Sam Pitroda's remarks on wealth redistribution and US-like inheritance tax in India has come at a time when Prime Minister Narendra Modi raised a debate on Congress' intentions to distribute Hindus wealth among infiltrators.
In a statement, the ministry addressed confusion over the new tax regime, emphasising its lower rates but fewer exemptions and deductions. Finance Minister Nirmala Sitharaman's interim budget assured the preservation of existing tax rates.
India's decision to lower import taxes on select electric vehicles (EVs) marked a significant triumph for Tesla, aligning with the company's persistent lobbying efforts in New Delhi.
Slamming the Karnataka government, the BJP state chief said that temple funds should be dedicatedly utilised for renovation of temples and to facilitate work beneficial to devotees, rather than diverting it for other purposes, which would be an injustice and betrayal of people's religious beliefs.
India introduced windfall profit taxes on July 1, 2022, aligning with a host of countries that levy taxes on the exceptional profits of energy corporations. These tax rates undergo regular review every two weeks, contingent on the average oil prices observed in the preceding fortnight.
ACB filed an FIR under Section 7 of the Anti-Corruption Act which deals with an offence relating to public servant being bribed.
Finance Minister Nirmala Sitharaman highlighted the doubling of the GST taxpayer base and monthly revenues since its launch in her budget speech.
The finance minister proposed to retain the same direct and indirect tax rates, including import duties.
The highest-ever monthly GST collection was recorded in April 2023 at Rs 1.87 lakh crore.
Direct Tax to GDP ratio seen an upward trajectory, ascending from 5.62% in F.Y. 2013-14 to 6.11% in F.Y. 2022-23, showcasing enhanced fiscal contribution.
The government officially designated Shri Ram Trust as a site of historic significance and a place of renowned public worship for the purpose of Section 80G(2)(b), effective from FY21.
The EU has planned to launch the Carbon Border Adjustment Mechanism (CBAM) that will impose a 'carbon tax' on goods from developing countries like India and China to reduce emissions. Union Minister Piyush Goyal threatened to retaliate against such "unfair taxes".
Shakira has been charged with tax evasion by the Spanish government in relation to a tax evasion case from the time when she was living with then-partner Gerard Pique and their two sons in Barcelona.
The amended rules also retained the five new valuation methods proposed in the draft rules for consideration received from the non-residents.
As per the change, for policies issued on or after April 1, 2023, the tax exemption on maturity benefits under Section 10(10D) might be relevant in the event that the total premium paid by an individual depends on Rs 5 lakh a year.
India's gross direct tax collection grew 20.33 per cent to over Rs 19.68 lakh crore in 2022-23 fiscal. As per the return filing data shared by Sitharaman, the number of persons who filed income tax returns during the last four years has shown an increase.
ITR filing: July 31 is the due date to document personal government forms for the assessment year 2023–24 (relating to FY23), so the perfect opportunity to begin the process is when you get your Form 16.
About 5.83 crore income tax returns were filed as on July 31 last year, the last day for filing returns for the assessment year 2022-23.
Tax collection in India: While speaking to media, Bhalla said reduction in tax rate is required to accelerate the pace of economic growth.
Windfall gains tax: This is the second time that the levy, which was introduced in July last year in the form of a cess to tax supernormal gains of oil producers and fuel exporters, has been cut to nil for domestically-produced oil.
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