Income Tax : Tax on dividends, interest, royalties and FTS earned by non-residents is governed by the more beneficial rate under the Income-tax...
Income Tax : The applicable withholding tax depends on the Income-tax Act or the relevant DTAA, whichever is more beneficial. Treaty rates diff...
Income Tax : The document explains tax rates applicable to individuals, HUFs, firms, companies, co-operative societies, foreign companies, and ...
Income Tax : The Finance Bill, 2026 continues the same tax slabs and rates as the previous year. Individuals, companies and other entities see ...
Income Tax : Analysis of Indian income tax rates for AY 2025-26 & 2026-27. Covers the Old vs. Default 115BAC regimes, corporate tax concessions...
Income Tax : Union Budget 2025-26 introduces tax relief with no income tax up to Rs. 12 lakh, benefiting middle-class taxpayers and boosting co...
Income Tax : MAJOR ANNOUNCEMENTS IN PERSONAL INCOME TAX TO SUBSTANTIALLY BENEFIT THE MIDDLE CLASS PERSONS WITH INCOME UP TO RS. 7 LAKH WILL NOT...
Income Tax : Rates of income-tax in respect of income liable to tax for the assessment year 2021-22 i.e. Financial Year 2020-21 In respect of i...
Income Tax : Press Information Bureau Government of India Ministry of Finance 01-February-2020 14:43 IST New Personal Income Tax Regime heralds...
Income Tax : Corporate tax rates slashed to 22% for domestic companies and 15% for new domestic manufacturing companies and other fiscal relief...
Income Tax : Assessments arising from searches conducted after 01.04.2021 must strictly comply with the reassessment framework under sections 1...
Income Tax : Higher rate of tax was prescribed in section 115BBE through an amendment made vide Taxation Laws (Second Amendment) Act, 2016 and ...
Income Tax : The Finance Act, 2004 introduced section 111A in the Income-tax Act, 1961 (the Act) prescribing a tax rate of 10 percent on Short ...
Income Tax : CIT vs. Vishnu Industrial Gases (Delhi High Court) - Where the department had not disputed that the expenditure was deductible in ...
Income Tax : Circular 29/2019 – Clarifications on set off of brought forward loss due to additional depreciation & MAT credit if comp...
Goods and Services Tax : CBIC notifies concessional CGST rate on specified handicraft items vide Notification No. 21/2018-Central Tax (Rate), Dated: 26th J...
Goods and Services Tax : CBIC allows Refund of accumulated credit on account of inverted duty structure to fabric manufacturers vide Notification No. 20/20...
Goods and Services Tax : CBIC amends list of goods exempt from GST vide Notification No. 19/2018-Central Tax (Rate), Dated: 26th July, 2018 with effect fr...
Goods and Services Tax : CBIC notifies reduced GST Rates on Several Goods vide Notification No. 18/2018-Central Tax (Rate), Dated: 26th July, 2018 with ef...
The draft Direct Tax Code Bill, 2009 (DTC or Code) was released for public comments by the Government of India (Government) on 12 August 2009. The stated objective of the DTC is to establish an economically efficient, effective and equitable direct tax system which will facilitate voluntary compliance and reduce the scope for disputes and minimize litigation.
States that have huge mineral and petroleum reserves, but are economically backward may face significant loss of tax revenues on implementation of goods and services tax (GST), according to economists and experts in public finance. Introduction of GST would lead to the abolition of central sales tax (CST), which is collected by state governments on inter-state sales of goods. The CST rate was reduced from 4% to 2% at the time of introducing value added tax (VAT) in 2005.
DIRECT TAX CODE BILL, 2009 was unveiled by our Hon. Finance Minister on 12th August 2009 and has been placed in the public domain for an analytical study and critical review of all its clauses. It seeks to consolidate and amend all the Laws relating to the Direct Taxes.
In the previous chapter we studied the impact of proposed tax rates and concluded it is more in favour of the rich and not for middle income group. A similar view has also been expressed by group of Senior Income Tax Officials in which they have stated “under the garb of providing long term stability in the tax regime, the tax code in fact would widen the rich-poor gap and create more economic absurdities”[BS.21/09/09] In this chapter we propose to discuss the impact of the new code on the salaried persons who are the most efficient tax payers of this country.
The Income-tax Appellate Tribunal (“the Tribunal”) , in the case of First State Investments (Hongkong) Ltd. A/c First State Asia Innovation and Technology Fund1 (“the assessee”), examined the manner of set-off of short- term capital loss suffered from sale transactions subject to Securities Transaction Tax (”STT”) against short- term capital gains arising prior to introduction of STT, during the financial year.
The long awaited Direct Tax Code Bill 2009 (‘Code’) was finally unveiled by the Finance Minister on August 12, 2009. The Code seeks to bring all direct taxes under one code and pave way for a single unified tax reporting system. The Finance Minister has indicated that the Code has been drafted on a clean […]
It is indeed heartening to note that the tax rates applicable to non-resident corporates are sought to be brought at par with the domestic companies, to be taxed at the rate of 25 per cent. However, correspondingly, the concept of the branch profit tax is proposed to be introduced (which appears to be somewhat akin […]
The new draft Direct Taxes Code proposes to tax capital gains as regular income at normal tax rates, thereby removing the benefits of lower rates for long-term capital gains on sale of shares.
Foreign companies cannot be discriminated vis-a-vis Indian firms so far as capital gains tax on securities transaction is concerned, according to an order by the Authority for Advance Rulings (AAR). Giving its ruling in a case related to UK-based Fujitsu Services, AAR said the company should also be given an option of paying tax at […]
The rates for deducting income-tax at source from Salaries and computing advance tax during the financial year 2008-09 have been specified in Part III of the First Schedule to the Act. These rates are also applicable for charging income-tax during the financial year 2008-09 on current incomes in cases where accelerated assessments have to be […]
