Fitch Ratings said the new Goods and Services Tax regime will hurt the oil & gas, pop-and-mom retail and small and medium enterprise segments, while benefiting auto, cement and organised retail sectors. However, it said it won’t revise it ratings due to this at this point. In a report titled “Varying Impact of India’s GST […]
Free services from Reliance Jio, the telecom services arm of Reliance Industries, brought down the amount of money paid by telecom subscribers in India by about Rs 4,400 cr in just the last three months of 2016, an analysis of the sector data revealed. The numbers indicate that the company’s free offers have helped Indians save a […]
With the financial year drawing to a close, Madhya Pradesh, Gujarat & Mumbai have emerged as the states where people pay the highest taxes on petrol and diesel, while Tamil Nadu was the state with the highest increase in rates this year. In Madhya Pradesh, people pay an eye-watering 39.75% tax on petrol imposed by […]
Finance Minister Arun Jaitley said he is slashing Income Tax paid by individuals by as much as 50% in some slabs. In the starting slab of 2.5-5.0 lakh per year, the income tax rate has been brought down from 10% of income above Rs 2.5 lakh to 5% of income above Rs 2.5 lakh. “If […]
Taxes in India will be made more reasonable as more and more transactions switch to the cashless mode, finance minister Arun Jaitley said. “As more and more transactions are made cashless, they will come under taxation.. (and with this) taxes will be made more reasonable, both direct and indirect,” Jaitley said today. The finance minister […]
Fitch Ratings said the positive effects are unlikely to be strong and sufficiently enduring “to support credit profiles” and will impact GDP growth in the current quarter. Though the gains will be substantial in the short-term, they may not last as people may still go back to their old ways after a while. It said […]
The Supreme Court on Monday dismissed the petition filed by the Income-Tax Department against Reliance Communications on taxing of the proceeds of Foreign Currency Convertible Bonds (FCCBs), said the telecom operator. The Supreme Court order has quashed contingent tax liability of RCOM for about Rs 4,800 crore. During Financial Year 2006-07, Reliance Communications had issued […]
Kerala’s merchants and traders union has asked its members to shut all shops from Tuesday to protest the Center’s decision to swap currency notes to control black money. The central government has withdrawn existing 500 and 1000 rupee notes and asked everyone holding the same to get them exchanged with new notes from their nearest […]
The ongoing crack down on black money alone will not be helpful to remove black money from the real estate sector, industry union ASSOCHAM said. Many buyers of real estate prefer to show lower costs on record simply to avoid the high levels of stamp duties payable on such transactions. In most states, Indians have […]
The country’s biggest bank State Bank of India saw nearly Rs 40,000 cr deposited by the public in its branches in the first two days of the ongoing currency swap. A total of Rs 1,666 cr worth of notes were exchanged. Under the ongoing currency swap, bank customers can get up to Rs 4,000 worth […]
Thanks to technology, the Income Tax department is now able to track all your bank accounts in all the banks in India, and show you the details on its website. The details of your accounts can be seen on incometaxindiaefiling.gov.in — the portal used to file your income tax returns. As of now, only those […]
With bank withdrawals restricted, the Income Tax Department seems to be taking the opportunity to move in on a long-time target of tax evasion investigators — co-operative banks. Several co-operative banks in Kerala have got Income Tax Department notices seeking details of deposits. It is not known if banks in other states have also got similar notices. […]
Mangalore Refinery and Petrochemicals Limited, an oil refinery and subsidiary of ONGC, denied allegations that it has not been paying due excise duty. Media reports carried allegations that the company was not paying due excise duty on its production of Mixed Xylene, a raw material used in a variety of manufacturing industries, quoting tax officials. […]
The effective crude oil price paid by India fell again to record of several years to just $33.35 for the second half of December, petroleum ministry said, implying a petrol price of $1.08 to the gallon or Rs 18.95 per liter. In India, the retail price of petrol is around Rs 63 per liter. Crude […]
Finance minister Arun Jaitley launched a scathing attack on the Congress Party for ending the monsoon session of the Parliament in a wash-out. “No legislation work could happen in monsoon session.. It was sad on the part of nation and at the same time was educative for the nation,” he said today. GST bill could […]
Indirect Tax Collections figures for the first four months of the financial year have pointed to an increase in the tax collection as compared to last year. Indirect tax collection for April-July 2015 registered increased by 37.6% over the same period last year, says the release published by CBEC. For July 2015, increase in indirect […]
The compliance window in the black money law has created more confusion and fear in the minds of the industry leaders, professionals, trading entrepreneurs, than giving any comfort of stress-free regime that treats the tax-payers with respect, the ASSOCHAM said. India’s black money law has tough provisions for those found to be holding assets and […]
