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Taxation

Will tax increase on luxury products?

Will tax increase on luxury products?

Wed, Dec 04, 2024

See in Cover Story today, this time GST crossed '35'? Will cigarettes/tobacco products become expensive? Will taxes increase on luxury products? Will common consumers get relief? Relief possible on everyday items! Will new GST rates be implemented?

Dynamic duty makes oil more expensive or cheaper?

Dynamic duty makes oil more expensive or cheaper?

Tue, Sep 24, 2024

Considerations on Dynamic Duty on Edible Oil, Will Dynamic Duty make oil more expensive or cheaper? What is Dynamic Duty Structure? Understand the formula of duty from IVPA President Sudhakar Desai

Share buybacks no longer to woo investors: here’s why

Share buybacks no longer to woo investors: here’s why

Fri, Jul 26, 2024

Buybacks will lose their sheen for investors as the income on them will now be taxed in the hands of the recipient i.e. the investor at the applicable slab rate which can be higher than the earlier 20 per tax rate on buybacks for companies.

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Windfall tax on domestically produced crude oil hiked to Rs 6,000/tonne

Windfall tax on domestically produced crude oil hiked to Rs 6,000/tonne

Tue, Jul 02, 2024

The government has hiked windfall tax on domestically produced crude oil to Rs 6,000 per tonne, from Rs 3,250 per tonne, with effect from Tuesday. The tax is levied in the form of Special Additional Excise Duty (SAED).

After FTA CAs will be able to practice in Canada and UK- Ranjit Aggarwal, ICAI, president

After FTA CAs will be able to practice in Canada and UK- Ranjit Aggarwal, ICAI, president

Thu, Feb 22, 2024

CAs of the country will be able to practice in Canada and UK, it is part of India's ongoing FTA with UK and Canada - Ranjit Aggarwal, ICAI, president

Amnesty scheme possible again for illiquid options, Decision possible in SEBI's next board meeting

Amnesty scheme possible again for illiquid options, Decision possible in SEBI's next board meeting

Thu, Nov 02, 2023

News quoting sources, amnesty scheme possible again for illiquid options. Decision possible in SEBI's next board meeting, plan to reduce base amount from ₹5 lakh to ₹1 lakh

GST council to discuss tax rate on online gaming on July 11

GST council to discuss tax rate on online gaming on July 11

Thu, Jul 06, 2023

The 50th GST Council meeting will discuss the tax rate on online gaming on July 11. The outcome of the deliberations is uncertain, as it depends on the states' decision. A Group of Ministers had recommended a 28% tax on the full willing value of online gaming, but some states may object to increasing the tax.

What is presumptive taxation and how it is beneficial for small businesses, professionals? Expert explains

What is presumptive taxation and how it is beneficial for small businesses, professionals? Expert explains

Tue, Feb 21, 2023

Presumptive tax: The government in the budget 2023 extended the limit for presumptive tax for small businesses from Rs 2 crore to Rs 3 crore and for individual professionals from Rs 50 lakhs to Rs 75 lakhs.

Social media influencer taxation: How are minor Instagram, YouTube influencers taxed? Check income tax calculation and GST rules

Social media influencer taxation: How are minor Instagram, YouTube influencers taxed? Check income tax calculation and GST rules

Fri, Dec 30, 2022

Child influencer tax: Earning from social media solely depends on the views, number of followers, number of subscribers, engagement of the video, niche of the channel, and traffic source, etc, and income earned from any of the above means is taxable.

Goods and Sevices Tax law panel working on definitions of games of skill, chance - Details!

Goods and Sevices Tax law panel working on definitions of games of skill, chance - Details!

Sun, Nov 06, 2022

According to sources, the GST Council's Law Committee, which met in Bengaluru on Saturday, discussed the issues concerning definition for 'games of skill' and 'games of chance' with technical domain experts.

No new levy on items consumed by poor; states taxed such products in pre-GST era: FM Nirmala Sitharaman

No new levy on items consumed by poor; states taxed such products in pre-GST era: FM Nirmala Sitharaman

Tue, Aug 02, 2022

The GST Council has not imposed any new tax on essential items, the minister said while replying to a short-duration debate on price rise in the Rajya Sabha.

Wealth Guide: Planning to Invest in gold? Must know these taxation rules

Wealth Guide: Planning to Invest in gold? Must know these taxation rules

Fri, Jun 03, 2022

“Gold is considered a capital asset as per the Income Tax Act."

Wealth Guide: Akshaya Tritiya Special - Planning to invest in gold? Know these taxation rules of Physical Gold, Sovereign Gold Bonds and more

Wealth Guide: Akshaya Tritiya Special - Planning to invest in gold? Know these taxation rules of Physical Gold, Sovereign Gold Bonds and more

Fri, Apr 29, 2022

Wealth Guide - Akshaya Tritiya Special: The investor should know about the tax liabilities related to gold investment.

Lok Sabha passes Finance Bill; completes budgetary exercise for FY23

Lok Sabha passes Finance Bill; completes budgetary exercise for FY23

Fri, Mar 25, 2022

The Lok Sabha on Friday approved the Finance Bill, which gives effect to new taxation, thus completing the Budgetary exercise for 2022-23 fiscal.

Finance Ministry proposes amendments to Finance Bill; seeks to tighten norms for cryptocurrency taxation

Finance Ministry proposes amendments to Finance Bill; seeks to tighten norms for cryptocurrency taxation

Thu, Mar 24, 2022

The government on Thursday proposed to tighten the norms for taxation of cryptocurrencies by disallowing set off of any losses with gains from other virtual digital assets.

Delayed GST payment: Net tax liability interest to be charged from this date

Delayed GST payment: Net tax liability interest to be charged from this date

Wed, Aug 26, 2020

The industry had earlier this year raised concern over the directive on recovery of about Rs 46,000 crore of unpaid interest on delayed GST payment. The interest was charged on gross tax liability.

Relief for Telecom companies; Govt panel mulls repayment of AGR dues

Relief for Telecom companies; Govt panel mulls repayment of AGR dues

Mon, Nov 04, 2019

Union government consider a reduction in the total incidence of taxation to help the troubled sector.

India to get sovereign rating upgrade? Here is what FinMin wants Fitch to do

India to get sovereign rating upgrade? Here is what FinMin wants Fitch to do

Tue, Mar 06, 2018

The government will tomorrow pitch for a sovereign rating upgrade with global agency Fitch, highlighting reform push in taxation and PSU banks and its plans to gradually lower government debt.According to sources, representatives from Fitch are scheduled to meet Chief Economic Advisor Arvind Subr

Know how Budget announcements affect your finances

Know how Budget announcements affect your finances

Thu, Feb 01, 2018

Jaitley re-introduces standard deduction for salaried class upto Rs. 40,000 in lieu of transport, medical allowance. Standard deduction to cost Rs 8000 crore to government.

Govt gives 10 more days to declare unaccounted income under PMGKY

Govt gives 10 more days to declare unaccounted income under PMGKY

Fri, Apr 21, 2017

On April 19, the Ministry had sent another notification which stated that it has extended the date of making deposit under the Deposit Scheme upto 30th April, 2017

Snapdeal launches GST Guru program to enlighten online sellers on new tax structure; to provide accounting, taxation advice

Snapdeal launches GST Guru program to enlighten online sellers on new tax structure; to provide accounting, taxation advice

Tue, Feb 28, 2017

Snapdeal has launched GST Guru program to provide expert advice to its online sellers on the upcoming tax structure GST.

Nirmala Sitharaman signals start-ups may get tax benefits in Budget 2017

Nirmala Sitharaman signals start-ups may get tax benefits in Budget 2017

Mon, Jan 16, 2017

Commerce and Industry Minister Nirmala Sitharaman on Monday indicated that start-ups may get additional tax benefits in the forthcoming budget, to be unveiled on February 1.

Here are 6 benefits of India-Cyprus double taxation treaty

Here are 6 benefits of India-Cyprus double taxation treaty

Fri, Aug 26, 2016

Earlier this week, the Cabinet gave its approval for the signing of the India-Cyprus Double Taxation Avoidance Agreement (DTAA) which will allow India to tax the capital gains of the companies based in India.

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