Tax | The Asian Age

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Finance Minister Nirmala Sitharaman. (Photo: ANI)

Nirmala Sitharaman silent on higher taxes for foreign investors: sources

Investors in turn pulled USD 1.8 billion out of Indian equities in July alone.

10 Aug 2019 10:33 AM

Finance Minister Nirmala Sitharaman said that even with some moderation, India is still the fastest-growing large economy. (Photo: File)

Govt, RBI on same page on steps to boost economy: Sitharaman

Finance Minister Nirmala Sitharaman said the government is looking at the financial sector woes and will address them.

09 Aug 2019 5:53 PM

Foreign investors took USD 1.8 billion out of Indian equities in July alone.

India may exempt foreign portfolio investors from higher taxes: sources

In the budget last month, Sitharaman proposed to hike taxes on those earning more than 20 million rupees annually.

09 Aug 2019 9:53 AM

The move followed after certain startups complained about facing harassment and the taxman breathing down their neck on the angel tax issue.

Relief for startups: CBDT lays out procedure for pending angel tax assessment cases

More than 540 startups have received exemption from angel tax so far.

09 Aug 2019 9:05 AM

E-Filing Income Tax Return for AY 2019-20: Individuals and entities, having any income on which there was any TDS or an annual income of over Rs 2.5 lakh, have to file Income Tax Return.

Keep these 5 things in mind while filing Income Tax Return

As many salaried taxpayers got their Form 16 late, ITR deadline was extended by a month to August 31.

06 Aug 2019 3:23 PM

Congress leader Rahul Gandhi on Monday hit out at the Modi government, alleging that the Income Tax Department is 'running amok' in a bid to meet India's revenue shortfall. (Photo: File)

I-T dept ‘running amok’ to meet India's revenue shortfall: Rahul Gandhi

Gandhi also shared media reports alleging that 'tax terrorism' was hurting India's growth.

05 Aug 2019 9:29 AM

The task force was assigned to draft direct tax laws in line with the norms prevalent in other countries

Tax force on direct taxes gets more time to submit report

The government has allowed the task force to submit its report by 16th of August 2019.

01 Aug 2019 10:56 AM

Centre's proposal to slash GST rates to 5 per cent from 12 per cent on e-vehicles.

GST Council meet to decide on slashing tax rate for e-vehicles postponed

GST rate for petrol, diesel cars and hybrid vehicles are already at the highest bracket of 28 per cent plus cess.

26 Jul 2019 8:54 AM

The department has done a commendable work over the years that is visible by the growth in the direct tax collections, from Rs 13 lakh in 1860-61 to Rs 11.37 lakh crore.

Tax paying should be a pleasurable experience: CBDT chairman

Revenue collection under the direct taxes head has grown and the total tax base has also increased to over 7 crore taxpayers at present.

24 Jul 2019 3:40 PM

On consignment basis for exhibition would not in itself constitute a supply under GST since there is no consideration received at that time, but such goods would need to be accompanied by a 'delivery challan'.

Taking goods abroad for exhibitions will not have to generate tax invoice

Goods taken abroad in this manner are required to be either sold or brought back within a period of 6 months from the date of removal.

23 Jul 2019 10:35 AM

The exemption from GST on maintenance charges charged by an RWA from residents is available only if such charges do not exceed Rs 7,500 per month per member.

18 pc GST on flat owners paying monthly maintenance of over Rs 7,500

Tax liability would be calculated for a person who owns two or more flats in the housing society or residential complex.

23 Jul 2019 8:49 AM

The revised terms of sale have also reduced the time period for stripping of assets of Pawan Hans by the buyer to two years, from three years specified earlier. (Photo: File)

Govt dilutes terms to attract bidders for Pawan Hans after failing to privatise

The successful bidder would be required to retain all permanent employees for a period of at least one year.

21 Jul 2019 5:50 PM

The amendment, along with 28 others, were approved by a voice vote by the Lok Sabha, which passed the Finance Bill 2019.

Cash withdrawal from multiple accounts to be aggregated for levying 2 pc TDS

Two per cent tax will be charged if aggregate cash withdrawal from one or more accounts exceeds Rs 1 crore.

19 Jul 2019 9:38 AM

Tax rate of someone earning 20 million rupees up to 39 per cent, and for those earning more than 50 million rupees the rate climbs to at least 42.7 per cent.

Will India's tax on the rich hit foreign investment inflows?

Investors are threatening to pull funds from India unless rules are amended so that they won’t take a tax hit.

16 Jul 2019 9:15 AM

The budget plan “seems to have inadvertently” pulled foreign portfolio investors (FPI) into the tax net and must be clarified by the government, said K R Sekar, a partner at Deloitte Touche Tohmatsu India LLP.

USD 42 billion erased off Indian share markets as misgivings on tax linger

Global and non-resident investors make investments in India via so-called association of persons (AOP) and non-corporate trusts.

12 Jul 2019 3:40 PM

Nirmala Sitharaman says tax targets 'absolutely' achievable: report

India expects to rake in 24.6 trillion rupees (USD 358.97 billion) in gross tax revenue in 2019-20.

12 Jul 2019 12:07 PM

The effective income tax rate for individuals with a taxable income of Rs 2-5 crore will go up from 35.88 per cent to 39 per cent.

Govt to soon issue clarification on applicability of surcharge on FPIs: Finmin

FM Sitharaman proposed to increase surcharge from 15 pc to 25 pc on taxable income between Rs 2 cr and Rs 5 cr.

09 Jul 2019 8:30 AM

Mody said the CBDT will obtain sources of income for all salaried employees from third parties. (Photo: ANI)

Govt working as an accountant for every taxpayer: CBDT Chairman

The CBDT Chairman said he is confident of achieving the Rs 13.35 lakh crore target for direct tax collections in 2019-20.

06 Jul 2019 5:16 PM

According to the Budget for 2019-20 presented in Parliament by Finance Minister Nirmala Sitharaman, Goods and Services Tax collections will contribute 19 paise in every rupee revenue.

Budget 2019: For every rupee in govt kitty, 68 paise come from taxes

Corporation tax is the single largest source of income, contributing 21 paise to each rupee earned.

05 Jul 2019 2:57 PM

After becoming prime minister in 2014, Modi improved public finances, trimming the fiscal deficit to 3.4 per cent from 4.5 per cent in 2013-14.

India's budget likely to hike spending to combat slumping growth

In January-March, annual growth slumped to 5.8 per cent, the slowest pace in 20 quarters.

03 Jul 2019 1:56 PM

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