Tax
- Business
FY21 net tax collection at Rs 9.45L cr, exceeds revised estimates
New Delhi: The provisional figures of direct tax collections for the financial year 2020-21 showed that net collections are at Rs 9.45 lakh crore. The net collection is around 5 per cent higher…
- Top Stories
1% of India’s households take 45% of flights: Report
Hyderabad: A small, elite minority of frequent flyers dominate air travel in most countries with high aviation emissions, states a report by a UK-based climate action group, Possible. The report, which takes…
- India
Meme fest on Twitter as PAN-Aadhaar linking server down on last date
Indian Twitter is abuzz with hilarious reactions and memes as people face technical snags to link their PAN card with Aadhaar on the last date set by the government. According to Finance…
- Business
Central govt’s tax collection on petrol, diesel jumps 300% in six years
New Delhi: Central government’s tax collections on petrol and diesel have jumped over 300 per cent in the last six years as excise duty on the two fuels was hiked, the Lok…
- Middle East
Saudi Arabia: Travelers need not pay tax worth less than SR 3K
Riyadh: Travelers arriving in the Kingdom of Saudi Arabia will not have to pay customs duties on their new personal belongings if their value is less than 3000 Saudi riyals (US $ 800).…
- India
Bengal govt reduces tax by Re 1 per litre on petrol, diesel
Kolkata: The West Bengal government on Sunday announced a reduction of tax by Re 1 per litre on petrol and diesel effective from midnight. State Finance Minister Amit Mitra said the move will…
- Mumbai News
Govt waives Rs 6 Cr import tax on medicines for 5-month-old fighting rare disease
Mumbai: The Union government has waived import duty and GST of Rs 6 crore on medicines for a five- month-old girl suffering from a rare medical condition, BJP leader Devendra Fadnavis said…
- India
Govt plans to impose green tax on old polluting vehicles
New Delhi: The government plans to impose green tax on old polluting vehicles soon in a bid protect environment and curb pollution. Vehicles like strong hybrids, electric vehicles and those running on alternate…
- Hyderabad News
Nizam’s kin urges Centre to resolve pending tax issues
Hyderabad: Family members of Mir Osman Ali Khan, the seventh Nizam, on Tuesday, urged the Central government to resolve the pending income and wealth tax issues pertaining to the Nizam Jewellery Trust. The…
- India
US says India’s Digital Services Tax discriminatory
Washington: The US has determined that India’s Digital Services Tax is discriminatory and has an adverse impact on American commerce and is actionable under the trade act. At the same time, the outgoing…
- India
GST collection hits record high in Dec, crosses Rs 1.15 lakh cr
New Delhi: The gross Goods and Services Tax (GST) revenue collected in December 2020 reached a record high of over Rs 1.15 lakh crore. Out of the total GST revenue collection of Rs…
- Hyderabad News
Tax collection in Hyderabad dips by 24.1% amidst pandemic
Hyderabad: As the businesses are reeling under the impact the COVID-19 induced lockdown, the overall tax collections up to October 17, 2020-21 fell to Rs. 3.7 lakh crore, as against Rs. 4.98 lakh…
- Entertainment
Rajinikanth pays tax to corporation for entire year
Chennai: Top actor Rajinikanth on Friday paid a property tax of Rs 6.39 lakh for the second half-year of 2020-21 for his marriage hall here to the Greater Chennai Corporation. A day…
- India
Vodafone wins arbitration against India for tax demand of Rs 20K crore
New Delhi: Vodafone has won the case against India over a retrospective tax demand of more than Rs 20,000 crore. The Permanent Court of Arbitration (PCA) at The Hague has ruled that…
- India
No proposal to include high-value transactions in IT Return: Sources
New Delhi: There is no proposal to modify Income Tax returns forms, said Finance Ministry sources when asked to comment on the news reports that appeared in certain sections of media where…
- News
Govt pursuing people-friendly tax policies for better compliance: PM Modi
New Delhi: Prime Minister Narendra Modi on Thursday emphasised the role of tax compliance in nation-building and said the government is following a policy-driven governance model. “The emphasis is on making every rule-law, policy…
- Automobile
Auto LPG industry seeks policy support, tax concessions
New Delhi: Faced with serious challenges amid the coronavirus crisis, the automobile gas industry is seeking urgent policy help from the government to be able to support itself post the lockdown. According to…
- Pakistan
PBC concerned over tax collection targets for new fiscal year
Karachi: The Pakistan Business Council (PBC) on Wednesday expressed concern over an increase in the tax collection targets being set by the government for the upcoming fiscal year. The PBC said that new…
- Business
Taxing retirement income of employees a retrograde step
New Delhi: The Union Budget for 2020 contains direct tax proposals in the Finance Bill to tax the retirement fund of an employee, which has been called a retrograde step by experts.…
- Business
Biocon chief hails promise on ending tax harassment
Bengaluru: Biocon Chairperson Kiran Mazumdar-Shaw on Saturday lauded Union Finance Minister Nirmala Sitharaman for promising to end tax harassment of India Inc and changing the Companies Act to decriminalise many non-compliances. “FM…
- India
Raising basic exemption limit on Budget agenda
New Delhi: As the clamour grows for more money into the pockets of consumers and households to boost consumption in the economy, the government is discussing multiple options on cuts in personal income…
- India
‘Govt to stick to fiscal glide path, tax revenues to be higher’
New Delhi: The government will continue to follow the glide path to fiscal consolidation but would not cut any expenditure in the process as the entire exercise would become more targeted and efficient,…
- World
Sri Lanka’s new gov’t announces wide ranging tax reliefs
Colombo: Sri Lanka’s newly appointed interim cabinet has announced wide ranging tax reliefs including reductions in Value Added Tax (VAT) and telecommunications levies, local media reported Wednesday. Following the first meeting of…
- India
Tax on gold in the pipeline
New Delhi: Central Govt. is likely to take a surprising decision very soon. It is about the quantum of gold each family should possess. Govt. propose to impose heavy taxes on those…
- Middle East
Saudi Arabia’s new 100% shisha tax sparks fury
Riyadh: A decision to impose a 100 percent tax on bills at restaurants that serve shisha has ignited criticism on social media in Saudi Arabia, where the water pipes are a popular…
- India
Goa cuts road tax by 50% for all new vehicles
Panaji: In a bid to incentivise purchase of new vehicles, the Goa cabinet on Wednesday rolled back road tax by 50 per cent for all new vehicles till December 31, Chief Minister…
- Business
Corp tax cut credit positive, but raises fiscal risks: Moody’s
Mumbai: Corporate tax reduction is credit positive for companies but increases the government’s fiscal risks, global rating agency Moody’s said on Saturday. On September 20, Finance minister Nirmala Sitharaman announced a reduction…
- Automobile
No impact on social sector spending due to tax shortfall: FM
Kolkata: Finance Minister Nirmala Sitharaman on Friday ruled out any scaling down of the social sector spending due to any possible shortfall of tax revenues. “Any tax collection shortfall will not affect…
- India
Corporate tax to be cut gradually: Sitharaman
New Delhi: Finance Minister Nirmala Sitharaman on Monday said corporate tax rate for companies with over Rs 400 crore turnover will be gradually cut to 25 per cent and the government will support…
- News
Sitharaman on why she taxed super rich more
Chennai: Finance Minister Nirmala Sitharaman on Saturday said the tax on the super rich is a small expectation from them to contribute a little more for the poor. She was here to inaugurate…
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