taxes and duties

Budget 2024 Capital Gains taxation: Corporate tax for foreign companies slashed to 35%, charities, cruise operations taxation revised

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Budget 2024 Capital Gains taxation: Corporate tax for foreign companies slashed to 35%, charities, cruise operations taxation revised

Simplifying the tax regime for corporate industries, Union Finance Nirmala Sitharaman on Tuesday, proposed new tax structures for charities, foreign shipping companies, rationalisation of capital gains in her 2024 Budget speech. She also reduced corporate tax on foreign companies from 40 to 35%. Ms. Sitharaman’s speech lasted just shy of ninety minutes Also read: Budget … Read more

Direct tax mop-up rises 20% to ₹5.74 lakh cr on higher corporate advance tax

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Direct tax mop-up rises 20% to ₹5.74 lakh cr on higher corporate advance tax

Net direct tax collection grew 19.54% to over ₹5.74 lakh crore so far this fiscal on higher advance tax payment by corporates. The first instalment of advance tax, which was due on June 15, rose 27.34% to ₹1.48 lakh crore. This includes Corporation Income Tax (CIT) at ₹1.14 lakh crore and Personal Income Tax (PIT) … Read more

Net direct tax kitty rose 21% by June 17

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Net direct tax kitty rose 21% by June 17

Direct tax collections are off to a brisk start in the first quarter of this year, with net taxes rising 21% to almost ₹4.63 lakh crore by June 17, from ₹3.82 lakh crore over the same period a year ago, the Finance Ministry said on Tuesday.Personal Income Tax (PIT) and Securities Transaction Tax (STT) inflows … Read more

Amid debate about inheritance tax, rising share of personal income tax and indirect tax remains a concern

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Amid debate about inheritance tax, rising share of personal income tax and indirect tax remains a concern

– During the election campaign, the Congress emphasized social justice and welfare in its manifesto.
– Prime Minister Narendra Modi accused the Congress of having communal intentions with its plans for a caste census and distribution of surplus government land.
– The Congress defended its manifesto, stating that rising wealth inequality in the country needs to be addressed.
– The Finance Ministry released data showing an increase in net tax collections, driven by personal income tax and securities transaction tax.
– The share of corporate tax has been decreasing while personal income tax has been increasing.
– Direct taxes have been decreasing while indirect taxes have been increasing.
– A bulk of those who file personal income tax earn an annual income of ₹1 lakh-₹5 lakh.
– The effective personal income tax rate in India is among the highest compared to other BRICS countries.
– Poorer citizens and the middle-class are shouldering a higher share of the tax burden due to the rising share of personal income tax and indirect taxes.

Net direct tax collections exceed 2023-24 target

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Net direct tax collections exceed 2023-24 target

India’s net direct tax collections grew 17.7% in 2023-24 to hit ₹19.58 lakh crore, with personal income taxes contributing 53.3% and corporate taxes contributing 46.5%. March saw the second-highest gross GST revenue of ₹1.78 lakh crore, lifting FY24 collections to ₹20.2 lakh crore. The gross direct tax kitty for 2023-24 stood at ₹23.37 lakh crore, exceeding the target by 97%. Refunds for tax made in 2023-24 rose 22.74% to ₹3.79 lakh crore.

Cyprus mulls law amendments for access to banking information

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Cyprus mulls law amendments for access to banking information

Authorities in Cyprus are discussing amendments to the law that would require them to request access to individuals’ banking information in cases where taxes or duties levied on behalf of the European Union are involved. The amendments aim to harmonize with an EU directive on mutual assistance for the recovery of claims related to taxes, duties, and other measures. The flaw in the current Cypriot domestic law is that it does not explicitly state the obligation to request the lifting of banking secrecy when recovering taxes and duties. The proposed changes have the support of the finance ministry, the banking association, the Central Bank, and the Personal Data Protection Commissioner. The amendments specify that the authorities making requests to lift banking secrecy will be disclosed on a case-by-case basis.