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India seeks to amend retrospective tax law, FM introduces bill in Lok Sabha indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Experts welcome govt's move to bury retro tax, but with riders business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
Email exchange within firms, transactions on internal systems may face 2% tax SECTIONS Share Synopsis As India broadened the scope of equalisation levy without clarifying what exactly it means by e-commerce or online, a new set of problems is set to create fresh headaches for several Indian subsidiaries of multinationals. ThinkStock Photos A request by an automobile company to its parent located outside India for shipping back certain spare parts through an internal system, hotel booking made by an Indian CEO in a foreign location or an email exchange about developing a particular software all these could now attract equalisation levy. ....
Budget expectations: Will fiscal discipline trump populist demands? One shouldn’t be too surprised if the govt tilts in favour of fiscal discipline given that this has been an equally difficult year for the govt too (Photo: iStock)Premium Amit Singhania, Suyash Sinha The govt is more likely to adopt a balanced approach that marries fiscal discipline with some measures to boost consumption Share Via Read Full Story Many are touting Union Budget, 2021 as a seminal one that will hold the key to several of the problems that India’s economy currently faces. But, a more discerning perspective of the nation’s present economic state suggests that the government is more likely to adopt a balanced approach that marries fiscal discipline with some measures to boost consumption. In fact, one shouldn’t be too surprised if the government tilts in favour of fiscal discipline given that this has been an equally difficult year for the government too. ....
Finance Minister Nirmala Sitharaman in her Budget speech on Monday kept income-tax rates untouched but announced a slew of measures to simplify tax administration, ease compliance, and reduce litigation to boost revenue. These include a dispute resolution committee for small taxpayers, a faceless income tax appellate tribunal (ITAT), addressing double taxation concerns for non-resident Indians, exempting senior citizens from income tax return filing, and reducing the reassessment window to three years from six years in normal cases. Besides, the Budget proposed abolishing the under-performing, authority of advance ruling, to replace it with a two-member board of advance ruling. It will be chaired by an officer not below the rank of chief commissioner. Advance rulings of such a board shall not be binding on the applicant or the department and could be appealed before the high court. ....