behind Brazil's G20 proposal for progressive international taxation to promote tax justice, will release a report on Tuesday, outlining how "a global minimum tax on the ultra-rich" could work and how much it could .

GST Council likely to mull on online gaming, reduce tax on fertiliser

The GST Council, in its meeting on Saturday, is likely to deliberate on various issues, including taxation on online gaming and the Parliamentary standing committee's recommendation for lowering tax on fertiliser, according to sources. The 53rd meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising her state counterparts, is also likely to discuss the progress of the Group of Ministers (GoM) on finalising the report on Goods and Service Tax (GST) rate rationalisation and amendments to GST laws based on previous decisions of the council. The council may also discuss the recommendations made by the Standing Committee on Chemicals and Fertilisers in February to reduce GST on nutrients and raw materials in the interest of fertiliser manufacturing companies and farmers. Currently, GST at a 5 per cent rate is charged on fertilisers, while raw materials like Sulphuric Acid and Ammonia face a higher GST at 18 per cent. The issue of further reduce ta

Budget 2024: FM vows Centre's support to states via timely tax devolution

Finance Minister Nirmala Sitharaman on Saturday underlined Centre's support to states through timely tax devolution and GST compensation arrears to stimulate growth. At the pre-budget meeting with state finance ministers, Sitharaman also nudged states to take advantage of the scheme under which the Centre gives 50-year interest free loan to states for undertaking specified reforms. In her remarks, the Union Finance Minister underlined the union government's support to states through timely tax devolution, Finance Commission grants, and arrears of GST Compensation being provided for providing stimulus to growth, an official statement said. Regarding the 'Scheme for Special Assistance to States for Capital Investment', Sitharaman mentioned that while most of the loans are untied, a part of it is conditional-linked to citizen-centric reforms by states and sector-specific capital projects and requested the states to avail these loans by fulfilling requisite criteria. Most states ...

Tax burden in UK highest since 1949; election pledges won't bring relief

Election pledges not to raise tax have been common since 1997, when Tony Blair promised not to raise income tax or VAT

Tax law on assets abroad; heat shield at home: Top personal finance stories

This week we write about how to file tax returns for investments or income in foreign countries