Page 4 - Taxation

CBIC cautions against fake GST summons, asks to check communications

The CBIC on Saturday cautioned against fraudsters issuing fake GST summons and asked taxpayers to check the veracity of any communication received from GST authorities. In a statement, the Central Board of Indirect Taxes and Customs (CBIC) said the Directorate General of GST Intelligence (DGGI) has recently noticed that some individuals with fraudulent intent are creating and sending fake summons to taxpayers who may or may not be under investigation by the DGGI. "The fake summons that are being sent out might look real because they have a Document Identification Number (DIN), but these DIN numbers are not issued by DGGI in the case of these entities. To deal with this issue, DGGI has been taking serious steps by informing and filing complaints with the Police against those involved in creating and sending fake and fraudulent summons," an official statement said. Taxpayers can verify the genuineness of any communication (including summons) from the department by using the 'VERIFY ..

BAT stake sale, tax overhang: 4 reasons why Jefferies has downgraded ITC

Jefferies downgraded the stock to 'hold' from 'buy' earlier with a target price of Rs 430, down a huge 17.3 per cent from its earlier price target of Rs 520.

Injustice to Karnataka in tax devolution, loss of Rs 45K cr in 4 years: CM

Alleging injustice to Karnataka by the Central government with reduction in tax devolution, Chief Minister Siddaramaiah on Sunday said this has resulted in a loss of over Rs 45,000 crore to the state in the last 4 years. He also claimed that the taxes paid by Kannadigas is not useful for the state's difficult times, and the money was going to northern states. "Karnataka has faced significant challenges with a reduced tax devolution share post the 15th Finance Commission, resulting in a loss of over Rs 45,000 crore in the last 4 years. This injustice cannot stand," Siddaramaiah said. "We stand united in demanding fair treatment and justice for Kannadigas to secure our state's welfare," he said in a post on 'X' with the hashtag "#SouthTaxMovement" The Chief Minister's comments have come ahead of all Congress lawmakers (also MPs) from the state, including Siddaramaiah, staging a protest in New Delhi on February 7, against the 'injustice' to Karnataka by the Union government when it .

Existing taxation structure for corporates very reasonable: Revenue secy

The existing taxation structure for corporates with a 22 per cent tax is "very reasonable" when compared to an economy of the size of India and hence the concessional tax regime which was in force for four years for new manufacturing units was not extended beyond March 2024, Revenue Secretary Sanjay Malhotra said. In an interview with PTI, Malhotra said the Interim Budget 2024-25 provides for continuity in taxation regime and the benefits given to taxpayers in the last years are showing results in the form of huge buoyancy in personal income tax. "Taxpayer services have been a major focus of the government and this will continue going forward. Taxpayer services includes rationalisation, simplification and trust-based taxation with less scrutiny and more pinpointed assessments and use of technology. We are hopeful taxpayer services will continue to improve helping us in compliance and improving tax collection efficiency," Malhotra said. To a question on why the concessional tax regim

How to make tax return scrutiny less stressful

Tax officials must be required to go through responses submitted by the taxpayer quickly and ask follow-up questions within a fixed time limit

Budget expectations: Income tax benefits, support to women entrepreneurs

An increase in income tax exemption limits, support to women entrepreneurs, a long-term taxation policy and steps to boost consumption and savings are among the expectations of experts from the interim budget which will be presented by Union Finance Minister Nirmala Sitharaman on February 1 ahead of Lok Sabha elections. They also demand for parity in taxation among companies, partnerships and limited liability partnerships. "This is going to be an interim budget but at least there may be some indications of full-budget benefits. There may be some concession to be offered to individual taxpayers under section 87A under which the overall tax exemption limit may be increased to Rs 8 lakh from now Rs 7 lakh, inclusive of rebates," All India Federation of Tax Practitioners national president Narayan Jain said. Bharat Chamber of Commerce president N G Khaitan said there is a need for a long-term taxation policy and parity in taxation among companies, partnerships and limited liability ...

Mutual fund exposure to corporate bonds nearly flat in five years

Fund managers' preference for sovereign bonds in the recent past has also impacted MFs' corporate bond investments

Book-keeping, accounting, taxation added as financial services in IFSC

With the inclusion, entities registered with the IFSC Authority will be able to provide these services to non-residents while operating from GIFT city

Budget 2024-25: Insurers hope for tax reliefs, provisions for uncertainties

Insurers have suggested introduction of a separate tax deduction limit for life insurance, waiver of taxation on annuity and pension products

Best of BS Opinion: Turnaround awaited, Geography of unequal growth & more

Here is the best of Business Standard's opinion pieces for today

Ease of business vs tax pressure

Obviously, tax officials believe that all these tightly regulated companies, including government ones, have short-changed the government

Budget 2024 wishlist: Gaming industry seeks clarity on regulation, taxation

Firms expect Budget to address concerns on consumer/player protection, without stifling innovation

The capital gains tax conundrum

Capital gains tax suffers from varied tax rates or holding periods for different types of instruments even though they fall within the same asset class

The tradeoffs of waste taxation

Policymakers have been grappling to understand the implicit micro-foundations along with behavioral idiosyncrasies of waste regulation and designing the appropriate fiscal instruments for the same

Britain set to start cutting taxes ahead of likely election next year

Britain's Conservative government will try to win favour with voters by cutting taxes but avoiding worsening inflation in a budget statement on Wednesday, coming ahead of a likely national election next year that opinion polls suggest it will lose. Prime Minister Rishi Sunak has hinted that tax cuts are back on the agenda now that his self-imposed pledge to halve inflation this year has been met and government revenue is higher than anticipated. In a speech Monday, Sunak raised expectations that Treasury chief Jeremy Hunt's autumn statement will begin reducing the tax burden in the UK, which is the highest in 70 years in the wake of COVID-19 and the energy price spike triggered by Russia's invasion of Ukraine. Sunak said on Monday that his government would cut tax and reward hard work but would avoid doing anything that puts at risk our progress in controlling inflation". Inflation eased to 4.6 per cent in October from a year earlier after hitting a 41-year high of 11.1 per cent in

GST exemptions disrupt input tax credit chain, will complex GST: CBIC chief

Indirect tax authorities to send intimation to businesses not complying with e-invoicing rules

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

HDFC Life Q2 net profit up 15.5% to Rs 376.77 crore; VNB margins moderate

For the April-Sep period, net profit increased 15 per cent year-on-year to Rs 792 crore on the back of a healthy back book surplus

Gaming industry sees tax liability increasing by 1,400% on DGCI calculation

An official said that companies have pleaded that the GST demand raised is 3-4 times their revenues and that they will not be able to survive this

Multi-asset playbook divides mutual fund industry; hybrids in demand

Three recent launches opt for debt taxation, two stick to equity