Elaborating further, he said increase in service tax from the next financial year, the restoration of normal tax rates on automobile sector and increase in excise duty of petrol and diesel from November last year would help the government in garnering more revenue.
In 2010, India's share was as high as 32.27 percent, before declining to 23.25 percent in 2011. The FSC is the integrated regulator for all non-banking financial services and global business sectors in Mauritius.
Till now all these investors only factored in a capital gains tax and a one percent TDS for properties above Rs 50 lakh that was only recently introduced in this year‘s Budget.
The Parliamentary Standing Committee on GST had submitted its report on August 7 and dealt with a number of issues
The cabinet is all set to consider the revised direct tax code (DTC) Bill soon. No change is likely in the tax exemption limit, but the bill proposes a new 35 percent tax slab for people with income exceeding Rs 10 crore per annum.
The Finance Ministry may table the Direct Tax Code in the monsoon session of the Parliament. The code seeks the hike of income tax exemption and savings reduction limit.
CNBC-TV18's Senthil Chengalvarayan caught up with Wadhwa to find out his views on the economy and the road ahead for Indian equities.
The new or revised direct tax code bill being worked upon by the finance ministry currently will see key changes in wealth tax, IT slabs and definition of non profit organization, sources from Central Bureau of Direct Taxes (CBDT) informed.
Last week Parthasarathi Shome, Advisor to the finance minister informed that the finance minister wants to place the â€˜DTC (direct tax code) Bill‘ in Parliament by the end of this Budget session in May. DTC is a major attempt to simplify the Income Tax (I-T) rules.
In his Budget speech, Finance Minister P Chidambaram today said that the Direct Tax Code will be introduced in the Budget session of Parliament.
Professionals are clamouring for a rise in current tax exemption limit of Rs 200000 to atleast Rs 300000 in line with the inflation, so that monthly disposable income is slightly higher.
Parthasarathi Shome, key member of the Finance Minister's budget team today hinted at a hike in indirect tax rates to 14% even as the Finance Ministry works on a new direct taxes code.
ELSS is one of the most popular Sec 80C investments wherein investors enjoy both the benefits of capital appreciation, as well as tax benefits. With the financial year coming to a close and sentiments towards equity markets turning positive, investments in ELSS are on the rise. Read this space to know more about this tax saving instrument.
Once the DTC kicks in ELSS will lose its tax benefit. This has raised concerns among investors who are already invested or wish to invest in ELSS. While some of the concerns are genuine, others show that the product is simply misunderstood. Financial expert Manshu Verma enlightens on the effects of DTC on ELSS to help investors understand better.
Union Heavy Industries Minister Praful Patel has said the time is ripe for second stage of economic reforms such as the introduction of Direct Tax Code among other measures with an emphasis to tame inflation.
The Direct Tax Code (DTC) Bill may miss the monsoon session of the parliament, reports CNBC-TV18's Aakansha Sethi quoting finance ministry sources.
One of the most important steps towards a sound financial plan is to get yourself and your dependents insured, particularly if there is only one earning member in the family, says Harshvardhan Roongta of Roongta Securities to CNBC-TV18.
Bonds, especially tax-saving bonds, were a hot favourite among investors in 2011-12, as volatility in the Indian markets prevented retail participants from investing in equity IPOs.
Terming decline in economic growth rate to nine-year low of 6.5% in 2011-12 as "disappointing", Finance Minister Pranab Mukherjee on Monday said the government will take "necessary steps" to improve growth.
Maharashtra is in the process of preparing an exit policy for SEZ developers and then convert the surrendered land-banks into local industrial parks.
By Parizad Sirwalla, Partner, Tax and Regulatory at KPMG.
Rahul Chadha, head of India investment/associate director, Mirae Asset Global Investments says that for the market to perform, successive rate cuts are needed over the next 12-15 months.
CNBC TV18's Payaswini Upadhyay speaks to Kerwin Chung, Principal- Global Transfer Pricing, Deloitte and Anis Charavarty, Director, Deloitte Haskins & Sells on the impact of the changes to the Transfer Pricing Rules
The Income Tax Act, 1961 (the ITA) is proposed to be retrospectively amended to tax transfer of shares of an overseas company, if the value of shares is “substantially” derived from capital assets situated in India. What's more? Find out from the expert!
Cement may become dearer by Rs 5 per 50 kg bag in view of the Budget proposal today to raise excise duty to 12% from 10% earlier. "The hike in excise duty will push up the sales cost by Rs 5 per bag.