Tax News
The camera feature that launched thousands of tax notices dating back 18 years, for ₹20,000-23,000 crore
The case going back to 2006 involves major companies such as Canon, Sony, Samsung, Vodafone Idea , and Adani Enterprises.
6 min read11 Sep 2024Telangana govt seeks 50% share in central taxes from 16th Finance Commission
The Telangana Government urged the 16th Finance Commission to raise the state’s share in Central taxes from 41% to 50% to improve fiscal space for welfare and development. ;
2 min read10 Sep 2024There’s been a surge in income tax notices. Here’s why, and how to respond.
By responding promptly and accurately, and seeking professional advice when needed, taxpayers can ensure compliance, avoid delays in processing tax refunds, and minimise the risk of penalties.
3 min read10 Sep 2024Thank digital tools for small businesses going formal on their own
We need to lower barriers, align benefits and offer tax gains so that businesses are incentivized to go formal. Ultimately, however, it will be for small and medium enterprises (SMEs) to realize the benefits of doing so.
4 min read10 Sep 2024Mint Quick Edit | Is a GST rate cut for insurance good news?
It’s good that the GST Council has reportedly reached a consensus on slashing this tax rate on life and health insurance premiums. But rate multiplicity and frequent tweaks go against reformist ideals.
1 min read10 Sep 2024UK Can Tax Wealthy to Close £20 Billion Fiscal Gap, Report Says
UK Chancellor of the Exchequer Rachel Reeves could push through over £20 billion ($26 billion) of tax hikes at the upcoming budget without breaking any election pledges by targeting inheritances and capital gains, according to the Resolution Foundation.
3 min read10 Sep 2024GST Council Meeting Highlights: GST on Cancer drugs reduced to 5%, no GST on funds given to Central or State university
GST Council Meeting Highlights: The Goods and Services Tax (GST) Council, chaired by Union Finance Minister Nirmala Sitharaman, is scheduled to meet today to discuss several critical matters affecting various sectors of the economy.
8 min read9 Sep 2024Foreign airlines, IT services, pvt R&D on GST Council agenda
On Monday, the Goods and Services Tax (GST) Council will take up the issue of taxing services related to foreign airlines in India, relief for certain helicopter services, work related to software exporters such as Infosys Ltd, and core research by private enterprises.
3 min read7 Sep 2024There’s now a faster way to resolve tax disputes. But it has a huge red flag.
The Central Board of Direct Taxes rolled out an electronic Dispute Resolution Scheme (e-DRS) last week for taxpayers with incomes below ₹50 lakh a year. But beware the one fatal flaw.
4 min read5 Sep 2024India’s economy needs moderate corporate taxes to prosper
Data shows that Indian businesses are not undertaxed. Moreover, the tax rates we levy on companies need to be globally competitive for India to increase investment and employment that contribute to economic growth.
4 min read5 Sep 2024Popular Topics
Budget
The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared