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Taxes

Money Guru: Everything you need to know about taxes for this festival season

Money Guru: Everything you need to know about taxes for this festival season

Tue, Oct 15, 2019

Money Guru: Everything you need to know about taxes for this festival season.

I-T department proposes new norms for taxing MNCs in India

I-T department proposes new norms for taxing MNCs in India

Fri, Apr 19, 2019

The income tax department on April 18 proposed change in the methodology for taxing multinational companies, including digital firms, having permanent establishment in India by giving weightage to factors like domestic sales, employee strength, assets and user base.

Samsung spent $13.6bn on taxes globally in 2017

Samsung spent $13.6bn on taxes globally in 2017

Mon, Jun 18, 2018

The record-breaking amount posted last year nearly doubled from 7.8 trillion won posted in 2015, Yonhap news agency reported.

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CBDT asks taxmen to ensure revenue collection targets are met

CBDT asks taxmen to ensure revenue collection targets are met

Mon, Oct 31, 2016

CBDT has asked taxmen to pull up their socks to ensure targeted revenue collection targets are met as the figures till September show a shortfall of an estimated over Rs 14,000 crore.

India jumps one place on Ease of Doing Business Index; Sitharaman disappointed

India jumps one place on Ease of Doing Business Index; Sitharaman disappointed

Wed, Oct 26, 2016

World Bank's Ease of Doing Business Index put India at 130th rank this year, up one place from last year. Naturally, the government is not happy.

Vedanta Resources pays nearly Rs 13,306 crore in royalties, taxes to India in FY16

Vedanta Resources pays nearly Rs 13,306 crore in royalties, taxes to India in FY16

Mon, Oct 03, 2016

Mining giant Vedanta Resources has paid more than $2 billion (nearly Rs 13,305.5 crore) in taxes, royalties, licence fees and other payments to India in the last financial year ended March 2016.

Assets worth Rs 65,250 crore declared under Income Tax Disclosure Scheme

Assets worth Rs 65,250 crore declared under Income Tax Disclosure Scheme

Sat, Oct 01, 2016

Given the tax rate and penalty of 45%, this can potentially fetch the government a little under Rs 30,000 crore.

Tax dept introduces 2 more draft rules; makes monthly returns mandatory under GST

Tax dept introduces 2 more draft rules; makes monthly returns mandatory under GST

Tue, Sep 27, 2016

Moving at a fast pace, the tax department on Tuesday came up with two more draft rules and their formats on GST returns and refunds requiring assessees to file monthly returns and specifying procedure for claiming refunds of taxes, interest and fees.

Google may have to pay over $400 million in back taxes to Indonesia

Google may have to pay over $400 million in back taxes to Indonesia

Tue, Sep 20, 2016

The tax office alleges PT Google Indonesia paid less than 0.1% of the total income and value-added taxes it owed last year.

CBDT clarifies unconfirmed reports speculating on the taxpayers response on IDS scheme

CBDT clarifies unconfirmed reports speculating on the taxpayers response on IDS scheme

Thu, Sep 15, 2016

The board said,” It would like to clarify that these speculations are not based on any statements issued by the department.”

Income Tax department directs taxpayer to hurry up as IDS window deadline nears

Income Tax department directs taxpayer to hurry up as IDS window deadline nears

Sun, Sep 11, 2016

The Income Tax Department on Sarturday directed the people involved with blackmoney to clear their taxes under the Income Declaration scheme as only 20 days left for the window to close for declaration.

Black Money: RBI directs banks to accept tax payment in cash

Black Money: RBI directs banks to accept tax payment in cash

Fri, Sep 09, 2016

RBI said," The banks have been advised to ensure their branches invariably accept cash from all their customers who desire to deposit cash at the counters."

Starbucks, Amazon pay less tax than a sausage stand, says Austria

Sat, Sep 03, 2016

Multinationals like coffee chain Starbucks and online retailer Amazon pay less tax in Austria than one of the country's tiny sausage stands, the republic's centre-left chancellor lamented in an interview published on Friday.

Here’s why Apple is well prepared to ride the $14.5 billion tax bill imposed by EU

Here’s why Apple is well prepared to ride the $14.5 billion tax bill imposed by EU

Wed, Aug 31, 2016

Apple had warned investors in a July regulatory filing that the Commission’s investigation could lead to "material" liability for further tax payments, but that it could not estimate the impact.

Apple may have to pay over $1 billion as EU to rule against Irish tax laws

Apple may have to pay over $1 billion as EU to rule against Irish tax laws

Tue, Aug 30, 2016

The European Commission accused Ireland in 2014 of dodging international tax rules by letting Apple shelter profits worth tens of billions of dollars from tax collectors in return for maintaining jobs.

GST bill marks growing political consensus for reforms: RBI

GST bill marks growing political consensus for reforms: RBI

Mon, Aug 29, 2016

The central bank said, "The passage of the Goods and Services Tax (GST) Bill marks a new era co-operative fiscal federalism and a growing political consensus for economic reforms."

CBDT notifies protocol for amendment of trade between India, Mauritius

CBDT notifies protocol for amendment of trade between India, Mauritius

Mon, Aug 29, 2016

The Protocol for amendment of the Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains between India and Mauritius was signed by both countries on May 10, 2016.

Cabinet approves signing of Double Taxation agreement with Cyprus

Cabinet approves signing of Double Taxation agreement with Cyprus

Wed, Aug 24, 2016

India, today took another major step in the fight against tax evasion, "round tripping" and "base erosion/profit shifting".

Total income tax returns amounted to Rs 19 lakh crore in 2012-13

Total income tax returns amounted to Rs 19 lakh crore in 2012-13

Sat, Aug 20, 2016

The highest amount of Rs 12.13 lakh crore IT returns coming from the Business Income group, followed by Salary Income which amounted to Rs 6.26 lakh crore.

Are foreign portfolio investors taking a liking to India?

Are foreign portfolio investors taking a liking to India?

Wed, Aug 17, 2016

Gautam Mehra, Leader – Tax and Regulatory, PwC India said, "One of the key takeaways from the Survey is that investor opinion about the Indian tax and regulatory environment is slowly moving in a favourable direction,"

Clintons paid 34.2% federal tax rate from earnings of $10.75 million in 2015

Clintons paid 34.2% federal tax rate from earnings of $10.75 million in 2015

Fri, Aug 12, 2016

In 2015, the Clintons made $1 million in charitable contributions, mostly to the Clinton Foundation; former President Bill Clinton brought in nearly $5.3 million in speaking fees.

Indirect tax collections registers 30% growth upto July 2016

Indirect tax collections registers 30% growth upto July 2016

Tue, Aug 09, 2016

During the month of July the total indirect tax collections had increased by 23.4% as it stood at Rs 68,341 crore in July 2016 from Rs 55,388 crore in the same month a year back.

Trump promises to cut income, corporate taxes in Detroit speech

Trump promises to cut income, corporate taxes in Detroit speech

Tue, Aug 09, 2016

Republican presidential nominee Donald Trump on Monday sought to regain momentum with an economic speech in which he floated new tax breaks and cuts to regulation, as protesters repeatedly interrupted him.

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