Hardcastle wants higher GST & input tax credit
The move could have a huge implication for the country’s restaurant sector Restaurants across India, such as McDonald’s and Pizza Hut, are currently levied 5% GST and they cannot claim ITC on the tax paid on expenses, including raw materials and rent.
NPS partial withdrawal rules and how it is taxed
NPS offers two types of accounts for an individual - Tier-I and Tier -II. It is mandatory to...
Congress gives notice of adjournment motion in LS over withdrawal of SPG cover of Gandhis
On Monday, the first day of the Winter Session, Con...
CBDT seeks to widen net for appointment of members, makes younger officers eligible for post
Till a couple of years ago, only officers of the rank of Principal Chief Commissioner of Income Tax (PCCIT) were eligible for being considered for appointment as Member, CBDT. CBDT, on November 11, sought to widen the catchment of officers by making eligible all officers of the rank of Principal Commissioner of Income Tax and above.
Buildings composting green waste in Nashik to get 5% concession in property tax
The move is aimed at reducing the waste that the civic body collects from households on a daily basis and that will in turn save money spent on the collection of waste.
Exploring legal options to address contempt notice by SC: Fortis Healthcare
SC on Friday held former Ranbaxy promoters Malvinder Singh and Shivinder Singh guilty of contempt of court for violating its earlier order, asking them not to divest their shares in Fortis Healthcare. The Court has vide the notice sought an enquiry into consummation of the acquisition of healthcare assets from RHT Health Trust by the company.
Tax optimiser: Salaried Kumar can save over Rs 68,000 in tax via NPS, perks
Not only should you ask your employer for the NPS benefit, but you should also invest in the scheme on your own. You can reduce your tax outgo significantly. Hence in this way, you can optimise your tax by rejigging your income and investments.
Court issues notice to ED on Ratul Puri's bail plea New Delhi
Special Judge Arvind Kumar has sent a notice to the Enforcement Directorate directing it to file a reply by November 22 about the bail plea of Ratul Puri who was accused and arrested by ED in connection with the AgustaWestland VVIP chopper deal. Puri moved the bail plea saying he was not required for further investigation.
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Software isn’t manufacturing, won’t be eligible for 15% tax rate
The amendment comes after industry sought clarity on whether software development could be treated as manufacturing and be eligible for the reduced tax rate. On September 20, FM Sitharaman slashed the corporate tax rate to 22% for companies that do not seek exemptions or incentives, and to 15% — from the current 25% — for new manufacturing companies.
How FedEx cut its tax bill to $0
The public face of its lobbying effort, which included a tax proposal of its own, was FedEx’s founder and chief executive, Frederick Smith, who repeatedly took to the airwaves to champion the power of tax cuts. “If you make the United States a better place to invest, there is no question in my mind that we would see a renaissance of capital investment,”.
Finance Commission likely to get extension for working on devolution to UTs of J&K, Ladakh
According to the Act, the distribution of taxes suggested by the 15th Finance Commission to the state of Jammu and Kashmir will have to be apportioned to the Union Territories of J&K and Ladakh. The award made by the Fourteenth Finance Commission to the existing state of Jammu and Kashmir will be apportioned between the successor Union territories of J&K and Ladakh.
South Delhi Municipal Corporation budget: Property tax hike on cards
People living in colonies in C, D and E categories may end up paying more property tax if the budget proposed by SDMC commissioner is implemented. To cover up deficit and increase revenue, it has been proposed to increase the tax from 11% to 12%.
Income Tax department raids BMC contractors
IT said they had conducted search action in Mumbai and Surat on November 6 on entry providers and beneficiaries who have been engaged in execution of civil contracts mainly BMC.
Tax department going after CXO pay cheques
The tax department has started questioning top companies and banks if they were passing on some of the common costs like salaries of chief e...
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