TAX PROPOSAL
Should Budget 2024 concentrate on making the new income tax regime more lucrative?
Budget 2024 Expectations Tax Relief: As Budget 2024 approaches, individual taxpayers are eagerly awaiting potential changes to exemptions and deductions. The current government's focus on a simplified tax regime with minimal exemptions and deductions has led many to reconsider their expectations. Should taxpayers now look towards the New Tax Regime for relief instead? Traditionally, changes in exemptions and deductions have been key areas of interest.
Proposal to increase customs duty to 20% on agrochemicals will hurt interests of farmers: Report
CropLife India, representing 17 research-driven crop science companies, opposes a proposal to increase customs duty on agrochemical formulations to 20%. They argue that such a move, based on misinformation about high formulation imports, would adversely affect farmers by raising farming costs and limiting access to newer, safer products.
GST, tax reforms will boost growth, equity in insurance sector
The insurance industry in India is gearing up for the Union Budget with expectations for tax reforms, universal health schemes, and social security measures. Collaborative efforts and proactive risk management strategies are highlighted as crucial for creating a financially secure and resilient India.
6 things salaried taxpayers want from Budget 2024: Hike in standard deduction, HRA exemption, work from home benefits and more
Budget 2024 expectations: The upcoming budget is expected to address salary taxation to benefit salaried individuals and boost the economy. Taxpayers expect revisions in areas like standard deduction, tax slabs, and HRA limits to ease their burden and encourage spending. Here are some of the key changes that salaried taxpayers want from Finance Minister Nirmala Sitharaman in Budget 2024.
Tax the billionaires, Congress isn't alone in its demand amid a 'rare political opportunity'
Congress has queried Prime Minister Narendra Modi's stance on "billionaire tax", particularly as it approaches discussion at the upcoming G20 meeting. Jairam Ramesh, Congress's general secretary for communications, highlighted Brazil's proposal, backed by France, Spain, South Africa, and Germany, for a 2% wealth tax on billionaires.
Union Budget: What lies ahead in Budget 2024 for indirect taxes?
Budget Expectations: The upcoming Union Budget by NDA 3.0 is highly anticipated for its economic and social welfare policies to rejuvenate India. The budget is expected to focus on infrastructure, healthcare, education, job creation, and tax reliefs. Indirect taxation, including GST, will be a key area of scrutiny, with potential adjustments to customs duties and the introduction of production-linked incentive schemes. The industry eagerly awaits measures to streamline compliance processes, boost revenue, and support the Make in India initiative.
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Congress pitches for 'billionaire tax'
The Congress party questioned Prime Minister Narendra Modi's position on a proposed 2% wealth tax on billionaires, a topic to be discussed at the upcoming G20 meeting. Congress general secretary Jairam Ramesh highlighted the potential revenue of ₹1.5 lakh crore annually from India's 167 billionaires, emphasizing the tax's potential to fund essential services.
Why a proposed ‘robot tax’ could kill tech innovation, impede growth and complicate tax system
On the face of it, a robot tax sounds appealing. This perspective suggests that as robots take over human jobs, a tax could mitigate job losses, provide funding for retraining programmes and support social safety nets, thus preventing the widening of the wealth gap and inequalities. But won't job loss due to AI be a transitory phenomenon in the long run?
Budget 2024: Zerodha's Nithin Kamath proposes big change in capital gains from the sale of property to boost startups
Nithin Kamath, co-founder of Zerodha, has raised concerns about structural unemployment among Indian youth, emphasizing the need for targeted measures in the upcoming Union Budget. Despite India's impressive economic growth rates, issues with job creation persist, particularly in formal sectors. Kamath highlighted the importance of stimulating entrepreneurship in rural areas often overlooked by traditional investors, proposing amendments to tax laws to incentivize startup investments. He suggested extending tax exemptions currently applicable to residential property reinvestments to include investments in startups, aiming to bolster economic growth and address youth unemployment.
AMFI seeks tax parity for debt funds, fund of funds
The Association of Mutual Funds in India has proposed tax changes for debt-oriented mutual funds and fund of funds in the Union Budget. They recommend a 10% tax rate without indexation, introduction of a debt-linked savings scheme, and a revision of the definition of equity-oriented funds.
Budget 2024: AMFI urges tax concessions for debt mutual funds, releases 16-point proposal
The Association of Mutual Funds in India (AMFI) has released 16-point proposal for Union Budget FY 2024-25 requesting tax concessions in debt mutual funds, parity in taxation on gold and Gold ETF MF, and that all mutual funds should be allowed to launch pension oriented MF schemes with uniform tax treatment as National Pension System (NPS).
Tax the super-rich, ex-leaders tell G20
Former presidents and prime ministers from the Club de Madrid are urging the leaders of the world's 20 largest economies to support a global tax on billionaires in a letter. The proposal, initiated by Brazil's G20 presidency, aims to combat tax evasion by the wealthiest individuals and has garnered support from influential figures across the political spectrum.
The impact of India's 1% TDS on Virtual Digital Assets: A call for reform
India's 1% TDS and 30% tax on VDAs led to a 97% trading volume drop, 81% user decline, and migration to offshore exchanges. NALSAR and Meyappan Nagappan report tax losses and suggest reducing TDS to 0.01%, allowing loss offset, and revising the 30% tax rate. Current tax policy hampers India's digital economy and causes brain drain.
UP tax sops recognise hybrid vehicles importance in cutting emissions, says Maruti
Maruti Suzuki India Chairman RC Bhargava on Tuesday highlighted the Uttar Pradesh government's new policy offering a 100 per cent registration tax waiver on hybrid vehicles. This initiative is designed to reduce carbon emissions and decrease oil imports. Reports indicate that this waiver will lower the prices of hybrid vehicle models by up to Rs 3.5 lakh.
ITR filing: How to check income tax refund status online
Income tax refund status: If you've overpaid taxes for a financial year, you can claim an income tax refund after filing your income tax return (ITR). The refund is issued after your ITR is processed and confirmed via an intimation notice under section 143(1) of the Income-tax Act, 1961. The deadline for filing returns for FY 2023-24 (AY 2023-24) is July 31, 2024.
Income Tax Bonanza in Budget 2024: Will FM Sitharaman make new tax regime attractive in Budget? Changes taxpayers want
Budget expectations 2024 of taxpayers: The Finance Minister, Nirmala Sitharaman, needs to make the new tax regime more attractive to taxpayers while ensuring that key benefits are retained. These benefits, such as the exemption for House Rent Allowance, deduction for housing loan interest, and provident fund contributions for salaried individuals, have been crucial for tax planning.ax planning.
Goa tourism dept's proposed bill aims at plugging revenue leakages, regulating sector: Minister
Goa tourism minister addresses concerns over the proposed bill to regulate events and charge fees. The bill aims to plug revenue leaks, enhance tourism facilities, and ensure discipline in the sector. Stakeholders and common people are invited to provide suggestions until July 21.
Budget 2024: Savings account interest up to Rs 25,000 may get tax exempt
The government is examining a proposal to increase the tax-deductible amount on savings account interest to Rs 25,000. Current limits are Rs 10,000 (Section 80TTA), Rs 50,000 for seniors (Section 80TTB), under the old tax regime. Banks have been advocating for incentives on deposits due to rising concerns over the increasing credit-deposit ratio.
Budget 2024: Will Budget remove the ‘killer’ angel for the sake of Indian startups?
Budget expectations for startups: Ahead of the Budget 2024, the DPIIT has proposed eliminating the Angel Tax for startups to boost capital formation. The department also aims to address the inverted duty structure and high tariffs on electronics inputs. The 'angel tax' issue has sparked political debates, with industry leaders and organizations urging its removal to facilitate startup investments. Startups will await Budget announcements with hopes for measures on angel tax.
Budget 2024: Tax cuts and lower rates top developers’ Budget wishlist
Budget Expectations: As the Union Budget 2024 nears, real estate developers eagerly await tax rationalisation and interest rate cuts for financial viability and growth. The CREDAI and Colliers survey underscores the need for GST input tax concessions and lower interest rates to boost project feasibility. Developers anticipate strong demand in Tier I and II cities, with hopes of sustaining momentum in 2024. Expectations include cost management solutions, price increases, and exploring new residential models. Developers and stakeholders look to Budget 2024 for crucial support in driving sector growth.
EU takes aim at China's Temu and Shein with proposed import duty
The EU considers imposing customs duties on Chinese online retailers like Shein and Temu. The plan involves scrapping the 150 euros duty-free threshold for non-EU online purchases. The high volume of e-commerce parcels prompts the EU to speed up customs reform, impacting companies like AliExpress' parent Alibaba. Shein and Temu are criticized for exploiting US import tax exemptions to sell cheap products.
Income tax relief: Budget 2024 may increase standard deduction under new income tax regime
Will Budget 2024 increase standard deduction: The Finance Minister in the 2023 Budget included a standard deduction of Rs 50,000 for salaried taxpayers and individuals getting pensions in the new tax regime. This standard deduction was made the automatic choice, unless taxpayers chose not to take it.
Failure to tax world's richest means global tax needed: report
The idea of a global tax on the richest is already supported at the G20 by Brazil, France, Spain and South Africa -- although the United States has opposed it. Tuesday's report by economist Gabriel Zucman calls for a coordinated minimum tax standard for ultra-high net worth individuals, arguing "the very wealthy benefit from a gigantic tax privilege".
GST Council proposes interest, penalty waiver on tax dues
"Our intent is to make GST assessees' life easier, simpler and less cumbersome... We are working towards less and less compliance," Union finance minister Nirmala Sitharaman, chairperson of the body, told reporters after the council's 53rd meeting that was held in the capital.
GST Council proposes interest, penalty waiver on tax dues
The GST Council, chaired by Union Finance Minister Nirmala Sitharaman, empowered tax authorities to waive interest and penalties on past tax demands, aiming to ease compliance for GST assessees.
Waiver, other tax reforms top GST Council's docket
The GST Council is set to discuss various measures at its upcoming meeting on June 22 to pave the way for broader tax reforms in the new government's first full budget. These measures include considering a conditional waiver of interest or penalty on tax notices issued between 2017 and 2020, with exceptions for wilful defaulters. The budget announcement is expected in July.
Duty evasion up to Rs 1 crore may not lead to jail term
India proposes to decriminalise provisions in the central excise law, aiming to remove imprisonment for minor duty evasions and reduce penalties. The proposed Central Excise Bill 2024 seeks to modernise provisions, align with GST laws, govern taxation of tobacco and petroleum products, and operate in an automated online mode.
What are the costs behind Trump's economic proposals?
Former President Donald Trump is considering imposing tariffs on all US imports, potentially costing consumers $500 billion annually. His proposals include a 10% tariff on all trading partners and higher levies on Chinese goods, aiming to offset tax cut extensions. These policies could disproportionately impact lower-income groups.
Nestle India shareholders vote against increase in royalty to Swiss parent
Shareholders in Nestle India have rejected a company proposal to increase royalty payments to its Swiss parent Nestle, the company said late on Friday.
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