Page 4 - Taxes

RIL, ONCG, OIL: Windfall tax cut may propel bullish rally of up to 15%

When a stock reaches a new definitive peak, the trend is observed to rally in the same direction in the following sessions. This could become the case for Oil & Natural Gas Corporation and Oil India.

Biden's $6.8 tn budget faces hurdles as it proposes higher taxes on big biz

US President Joe Biden's $6.8 trillion budget is unlikely to pass muster in the Republican-dominated House of Representatives as it proposes higher taxes on big businesses and the rich and elite

Direct tax collection in FY23 likely to top govt's Revised Estimates

Until February, net direct tax collection stood at Rs 13 trillion

NRIs must be aware: Income generated in India is taxable here

Many deductions available to resident Indians are not available to NRIs

Gujarat govt presents Rs 3.01 trn budget with no new taxes proposed

The Gujarat government on Friday presented a Rs 3.01 lakh crore budget with no new taxes imposed on people. Gujarat Finance Minister Kanu Desai presented the budgetary outlay for fiscal 2023-24 in the state Assembly here. This was the first budget of the new Bharatiya Janata Party (BJP) government headed by Chief Minister Bhupendra Patel which took office in December last year after the saffron outfit registered a landslide victory in the Assembly polls. The Budget 2023-24 proposes a slew of schemes and projects, some of which were part of the promises made by the BJP in its manifesto before the 2022 elections, like doubling the insurance coverage under the Pradhan Mantri Jan Arogya-MA (PMJAY-MA) scheme to Rs 10 lakh from Rs 5 lakh and providing two gas cylinders free per year to the beneficiaries of Ujjwala scheme. Minister Desai said that taking into consideration the revenue account with capital account and net public account, the estimates for the financial year 2023-24 show a .

Next phase for GST

Appellate tribunal will improve business environment

Pakistan to impose new taxes to reach out for IMF loan, avoid default

Cash-strapped and nuclear-armed Pakistan will impose new taxes of 170 billion rupees this month in a bid for a massive bailout, officials and analysts said Monday, even as they warned the new taxes could accelerate the country's spiralling inflation. The dire outlook from economists and political analysts comes after the International Monetary Fund delayed the release of a crucial USD 1.1 billion portion of a 2019 deal worth USD 6 billion, on hold since December over Pakistan's failure to meet the terms. The latest round of the talks between Pakistan and the IMF concluded Friday with the fund recommending steps including imposing new taxes. "The imposition of more taxes means tough days are ahead for the majority of the people in Pakistan who are already facing higher food and energy costs, but there is no other way out if Pakistan needs the IMF loans, and Pakistan desperately needs it," said Ehtisham-ul-Haq, a veteran economist. The stalemate in talks between IMF and Pakistan was .

No updated tax returns after facing searches by I-T department

Earlier, it was proposed that an updated tax return cannot be filed, in case of search or survey proceedings in the relevant financial year and the preceding one

Foreign oil majors flag windfall tax concerns; govt seeks $52-bn investment

India is the world's third-biggest oil importer and consumer and meets almost 85 per cent of its oil requirements from overseas

Indian authority seeks tax from Amazon on cloud services fees paid to US

Indian tax authority has decided to charge tax on cloud services fees paid by Amazon to the US, a move which will lead to company coughing up "significant" amount in taxes including payments for some of the previous years, the company said in a regulatory filing. Without sharing details of the decision, Amazon said it will contest the decision but it will have to remit a significant amount in taxes unless the matter is resolved. "In February 2023, we received a decision by the Indian Tax Authority (ITA) that tax applies to cloud services fees paid to the US. We will need to remit taxes on the services in question, including for a portion of prior years, until this matter is resolved, which payments could be significant in the aggregate," the company said. Amazon claimed that the ITA's decision is without merit. "We believe the ITA's decision is without merit, we intend to defend our position vigorously, and we expect to recoup taxes paid. If this matter is adversely resolved, we wo

Budget 2023 aims at providing a stable direct tax regime

At the domestic front, the government presented its last full budget wherein it had to maintain a balance in fueling growth trajectory, while being on the path of fiscal prudence, say analysts

Rationalised TDS framework, concessional I-T regime expected in Budget: EY

The government is expected provide a more rationalised TDS framework to reduce the compliance burden for taxpayers, besides a revamped new concessional tax regime by providing additional benefits like standard deduction, EY said on Sunday. The Budget wishlist of EY also highlights that the government should provide some respite to low- and mid-income taxpayers with annual income up to Rs 20 lakh on the personal income tax side. Also, possibility of 'green' incentives to be introduced such as tax exemption to interest from green bonds and rationalisation of capital gains rates and holding periods could be expected in the Budget, to be unveiled in Parliament on February 1. With regard to Tax Deducted at Source (TDS), the EY said that currently, 31 sections under the Income tax Act deal with different types of payments to residents, where the withholding tax rates vary from 0.1 - 30 per cent. "The government may provide a more rationalised TDS framework to reduce the complexity and ..

Centre cuts windfall tax on crude, export taxes on aviation fuel and diesel

It cut its windfall tax on crude to Rs1,900 ($23.28) per tonne from Rs 2,100 per tonne, effective Tuesday

Top headlines: Windfall tax cuts, Reliance Capital auction, and more

Business Standard brings you the top headlines at this hour

Allow deductions, hike threshold for levying peak 30% tax: Experts

Investments in PPF and other tax savings schemes should be allowed as deductions, and the threshold for 30 per cent tax should be raised to Rs 20 lakh under the concessional income tax regime in Budget 2023-24 to make it attractive for middle-income taxpayers, experts said. The government in Budget 2020-21 brought an optional income tax regime, under which individuals and Hindu Undivided Families (HUFs) were to be taxed at lower rates if they did not avail specified exemptions and deductions, like house rent allowance (HRA), interest on the home loan, investments made under Section 80C, 80D and 80CCD. Under this, total income up to Rs 2.5 lakh will be tax-exempt. A 5 per cent tax is levied on total income between Rs 2.5 lakh and Rs 5 lakh, 10 per cent on Rs 5 lakh to Rs 7.5 lakh, 15 per cent on Rs 7.5 lakh to Rs 10 lakh, 20 per cent on Rs 10 lakh to Rs 12.5 lakh, 25 per cent on Rs 12.5 lakh to Rs 15 lakh, and 30 per cent on above Rs 15 lakh. The scheme, however, has not gained ...

Predictable, progressive taxes for online gaming needed, experts suggest

Experts also believe that taxation is not a suitable instrument for forcing disciplined behaviour among players, which is better achieved through technological interventions

IRS policy mandatory presidential audit policy goes under spotlight

An IRS policy governing the audits of tax returns filed by US presidents is under new scrutiny after a report published by a congressional panel found the agency failed to perform the mandatory inspection of Donald Trump's returns until Congress pressed for information about the process. The three-point policy states that individual returns for the president and the vice president are subject to mandatory review, should always be kept in an orange folder, should be kept from the eyes of IRS employees, and should be locked in a secure drawer or cabinet when the examiner or reviewer is away from the work area. The report released on Tuesday by the Democratic majority on the House Ways and Means Committee said the process, which dates to 1977, was dormant, at best during the early years of the Trump administration. Democrats in Congress are responding by introducing legislation that would codify the IRS policy into law with more stringent requirements. Tax experts say the failure to .

Taj Mahal to be 'attached' if ASI fails to pay water, property tax: Agra MC

"Property tax not applicable on monuments. Not liable to pay taxes for water. It could have been sent by mistake," said ASI superintending archaeologist

Taxes on all motor vehicles in India need to be rationalised: RC Bhargava

The taxes, however, should not be the same for different types of cars as the "regulatory burn" on small cars is higher than on bigger cars in India

Centre to levy import duties on non-essential items as exports fall: Report

The government is also looking for ways to separate commodities that come under the same Harmonized System of Nomenclature (HSN) code for imposing duties