SEARCHED FOR:CORPORATE TAX
Taxing no more: How India's tax system is slowly getting better
The tax administration is making a steady but steadfast shift from being an enforcer to a facilitator, and from opaqueness to transparency. The corporate tax rate cut, simplification of personal tax structure, the commitment towards a charter for taxpayers and the recent systemic reforms signal a paradigm shift in the mindset of tax administration in the country.
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Highlighting a series of reforms, including moderation in corpor...
European Union unveils plan to clampdown on aggressive corporate tax planning regimes
EU countries are seeking to shore up public revenues to...
Govt amends I-T rules for faster resolution of multinational corporations' tax disputes under MAP
The Central Board of Direct Taxes (CBDT) has amended Rule 44G dealing with application and procedure for giving effect to MAP agreement, and also revised Form 34F with respect to making application to the competent authority for invoking MAP. As many as 600 tax disputes were resolved under MAP between April 1, 2014, and December 31, 2018.
CBDT notifies forms for firms to avail lower corporate taxes
The move comes after the government had slashed corporate tax rate last year in September as a measure to boost economic activity. The base corporate tax for existing companies was brought down to 22% from the current 30% while for new manufacturing firms, the tax was reduced to 15 per cent from the current 25 per cent.
A case for 15% corporate tax rate will improve India's competitiveness. Here's why
A 15% rate was offered to new manufacturing firms. That rate could become applicable to all companies. It will improve India’s competitiveness and compensate for other disadvantages.
Announce convergence of all corporate tax rates to 15 pc in Budget: CII
The government last year reduced corporate tax rates to 22 per cent, plus surcharge and cess. However, companies will not be allowed to avail any tax exemptions or incentives.
View: India needs to alter its 'patent box' regime as it aims for Atmanirbharta
While India’s patent box provisions are rightly aligned with Organisation for Economic Cooperation and Development (OECD) recommendations, the wording of the income-tax (I-T) provisions creates a lot of challenges.
Compute tax demand for all assessees by August 31, dispose of pending appeals: CBDT chief to taxmen
The Central Board of Direct Taxes (CBDT) chief also set a monthly target of disposing of pending appeals by sending communication through the e-filing portal and or through emails only.
Govt mulls big-ticket direct tax reforms; zero contact, GSTN-like backbone on the cards
Under the new regime that is in advance stage of preparation there will be zero physical interface between taxpayers and officials, cutting discretion of officers, government officials said.
No more cuts in corporate tax: Abhijit Banerjee’s advice to FM
"No more cuts in corporate taxes...the corporate sector (is) sitting on cash, it is not investing, " he said.
Government's endeavour has been to further simplify Direct Tax laws: Nirmala Sitharaman
In her message on the 160th Income Tax Day, the minister also lauded the department for being responsive to the needs of the taxpayers during this pandemic time by relaxing various compliance requirements and addressing their liquidity concerns.
Corporate tax cut to mostly benefit less than 1 pc of companies: Survey
The corporate tax cut announced by FM last Sept will benefit less than 1 pc of firms, as per Economic Survey.
Recent cut in corporate tax rate was done to boost investments: CEA
"Private investment is the driver of economic growth. Steps that we are taking, be it corporate tax rate cut, be it code on wages and industrial relations, is to try and create a more favourable environment for investment," Chief Economic Adviser KV Subramanian said at the FICCI Young Leaders Summit. He said investment is required for a sustained economic growth.
Lok Sabha passes Bill to effect corporate tax reduction
The Lok Sabha passed a Bill to replace an Ordinance for effecting reduction of corporate tax rates. In the biggest reduction in 28 years, the government in September slashed corporate tax rates up to 10 percentage points as it looked to pull the economy out of a six-year low growth with a Rs 1.45 lakh crore tax break.