The $430 billion U.S. Inflation Reduction Act (IRA) passed in August ended $7,500 consumer tax credits for electric vehicles assembled outside North America, sparking anger from South Korea, the European Union, Japan and others.
The exemption allowed for long-term capital gains on equity investments need to be further enhanced to account for inflation, rising income levels and to encourage more investors into equity markets, say analysts.
Designed to end China’s overwhelming dominance of the critical metals sector and passed in August, Biden’s signature Inflation Reduction Act has been welcomed as a landmark climate law that will boost EV manufacture and uptake in the US.
Given that some state governments have been clamouring for a return to the old pension system, some mutual fund distributors say it’s time to give higher tax deduction limits for the National Pension Scheme. Section 80C tax deductions should be linked to inflation, other distributors say.
The time limit of 30 days made available to the assessing officers stands reduced to 21 days, the Directorate of Income Tax (Systems) said.
Although at the moment India cannot afford to slash the tax rate on automobiles drastically, he said a plan to reduce cess on the industry can be looked at considering the sector's contribution to the overall GDP of the country.
Gains arising from sale of immovable property and unlisted shares held for more than 2 years and debt instruments and jewellery held for over 3 years attract 20 per cent long term capital gains tax.
The income-tax department has launched a new helpdesk facility that can help you, in real-time, file your taxes. Although the facility was launched on November 14, it has still not gone live.
The Finance Act, of 2022 introduced a new concept of updated returns, which permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes.
A delegation of the industry chamber met Sanjay Malhotra, Officer on Special Duty, Department of Revenue, and suggested a host of measures related to direct and indirect taxes for the growth and development of the economy.
The net collection of direct taxes, which include personal and corporate taxes, after adjusting for refunds stood at Rs 8.71 lakh crore.
Bank of America Securities on Friday said the key risks to budgeted fiscal deficit include higher subsidies, lower divestment proceeds, excise duty cut on petrol and diesel.
"On GST, it is my submission, therefore, there should be a single rate. I don't think we will ever get it," Bibek Debroy said at an event here.
Debroy argued that it is the direct tax system that must be progressive, and not the indirect tax regime. As such, the GST rate should not depend on what the product is
After the overhaul of the income-tax website to make tax-filing easier comes a proposal to have a common ITR form, which will ensure that taxpayers are asked only relevant questions, depending on the nature and level of their income.
Despite that, it expects the bonds to be sold at a lower coupon rate than other government securities.
In the common ITR form, tax filers will be required to answer questions in 'yes' or 'no' format and additional information will be asked accordingly.
Yes, you can avail of some tax benefits on a home loan if you borrow the money from family, friends on new-age lenders. Read on to find out how and to learn more about other tax benefits on home loans.
The anti-government protest, jointly organized by opposition political parties, trade unions and civil society groups, was blocked by police as marchers attempted to reach a central part of the city where the president's house and other ministries are located.
In today’s edition of Moneycontrol Pro Panorama: RBI's Nov 3 meet seems perfunctory, start-up slowdown may be a passing phase, US Midterm polls and its market implications, market signs favourable for long-term investing, and more
You need to be a co-owner as well as co-borrower to claim a tax deduction against a home loan. Further a deduction cannot be more than the amount of your contribution. Read on to find out what other rules govern home loan deductions.
Goods and Services Tax mop-up has been over Rs 1.40 lakh crore for eight months in a row.
Giving its ruling in the Ultratech Nathdwara Cement Ltd case, the Ahmedabad bench of Customs, Excise & Service Tax Appellate Tribunal (CESTAT) observed that the revenue department has no proper guideline as to what stand is to be taken in a case where the proceedings under the Insolvency and Bankruptcy Code (IBC) is in progress before NCLT/NCLAT or at higher forum.
In what appears to be a relief given to individuals and small businesses where audit reports are required to be attached with income-tax filings, due to the ongoing holiday season, the CBDT has extended the tax-filing deadline to November 7.
On November 8, 2016, Prime Minister Narendra Modi announced the demonetisation of old Rs 1,000 and Rs 500 banknotes and one of the key objectives of the unprecedented decision was to curb black money flows and promote digital payments.