Tag Archives: Tax

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 »

Possession Of House Delayed? Some Income Tax Relief in Budget

The Budget 2016-17 announced some relief to home buyers who were losing out on income tax benefits on home loan due to a delay in possession of their house. According to current tax laws, if possession of the house is received more than three years from the end of the financial year in which the housing loan was taken, then ... Read More »

Opinion: The EPF Tax And Other Personal Finance Issues

As far as the personal finance community is concerned, the entire discourse on Budget 2016 has been hijacked by the storm surrounding the proposed taxation of withdrawals from Employees Provident Fund and providing an exemption to 40 per cent of the NPS corpus withdrawn. The issue can be explained like this: in the case of the Employees Provident Fund, both ... Read More »

PF Tax: 25-Year-Old May Have To Pay Rs 56 lakh in Taxes on Retirement

Finance Minister Arun Jaitley’s Budget proposal to tax 60 per cent of Employee Provident Fund withdrawals has come in for huge criticism. EPF, a popular investment instrument for millions of salaried employees, has 3.7 crore subscribers. (Read) The proposal to tax EPF withdrawals, according to the tax bracket of employees, could set back employees by lakhs of rupee, according to ... Read More »

First Indian Tax Amnesty Since 1997 Seeks To Boost Compliance: Foreign Media

India’s Finance Minister Arun Jaitley offered residents with undisclosed income a one-time amnesty from prosecution as pressure mounted on Prime Minister Narendra Modi to deliver on his poll promise of unearthing black money. The window for declaring assets will open on June 1 for four months, Jaitley said in his budget speech on Monday. Taxpayers can get immunity from prosecution ... Read More »

Will a tax on sugar cure obesity?

(Fotolia) Thirty-five years ago, I warned readers about the dangers of excessive sugar consumption and labelled sugar the “white devil”. The sugar industry was not amused, and complained to the College of Physicians and Surgeons that I should be disciplined. I won, after a trying, difficult battle. How things change. Five countries currently have a sugar tax. Now the British ... Read More »

Google, Apple Face Kremlin Tax Fire for ‘Milking’ Russia

When he’s not checking Gmail on his MacBook, Vladimir Putin’s new Internet czar can’t stop railing against American technology companies. Google, Apple and Microsoft, collectively worth more than Russia’s gross domestic product, have all entered German Klimenko’s crosshairs since he was named Putin’s first Internet adviser six weeks ago. In a 90-minute interview peppered with expletives, Klimenko said forcing Google ... Read More »