OUTSTANDING TAX DEMAND
Setback for India as WTO extends nil tax on e-transmissions
As per an UNCTAD study, India’s potential loss of revenue by not taxing electronic transmissions is around $500 million every year. Of the total $8 billion of potential tax losses projected for 58 developing countries, Mexico, Thailand, Nigeria, India, China and Pakistan face the highest losses, revealed the research paper.
It’s time to revisit income tax rates: Bibek Debroy, Chairman PMEAC
This year we are around 5% and next year 6-6.5%, the PMEAC chairman said ...
Parliamentary panel asks government to prevent misuse of input tax credit under GST as collection slows
Two years after its launch, the gover...
The next booster shot to revive economy may not be far away
Going by what the indicators are showing so far, third quarter doesn't hold any hopes of revival.
States demand pending GST compensation
Finance ministers of Delhi, Punjab, Puducherry and MP, and representatives of Kerala, Rajasthan, Chhattisgarh and West Bengal met Nirmala Sitharaman and said the delay in GST compensation transfer has put them in an acute financial position. MP commercial tax minister Brajendra Singh Rathore said the Centre owes nearly Rs 3,000 crore to the state for August-November.
Steel demand to slow down on weak auto, manufacturing demand: Moody's
The country's steel output will increase on higher capacity utilisation as demand grows.
Should you prepay your education loan before the repayment period of 8 years?
The deduction is allowed for eight years or until the interest is paid in full, whichever is earlier. Further, there is no upper limit on claiming this interest deduction.
Banks can’t claim tax relief on FD insurance
Reversal of credit would lead to an increase in cost by anywhere between Rs 200 to Rs 500 crore for banks.
Budget-making team of Finance Ministry short of two key officials
The budget for 2020-21 to be presented on February 1 is keenly awaited for the expected second wave of structural reforms for pulling out the economy from its over six-year low growth. In addition to expenditure secretary, the position of joint secretary, one of the key officials in the entire Budget-making process, is also vacant for almost three months.
India needs sector-focused demand stimulus, not income-tax cut: Suvodeep Rakshit
Credit channels through the banking sector or NBFCs have to clear up.
Parliament okays corporate tax cut; FM says software developers, miners not eligible for lower rates
Replying to a debate on the legislation, Sitharaman said a negative list of activities that do not constitute manufacturing has been created and will not be eligible for the lower 15 per cent tax rate for manufacturing firms that are set up after October 1 and that begin operations by 2023.
Will consider suggestions for personal I-T cut: Finance minister Nirmala Sitharaman
Her comments on personal income tax rates came in response to a question from TMC member Saugata Roy during a discussion in Lok Sabha where she was piloting the bill to amend corporate tax rates. She said she valued everybody who earned their living, paid their tax and took care of their family and business. “So, personal income tax will be considered for its merit.
France says US pulling back on digital tax deal
The OECD is overseeing negotiations among 134 countries to forge a system to make firms pay taxes in the countries they operate, amid growing public anger over tax-avoidance techniques allowed under current laws.
Govt should provide strong stimulus package for economy: Kumar Mangalam Birla
"One of the things that it (govt) can also do is to give stronger fiscal stimulus,"Kumar Mangalam Birla said.
September quarter sees revival in rural grocery demand
Data for September just showed a sharp recovery, even as economy is likely to have slipped further.
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