Tag Archives: Tax

House Committee Approves Small Business Tax Changes

The House Ways and Means Committee last week approved a revised bill that would lower taxes for many small business owners, and Senate Republicans are also proposing changes in the tax laws. The House bill provides for a 25 percent tax rate for many sole proprietors, partners and shareholders in what are known as S corporations. These owners have what are called ... Read More »

Income Tax Scare For Startups For Issuing Preference Shares At A Premium Over Fair Market Value; Tax Experts Also Under Scanner For Valuation Of Startups

In a tax scare for startups, the Income Tax department has sent notices to startups and unlisted subsidiaries of some major Indian companies and multinationals for raising funds through preference shares in excess of what it considers the fair market value. The department has sent notices to about 200 entities under Section 56(2)(vii)(b) of the Income Tax Act, 1961, in ... Read More »

TN theatres shut for 2nd day over 30% entertainment tax even after GST

Theatres across Tamil Nadu will continue to remain shut on Tuesday for the second consecutive day protesting against the state government’s decision to levy 30 per cent entertainment tax over and above the 28 per cent Goods and Services Tax (GST). The double taxation has left the Tamil filmdom in disarray, forcing the Tamil Nadu Film Chamber of Commerce to announce shutdown of theatres ... Read More »

Families could see up to half the value of their home put at risk under ‘dementia tax’

Ministers refused yesterday to rule out that the cap could be as high as £200,000 or £300,000 Families could see up to half the value of their home put at risk under the Conservative’s plans for a cap on their controversial “dementia tax”, according to Liberal Democrat research. Theresa May is under pressure to spell out exactly how much pensioners ... Read More »

Digital Payments: Indirect Tax Assessments Not To Be Reopened If Turnover Rises

The governmenthas been encouraging people to shift towardsdigital mode of payment. New Delhi: The Revenue Department on Sunday said officials will not reopen the past assessments of excise and service tax of assessees even if their turnover in the current period increases on account of digital payments in the wake of demonetisation. In a circular to excise and service tax chief commissioners, the Central Board ... Read More »

EU Regulators Want More Info on Apple’s Irish Tax Deal

European Union antitrust regulators have asked Ireland to provide further details on the country’s tax deal with Apple before deciding whether this constitutes illegal state aid to the iPhone maker. The European Commission, which has been investigating the Apple deal for more than two years, said on Wednesday that Irish authorities had not responded fully to an earlier query. “Ireland ... Read More »

Direct Tax Mop Up at Rs 5.54 Lakh Cr, Indirect at Rs 5.69 Lakh Cr: Government

New Delhi: Government has collected Rs 5,54,179 crore from direct tax as on February 29 and Rs 5,69,056 crore from indirect tax as on January 31 this fiscal, Parliament was informed today. According to revised estimate, Rs 7.52 lakh crore was estimated to come from direct taxes (corporate, and income tax) and another Rs 7.03 lakh crore from indirect taxes (customs, ... Read More »

First-Time Home Buyers to Get Additional Tax Deduction

To lower the burden for first-time home buyers, Finance Minister Arun Jaitley in Budget 2016 announced an additional income tax deduction of Rs. 50,000 on the interest paid. The first-time home buyer will get this additional deduction in the next financial year only if the loan amount is less than Rs. 35 lakh and the value of the property is ... Read More »

Government has Taken ‘One Step Forward’ on Retro Tax Issue: Jaitley

New Delhi: The government has taken “one step forward” to resolve the retrospective tax cases by putting in place a statutory mechanism for ending such disputes, Finance Minister Arun Jaitley said on Wednesday In Budget 2016, he has made a one-time offer to firms facing tax liability on the retrospective tax front by way of waiver of interest and penalty ... Read More »

Take Advantage of Tax Dispute Resolution Mechanism: Government

New Delhi: Taxpayers should take advantage of the dispute resolution mechanism and realise part of the Rs. 5.5 lakh crore locked up in appeals, Revenue Secretary Hasmukh Adhia said on Wednesday. “We have 3 lakh appeals pending and the amount involved is Rs. 5.5 lakh crore wherein people’s fate are hanging. In order to remove all these disputes, we have ... Read More »