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Page 4 - Tax

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

Tax tribunal rulings open doors to more firms claiming CSR deductions
Updated On : 03 Jul 2024 | 2:36 PM IST

Tesla's quarterly deliveries beat estimates on incentives; shares rally

Shares of the world's most valuable automaker rallied more than 10% on Tuesday, hitting the highest level in nearly six months

Tesla's quarterly deliveries beat estimates on incentives; shares rally
Updated On : 02 Jul 2024 | 10:55 PM IST

Global tax deal: With MLC deadline gone, DSTs may be reinstated on tech cos

Another tax expert, privy to the developments, added, "The EU countries may soon start asking US tech giants to pay the unpaid taxes soon if the deal is not reached"

Global tax deal: With MLC deadline gone, DSTs may be reinstated on tech cos
Updated On : 01 Jul 2024 | 9:00 PM IST

Budget should raise basic exemption to Rs 3.5 lakh under new tax regime: EY

The government should double standard deduction under the new concessional tax regime to Rs 1 lakh or increase the basic exemption limit to Rs 3.5 lakh in the upcoming Budget, tax and consultancy firm EY said. Listing out the priorities on taxation reforms in the upcoming Budget, EY said the government should prioritise streamlining tax structures, enhancing policy frameworks to promote economic growth, and fostering a conducive environment for investment and development. EY also suggested that stability in corporate tax rates be maintained, TDS provision rationalised as well as streamlining dispute resolution as possible areas for consideration in the Budget to be tabled in Parliament next month. On the personal tax front, the concessional tax regime without exemptions/ deductions should continue, it said. To make it more attractive, the standard deduction under concessional tax regime may be increased to Rs 1 lakh instead of existing deduction of Rs 50,000 or the basic exemption

Budget should raise basic exemption to Rs 3.5 lakh under new tax regime: EY
Updated On : 26 Jun 2024 | 11:36 PM IST

Seven years on

Reform of GST, rates included, is overdue

Seven years on
Updated On : 24 Jun 2024 | 10:21 PM IST

Taxpayers can now amend sales return form GSTR-1 before GST payment

GST taxpayers will now have the option to amend outward supply or sales return form GSTR-1 before payment of taxes for a month or quarter. The GST Council in its meeting on Saturday had recommended providing a new optional facility by way of Form GSTR-1A to facilitate taxpayers to amend the details in Form GSTR-1 for a tax period and/or to declare additional details. GSTR-1A will, however, have to be filed before filing of return in GSTR-3B for the said tax period. This will facilitate the taxpayer to add any particulars of supply of the current tax period missed out in reporting in form GSTR-1 of the said tax period or to amend any particulars already declared in GSTR-1 of the current tax period (including those declared in IFF, for the first and second months of a quarter, if any, for quarterly taxpayers), to ensure that correct liability is auto-populated in GSTR-3B. Currently, GST taxpayers file outward supply return GSTR -1 by the 11th day of the subsequent month. Taxpayers wi

Taxpayers can now amend sales return form GSTR-1 before GST payment
Updated On : 23 Jun 2024 | 6:07 PM IST

Govt considers tax reductions as part of $6 billion consumer boost

Officials in the Ministry of Finance have discussed proposals to reduce taxes for consumers with the highest propensity to spend

Govt considers tax reductions as part of $6 billion consumer boost
Updated On : 21 Jun 2024 | 11:29 PM IST

Hike GST exemption limit for firms with up to Rs 1.5 cr turnover: GTRI

Think tank GTRI on Friday suggested a host of reforms like increasing GST exemption limit for firms with up to Rs 1.5 crore turnover, reducing the number of slabs, and doing away with state-wise registration to make GST more efficient, business-friendly, and contributing to economic growth. As the implementation of Goods and Services Tax (GST) celebrates its 7th anniversary, having launched on July 1, 2017, it has become the world's largest platform for indirect taxes with over 1.46 crore registrations, Global Trade Research Initiative (GTRI) said. In FY24, GST collections reached Rs 20.18 lakh crore (USD 243.13 billion), with 29.85 per cent from imports, 26.92 per cent from inter-state supplies, and 43.23 per cent from within-state supplies. The dominance of within-state supplies highlights the need to simplify GST rules to promote inter-state trade, the global trade research body said. GTRI also suggested increasing the GST exemption limit for firms with annual turnover of up to

Hike GST exemption limit for firms with up to Rs 1.5 cr turnover: GTRI
Updated On : 21 Jun 2024 | 10:18 PM IST

Deceased's tax dues: Heir's liability capped at value of inheritance

Not filing an ITR or paying the tax dues on the deceased's behalf can lead to penal consequences

Deceased's tax dues: Heir's liability capped at value of inheritance
Updated On : 19 Jun 2024 | 11:15 PM IST

Modi govt has increased devolution of taxes to states: Hardeep Singh Puri

On Sunday, Karnataka became the first state to raise taxes on petrol and diesel after the General Elections 2024

Modi govt has increased devolution of taxes to states: Hardeep Singh Puri
Updated On : 17 Jun 2024 | 8:29 PM IST

Trade bodies in Rajasthan seek budgetary, tax reforms to boost development

"This force should also be responsible for budgetary reforms of the state government," said Kailash Sharma, senior vice-president of ARTIA

Trade bodies in Rajasthan seek budgetary, tax reforms to boost development
Updated On : 17 Jun 2024 | 6:12 PM IST

Govt's tax devolution to states for June 'third-rate PR', says Congress

The Congress slammed the Centre on Monday after it authorised the release of tax devolution to states for June and said this is "third-rate PR" trying to pass off what is legitimately due to states as some "prasad" being distributed. The Centre on Monday authorised the release of tax devolution of Rs 1,39,750 crore to states for June. It was decided that apart from the regular release of the devolution amount for the month of June 2024, one additional instalment will be released, the finance ministry said in a statement. Congress general secretary Jairam Ramesh said, "The finance ministry has just announced what is being billed as a major tax devolution to states. Undoubtedly this has been done at the behest of the 'one-third' PM." "Tax devolutions to states are no special favours being done by men of non-biological origin. They are Constitutional entitlements determined by the finance commission," Ramesh said in a post on X. "This is third-rate PR trying to pass off what is ...

Govt's tax devolution to states for June 'third-rate PR', says Congress
Updated On : 11 Jun 2024 | 7:54 AM IST

CBIC clarifies on display assembly of phones for levy of 10% import duty

The CBIC on Friday listed out parts or components, such as touch panel, cover glass, LED backlight, which constitute the display assembly of a mobile phone and will attract 10 per cent import duty. It also said components, including frame, SIM tray, side keys like power/volume button, when fitted/attached to the display assembly, that integrated display assembly can be imported at the concessional 10 per cent customs duty. In a circular, the Central Board of Indirect Taxes and Customs (CBIC) said currently a concessional basic custom duty (BCD) rate of 10 per cent is imposed on display assembly for use in manufacture of a cellular mobile phone and a nil BCD rate on inputs or parts for use in manufacture of a display assembly for use in manufacture of a cellular mobile phone. It said certain cases of misdeclaration by importers were intercepted by the Directorate of Revenue Intelligence (DRI) and other field formations and demand notices were issued in certain cases as well. With th

CBIC clarifies on display assembly of phones for levy of 10% import duty
Updated On : 08 Jun 2024 | 3:53 PM IST

India should impose tax on ultra-wealthy to tackle wealth inequality: Study

India needs to impose a 2 per cent tax on net wealth exceeding Rs 10 crore and a 33 per cent inheritance tax to deal with the problem of rising inequality in the country, a new research paper co-authored by economist Thomas Piketty has suggested. The paper titled 'Proposals For a Wealth Tax Package to Tackle Extreme Inequalities in India' propose a comprehensive tax package on the ultra-wealthy to tackle the massive concentration at the very top of the wealth distribution and create valuable fiscal space for crucial social sector investments. "Raise phenomenally large tax revenues while leaving 99.96 per cent of the adults unaffected by the tax. "In a baseline scenario, a 2 per cent annual tax on net wealth exceeding Rs 10 crore and a 33 per cent inheritance tax on estates exceeding Rs 10 crore in valuation would generate a massive 2.73 per cent of Gross Domestic Product (GDP) in revenues," the paper suggested. The paper said that the taxation proposal needs to be accompanied by ..

India should impose tax on ultra-wealthy to tackle wealth inequality: Study
Updated On : 24 May 2024 | 4:05 PM IST

Govt cuts windfall tax on petroleum crude to Rs 5,700 per MT from May 16

The government on May 1 cut the windfall tax on petroleum crude to Rs 8,400 a metric ton from Rs 9,600

Govt cuts windfall tax on petroleum crude to Rs 5,700 per MT from May 16
Updated On : 15 May 2024 | 11:47 PM IST

Ensure donations claimed in tax returns match Form 10BE figures

Retain Form 10BE and related documents for at least four years to validate Section 80G claims

Ensure donations claimed in tax returns match Form 10BE figures
Updated On : 10 May 2024 | 10:15 PM IST

Aurobindo Pharma gets tax demand of over Rs 13 cr from Hyderabad officials

Aurobindo Pharma Ltd on Friday said it has received tax demand of over Rs 13 crore, including interest and penalty, from the GST authority over ineligible input tax credit claim. The Deputy Commissioner (ST) STU-1 of GST, Punjagutta Division, Hyderabad, Commercial Taxes Department, Telangana, has passed an order under relevant provisions of the Central Goods and Services Tax Act, 2017 and TGST Act 2017 for the FY 2018-19 to this effect. The order demanded reversal of ITC and payment of GST amounting to Rs 6,54,50,645 along with interest of Rs 5,92,20,900 and penalty of Rs 65,51,354, Aurobindo Pharma said in a regulatory filing. It claims ineligible ITC and orders reversal of ITC and demanding GST along with interest, the company added. The company intends to file an appeal before appellate authority, Aurobindo Pharma said, adding there is no material impact on its financials or operations due to the order.

Aurobindo Pharma gets tax demand of over Rs 13 cr from Hyderabad officials
Updated On : 03 May 2024 | 5:54 PM IST

YES Bank receives service tax demand order of over Rs 6.42 crore penalty

Yes Bank on Thursday said it has received a service tax demand order, which levied a penalty of over Rs 6.42 crore. "The Bank has received an order from the Office of the Commissioner of GST & Central Excise, Maharashtra on May 02, 2024, confirming tax liability on a service tax issue along with interest and levy of a penalty of Rs 6,41,84,437," the lender said in a regulatory filing. It said the tax and interest demand is below the material threshold limit currently applicable to the bank. "The bank does not expect any material impact on financial, operation or other activities of the bank due to the said order," Yes Bank said. The bank will pursue an appeal against the order, it added.

YES Bank receives service tax demand order of over Rs 6.42 crore penalty
Updated On : 02 May 2024 | 11:05 PM IST

Decoded: The history and political relevance of inheritance tax in India

The BJP is attempting to corner the Congress on wealth redistribution after Sam Pitroda's statement, yet veteran party leader Arun Jaitley had also hinted at supporting an inheritance tax in 2017

Decoded: The history and political relevance of inheritance tax in India
Updated On : 25 Apr 2024 | 4:18 PM IST

Yoga camps for fee: SC upholds CESTAT order for tax on Patanjali Trust

In a setback to the Patanjali Yogpeeth Trust, the Supreme Court on Friday upheld an appellate tribunal's ruling that the organisation is liable to pay service tax for charging an entry fee for organising Yoga camps, both residential and non-residential. A bench of Justices Abhay S Oka and Ujjal Bhuyan refused to interfere with the October 5, 2023 decision of the Allahabad bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT). The bench, while dismissing the Trust's appeal said, "The tribunal has rightly held that Yoga in camps for a fee is a service. We do not find any reason to interfere with the impugned order. The appeal is dismissed." In its order, the CESTAT had held that Yoga camps organised by Patanjali Yogpeeth Trust, which charges fees for participation, come under the category of "health and fitness service" and attract service tax. It had noted that the Trust, working under Yoga guru Ramdev and his aide Acharya Balkrishna, was engaged in providing Yoga

Yoga camps for fee: SC upholds CESTAT order for tax on Patanjali Trust
Updated On : 19 Apr 2024 | 6:38 PM IST