Page 2 - Taxation

Remitting large amount abroad? Pay TCS, declare income accurately

Maintain detailed records of foreign remittances, including purpose, amount, and beneficiary details

HC sets aside assessment proceeding against NRI over faceless issue

It should be noted that the notification by the CBDT carved out an exception for international taxation cases, including NRIs, for reassessment

How to make tax officials accountable

The proposed simplification of the tax code offers a chance to instil accountability, following the model of the Public Service Guarantee Acts

Relief for homeowners likely as finance ministry may modify LTCG regime

FinMin reviews new LTCG regime after 12.5% tax without indexation sparks concerns over property transactions

GST demand order for Eicher Motors reduced to Rs 27 crore on appeal

Eicher Motors on Friday said a GST demand order by tax authority in Tamil Nadu has been reduced to Rs 26.97 crore from an original sum of Rs 129.79 crore upon appeal. The company had received the original demand from the Additional Commissioner, Chennai North Commissionerate, Chennai, Tamil Nadu on December 30, 2023 for aggregate amount of Rs 129.79 crore, including tax demand of Rs 117.99 crore and penalty of Rs 11.79 crore. "As a result of the appeal filed by the company against the above GST demand order, the demand order is now revised from Rs 129.79 crore to an aggregate amount of Rs 26.97 crore, which include tax demand of Rs 24.52 crore and penalty of Rs 2.45 crore," Eicher Motors said in a regulatory filing. The matter pertains to non-reversal of input tax credit on material returned instead of output tax liability paid by the company for 2017-18. "Based on the company's assessment, the aforesaid revised demand is not maintainable and the company is evaluating all options .

Exit with indexation should be offered

When the government reintroduced taxation on listed equity in 2018, it took care to exempt capital gains accrued until the date of the 2018 budget

Hike in capital gains taxes won't adversely impact market sentiment: Goyal

The Commerce minister termed the criticisms against the hike in capital gains tax and securities transaction tax in derivatives trading as fear-mongering

Royalty not tax: SC grants states power to levy taxes on mineral rights

The Supreme Court has affirmed that states have the authority to levy taxes on mineral rights and would not be limited by the Mines and Minerals (Development and Regulation) Act 1957 (MMDR Act)

G20 to back progressive taxation, without endorsing 'billionaire tax'

A broader G20 joint communique is expected on Friday, when finance ministers and central bankers conclude this week's meetings in Rio de Janeiro

Union Budget 2024-25: Emphasis on bringing simplicity in direct tax system

Tax proposals aim to bring in uniformity, improve compliance and reduce litigation

Rollover benefits to continue on capital gains up to Rs 10 cr: Revenue secy

Revenue Secretary Sanjay Malhotra has clarified that rollover benefits will continue on capital gains of up to Rs 10 crore under the new structure

Budget 2024 is growth oriented, addresses right sectors: Vikas Khemani

Union Budget 2024 analysis: The government has laid out a clear vision for 'Viksit Bharat' by addressing key areas - agricultural reforms, manufacturing push and employment generation among others

Union Budget 2024: India's direct tax mopup growing faster than GDP

Simpler TDS structure and tax regime for charities. Changes to reassessment and search provisions and capital gains taxations

500% increase in long-term capital gains declarations before tax increase

Short-term capital gains declarations had also been increasing after the pandemic

GST: Reimagining input tax credit norms

One of the key aspects under GST is that tax should only be on the 'value addition'. Also, the legacy issue of 'tax on tax' will be eliminated

The Budget Show with BS: Taxation, capex and consumption

GST anti-profiteering cases to be taken up by the appellate tribunal

Council to introduce 'sunset date', allowing filing complaints up to April 1, 2025

To avoid notice, align your tax return with TDS on freelance income

The income earned through moonlighting can be received as a salary, or as professional fees/business income

'Need to moderate rate, widen tax base for Viksit Bharat goal by 2047'

There is a need for a shift in the taxation mindset from rates to revenue by moderating tax rates and widening base in order to achieve the goal of 'Viksit Bharat' by 2047, experts said. They underscored the need on transition from rates to revenue focused on lowering tax rates, enlarging the tax-paying base and thereby creating the means for financing of India's investment and development needs. "Conventional higher tax rates haven't resulted in significant tax buoyancy. Recognising this fact, governments in India since 1991 onwards have clearly batted for moderate tax rates leading to greater levels of transparency and compliance," EY India senior partner Sudhir Kapadia said. Time has come to bite the bullet for reforms in direct taxes, he said, adding, there could be one simplified rate structure for businesses and for individuals, there could be one simple three-rate structure with low or moderate rates, no surcharges and cesses and no significant deductions. On GST, he said, a

GST Council to meet on Jun 22, may take up review of online gaming taxation

The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet after a gap of eight months on June 22, and is likely to review the implementation of 28 per cent GST on the online gaming sector. "The 53rd meeting of the GST Council will be held on 22nd June, 2024 at New Delhi," the GST Council Secretariat said in a post on X. The 52nd meeting of the GST Council, which comprises finance ministers of all states and UTs, was held on October 7, 2023. The agenda for the 53rd meeting is yet to be circulated amongst the Council members. This would be the first Council meeting after Lok Sabha elections. Results of the elections were declared on June 4, and Sitharaman was sworn in as a Cabinet minister in the new Modi Government on June 9. The GST Council is likely to review the decision to levy 28 per cent GST on full value of bets for online gaming companies which came into effect from October 1, 2023. In its meetings in July and August, the GST Council had approved amendmen