Page 3 - Tax Benefits

In India's drive to boost tourism, tax becomes roadblock for industry

Sector struggling to recover from effects of pandemic created 1.6 mn jobs in 2023

Tax-saving strategy; spotting mis-selling: Top personal finance stories

This week we explain what a tax-saving investment must do and how to read the fine print of pension plans

Centre issues Rs 5,488 cr additional instalment of tax devolution to Bengal

West Bengal has received Rs 5,488.88 crore as additional instalment of tax devolution by the Centre. On Friday, the Centre had disbursed Rs 72,961.21 crore to all states as tax devolution for funding various social welfare measures and infrastructure development schemes. This comes in addition to the tax devolution instalment due to states on January 10, 2024, the government said. The Centre disburses tax devolution funds in 14 yearly instalments. In the latest allocation, Uttar Pradesh received the largest share at Rs 13,088.51 crore. This was followed by Bihar (Rs 7,338 crore), Madhya Pradesh (Rs 5,727.44 crore), West Bengal (Rs 5,488.88 crore), Maharashtra (Rs 4,608.96 crore), Rajasthan (Rs 4,396.64 crore) and Odisha ( Rs 3,303.69 crore).

BCCI denied tax exemption under Section 11 of I-T Act, says FinMin

The government on Monday said the Income Tax department has denied tax exemption to BCCI under Section 11 of I-T Act, and the matter is now sub judice. Section 11 of I-T Act deals with charitable institutions. Minister of State for Finance Pankaj Chaudhary made the remarks while responding to a question on whether the BCCI, despite being one of the richest sports bodies in the world, is enjoying tax exemption in the name of promoting cricket. "BCCI is claiming exemption under Section 11 of the Income Tax Act, 1961. However, during assessment proceedings the exemption is being disallowed by the Income Tax department. The matter pertaining to tax exemption of BCCI is sub judice," Chaudhary said.

Leverage HUF to max tax benefits by distributing income, availing deduction

By distributing income and availing of deductions, it can facilitate tax savings

63% opted for old tax regime in FY24, PPF and ULIP top saving tools: survey

When asked about the reason for the choice of the old tax regime, 43 per cent of taxpayers cited lower tax liability as the primary reason

Realty boost: IT SEZ developers get flexibility to use vacant space

A notification amending the SEZ Rules, 2006, issued by the ministry, said a part of the SEZ could be declared "non-processing area" where free-zone rules would not apply

Outward remittances under RBI's LRS rose 26% in Q2FY24, shows data

In September 2023, Indians remitted $3.50 billion overseas, compared to $2.67 billion in September 2022

Centre authorises release of tax devolution of Rs 72,961 cr to states

The Centre on Tuesday authorised release of tax devolution of Rs 72,961.21 crore to states for November. "The Union Government has authorised the release of tax devolution of Re 72,961.21 crore to State Governments for the month of November 2023, on 7th November instead of the usual date 10th November," the Union finance ministry said in a statement. This will enable the state governments to make in-time releases and add to the festivities and celebrations among the people, it added. Currently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among states during a fiscal year.

FATF removes offshore tax haven Cayman Islands from its 'grey list'

In its review published on October 27, FATF has added Bulgaria to the grey list

Defer your tax liability from ESOPs by extending exercise period

For more favourable tax treatment at sale, hold the acquired shares for more than a year

No additional tax imposed for implementing welfare schemes: Assam CM

Assam Chief Minister Himanta Biswa Sarma on Thursday said that his government has not imposed any additional taxes on the people for implementing various welfare schemes. He maintained that the state government was able to carry out the welfare activities due to the support of Prime Minister Narendra Modi. He was speaking at a programme where beneficiaries of the 'Orunodoi 2.0' scheme were handed their cards. Under the scheme, economically weak families receive Rs 1,250 in the bank account of the woman member every month to meet various household expenses. Under 'Orunodoi 2.0', around 7 lakh new names will be added to the list of beneficiaries, taking the total to 26 lakh. Over 25,000 new beneficiaries of Jorhat district received their cards at the programme. Taking on opposition parties for criticising the government for creating 'beneficiaries' through its various schemes, Sarma said, "As the chief minister, I will, of course, look to create 'hitadhikaris' (beneficiaries). "Thes

India may not be planning tax changes for bond inclusion in global indices

India is not planning any changes to its tax regime to help Indian government bonds be included on other global indices, a government source said on Wednesday

IMF's Georgieva tells cash-strapped Pak to 'tax the rich, protect the poor'

"What we are asking in our programme is that please collect more taxes from the wealthy and please protect the poor people of Pakistan," the IMF chief said

Tax sops, flexible payment plans influence prospective homebuyers: Survey

Tax incentives from central as well as state governments and flexible payment plans from builders will motivate prospective homebuyers to buy residential properties, according to a survey by Housing.com and Naredco. Proptech firm Housing.com and realtors' body Naredco on Thursday released their latest survey report titled "Residential Realty Consumer Sentiment Outlook H2 2023 - Trends and Insights". The online survey engaged over a thousand potential homebuyers. Tax incentives, such as stamp duty and GST waivers, along with flexible payment plans, are identified as the primary motivators for homebuying. They are also inclined towards additional perks offered by developers, the survey found. According to the survey, 48 per cent of respondents favour real estate investment, significantly outperforming other asset classes such as stocks, fixed deposits and gold. The data indicates that 18 per cent prefer the stock market, 19 per cent opt for fixed deposits, and 15 per cent choose ...

Social Stock Exchange: Tax benefits among the industry's top demands

This issue is being taken up with Sebi and the Centre by the bourses

Par panel for easing criteria for recognised startups to avail tax benefits

A parliamentary panel on Thursday recommended relaxation in criteria for eligible startups to claim benefits under income tax law as only one per cent of recognised entrepreneurs have availed the benefit. The department-related Parliamentary Standing Committee on Commerce has expressed concern about the low utilisation of section 80-IAC of the Income Tax Act, 1961, which entitles eligible startups to avail the tax benefit. It was implemented in 2017. Despite the existence of 98,119 recognised startups, only 10,165 of them, accounting for just 10.4 per cent, have applied for income tax exemption under this Act. Furthermore, the inter-ministerial board has granted the Certificate of Eligibility to only 1,173 applicants as on March 31, 2023. "This means that even after six years of the implementation of Section 80-IAC of the Income Tax Act, 1961, only 1 per cent of recognised startups have received the Certificate of Eligibility," the committee said in its report. The committee ...

GST Council's decision on online gaming was unanimous: Revenue Secretary

The government's decision, announced late on Tuesday, created an uproar in the online gaming industry, with shares of casino operator Delta Corp & other online gaming firms plunging in Wednesday trade

DGGI officers busts syndicate operating 569 fake firms, arrests mastermind

The GST intelligence officers have busted a syndicate operating 569 fake firms and passing on fraudulent tax credit of Rs 1,047 crore, the finance ministry said on Monday. The Jaipur Zonal Unit of Directorate General of GST Intelligence (DGGI) has busted a major crime syndicate operating in 14 states, based out of Delhi. The ministry said Delhi-based Rishabh Jain, aged 30, had hired 10 employees for operating these fake firms. After extensive recce and data analytics, the officials of DGGI, Jaipur were able to trace this mastermind in Delhi and nabbed him. This syndicate has issued invoices having taxable turnover of Rs 6,022 crore involving input tax credit (ITC) of Rs 1,047 crore through these 569 fake firms to more than 2,000 beneficiary firms. The majority of the fake firms are located in Delhi with presence in 13 other states -- Rajasthan, Uttar Pradesh, Punjab, Bihar, Jharkhand, Gujarat, Maharashtra, Haryana, West Bengal, Karnataka, Goa, Assam and Uttarakhand. So far, 73 ban

When is money gifted not taxable? All your tax queries on gifts answered

In India, if an individual receives a gift, whether it's cash, immovable property, or any other item of value exceeding Rs. 50,000 from a non-relative, it generally falls under taxable income.