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Taxes

Budget 2025: Exchequer takes bigger hit from tax giveaways to individuals

Fiscal expert and former director at the NIPFP Govinda Rao attributes higher revenue forgone for individuals to the concessions available under the old tax regime

Budget 2025: Exchequer takes bigger hit from tax giveaways to individuals
Updated On : 05 Feb 2025 | 12:03 AM IST

STT collection estimates: Building castles in the air on shifting sands

To secure fiscal targets, sustaining STT growth remains a high-wire act in a windy market

STT collection estimates: Building castles in the air on shifting sands
Updated On : 02 Feb 2025 | 10:39 PM IST

Charting a new growth path: New tax regime eases middle-class burden

Share of middle class in income tax increased till 2023-24 while TDS has been rationalised by reducing the number of rates and adjusting threshold limits

Charting a new growth path: New tax regime eases middle-class burden
Updated On : 02 Feb 2025 | 12:30 AM IST

Policy stability, rational taxes tops Budget wishlist of gaming companies

A stable policy that spurs investments and job creation, alongside a more rational and progressive taxation regime, tops the Budget wishlist of online gaming companies, according to E-Gaming Federation Anuraag Saxena. His comments assume significance as the Directorate General of GST Intelligence's (DGGI) tax demands totalling Rs 1.12 lakh crore against online gaming companies, over the past many months, spooked the industry, although the Supreme Court's recent stay on showcause notices issued by GST authorities has provided a breather. Saxena said a slew of measures suggested by the industry can "turbocharge" the sector. The online gaming industry is also keen on playing a bigger role in participating in initiatives that involve and educate people about various government schemes through online educational games. "We need policy clarity and policy stability, which is what both domestic investors and foreign investors look for," Saxena said. The e-gaming industry is also pitching

Policy stability, rational taxes tops Budget wishlist of gaming companies
Updated On : 31 Jan 2025 | 1:43 PM IST

IBA seeks blanket corporate tax holidays for compressed biogas production

Indian Biogas Association (IBA) has urged the finance ministry to create blanket corporate tax holidays for compressed biogas (CBG) production in the forthcoming General Budget to attract investment in the sector to promote this renewable energy source. Earlier this month, in a letter to Finance Minister Nirmala Sitharaman, IBA said that this will act as an incentive for businesses, which are willing to invest in and scale up CBG production, contributing to cleaner energy generation. "It is proposed that the government create blanket corporate tax holidays for CBG production. In particular, a complete tax waiver should be introduced for CBG producers, which provides tax relief in the initial years of operation," the industry body said. The finance minister is slated to present the Budget in Parliament on February 1. It pointed out that in FY2024-25, with around 100 functional commercial CBG plants in India at their full capacity utilisation, the total CBG sales were approximately R

IBA seeks blanket corporate tax holidays for compressed biogas production
Updated On : 12 Jan 2025 | 12:01 PM IST

Government extends deadline for belated and revised tax returns to Jan 15

July 31st was the last date for all the individual taxpayers to file their return for FY24 who do not have audit obligations

Government extends deadline for belated and revised tax returns to Jan 15
Updated On : 31 Dec 2024 | 3:12 PM IST

Oil and gas producers call for tax reforms in the upcoming Budget

Seek relief from state levies, Customs duties, pitch for single window clearance system

Oil and gas producers call for tax reforms in the upcoming Budget
Updated On : 23 Dec 2024 | 11:32 PM IST

French economist Thomas Piketty for emulation of 20th-century wealth tax

India abolished wealth tax in 2015, holding that it had become burdensome to the administration without substantial collections

French economist Thomas Piketty for emulation of 20th-century wealth tax
Updated On : 15 Dec 2024 | 10:30 PM IST

16 member countries urge to include vapes in EU's tobacco tax law

Initiative, led by Netherlands, has support of Croatia, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Latvia, Slovakia, Spain, Belgium, Bulgaria, Ireland, Slovenia and Portugal

16 member countries urge to include vapes in EU's tobacco tax law
Updated On : 09 Dec 2024 | 11:29 AM IST

West Bengal govt urges 50% tax devolution in submission to 16th FC

The 16th Finance Commission has been consulting states since mid-February before making recommendations on the states' share in central taxes

West Bengal govt urges 50% tax devolution in submission to 16th FC
Updated On : 03 Dec 2024 | 9:19 PM IST

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

Amnesty scheme for customs, easier taxes on India Inc's Budget wishlist
Updated On : 08 Nov 2024 | 8:49 PM IST

Advance B/E: Duty rate applies on date of grant of entry inwards for vessel

One cannot escape anti-dumping duty by filing advance bill of entry if the anti-dumping notification is issued before grant of entry inward for the vessel

Advance B/E: Duty rate applies on date of grant of entry inwards for vessel
Updated On : 28 Oct 2024 | 11:25 PM IST

Regulations to taxes: How India made M&A easier for its companies

M&A activity in India has largely been unaffected by geopolitical uncertainty

Regulations to taxes: How India made M&A easier for its companies
Updated On : 06 Oct 2024 | 9:21 PM IST

Sebi to take measure for F&O segment soon; calls for tax breaks on bonds

Capital markets regulator Sebi is expected to take measures regarding the Futures and Options (F&O) segment very soon, in a bid to enhance investor protection, its senior official said on Tuesday. In addition, Sebi has urged the government to introduce tax breaks for subscribers of municipal bonds, which are crucial for funding infrastructure development. The regulator will make a case for a tax break for municipal bonds during a meeting with the finance commission, the regulator's whole time member Ashwani Bhatia said here. Since 1997, municipalities have raised Rs 2,700 crore through bonds for infrastructure projects. Talking about F&O, Bhatia said," Sebi is very soon going to do something about F&O. Study has come (recently)". The regulator, in its consultation paper recently, proposed seven measures to tighten the rules for index derivatives-- revise the minimum contract size and require upfront collection of option premiums intra-day monitoring of position limits, ...

Sebi to take measure for F&O segment soon; calls for tax breaks on bonds
Updated On : 01 Oct 2024 | 12:39 PM IST

SC to set up bench to hear pleas of states on recovery of royalty, tax dues

The Supreme Court on Wednesday said it will set up a bench to hear subsequent pleas of mineral-rich states like Jharkhand seeking to recover royalty and tax dues on mineral rights and mineral-bearing lands worth thousands of crore of rupees from the Centre and mining firms. On July 25, a nine-judge bench headed by Chief Justice D Y Chandrachud, in a majority 8:1 verdict, had ruled that the legislative power to tax mineral rights vests in states and not Parliament. In a subsequent order on August 14, the top court clarified that the judgement will not have prospective effect and permitted mineral-rich states recover from the Centre and mining firms the royalty and tax dues on mineral rights and mineral-bearing lands worth thousands of crore of rupees since April 1, 2005 over a period of 12 years. On Wednesday, senior advocate Rakesh Dwivedi, appearing for Jharkhand, urged the bench comprising the CJI and Justices JB Pardiwala and Manoj Misra to allocate the pleas, relating to recover

SC to set up bench to hear pleas of states on recovery of royalty, tax dues
Updated On : 11 Sep 2024 | 11:47 PM IST

Raise states' share in central taxes to 50%: T'gana to 16th FinComm

The Telangana Government on Tuesday requested the 16th Finance Commission to increase the share of states in Central taxes from the existing 41 per cent to 50 per cent as over the years cesses and surcharges that are not shared with states have increased. Deputy Chief Minister in-charge of Finance Bhatti Vikramarka in his speech at the meeting with Finance Commission Chairman Arvind Panagariya and members also urged the finance panel to ensure that states are given the necessary autonomy to tailor CSS (centrally-sponsored scheme) programmes to their specific development needs. "In addition, we propose increasing the share of states in Central taxes from 41 per cent to 50 per cent. Over the years, cesses and surcharges that are not shared with states have increased, leaving states with a smaller share of total gross tax revenue," he said. Increasing the vertical devolution will give states the fiscal space they need to strengthen welfare programmes, address infrastructure gaps and ..

Raise states' share in central taxes to 50%: T'gana to 16th FinComm
Updated On : 10 Sep 2024 | 2:03 PM IST

New database on registration status of charities for taxation clarity

Cancellations of registration must be uploaded on I-T website by August 31

New database on registration status of charities for taxation clarity
Updated On : 29 Aug 2024 | 11:11 PM IST

Rahul accuses govt of tax terrorism, burdening middle class for corporates

Leader of Opposition in the Lok Sabha Rahul Gandhi accused the Centre on Tuesday of indulging in "tax terrorism" and alleged that Prime Minister Narendra Modi is breaking the back of the middle class to increase the wealth of his big corporate "friends". The former Congress president shared a chart on his WhatsApp channel showing that the amount of personal income tax collected is higher than the collection of corporate tax. In his post in Hindi on the WhatsApp channel, Gandhi said: "'Tax terrorism' is a dangerous face of BJP rule -- this is the truth. Today in India, the burden of tax target has been completely put on the income of the middle class. That middle class whose salary has not increased for years -- meaning the income has remained the same and the income tax is increasing wildly." "In this period of terrible inflation, the middle class, which survives by paying heavy GST on everything, should think -- is your income more than that of big corporates or businessmen? Are yo

Rahul accuses govt of tax terrorism, burdening middle class for corporates
Updated On : 27 Aug 2024 | 8:52 PM IST

Retrospective taxes set to cost mining industry Rs 1.5 trillion in arrears

Nifty Metal index dropped by 2.4%, and key players like NMDC, Hindustan Copper, and JSW Steel saw their shares fall between 2% and 6% following the SC judgment on Wednesday

Retrospective taxes set to cost mining industry Rs 1.5 trillion in arrears
Updated On : 15 Aug 2024 | 10:01 AM IST

Wish I could bring down taxes to nil, says FM Nirmala Sitharaman

But there are challenges to overcome and the country needs money for that, says the finance minister

Wish I could bring down taxes to nil, says FM Nirmala Sitharaman
Updated On : 13 Aug 2024 | 4:22 PM IST