The deduction for inter-corporate dividends for companies choosing the 22% tax rate, as authorized by the Income Tax Act of 1961, has been removed in the Income Tax Bill 2025. Under Section 80M of the present income tax law, Indian companies are allowed to deduct dividends received from domestic or foreign companies, as well as … Read more
Union Budget 2025: Amid the calls for tax relief to common taxpayers by relaxing the tax slabs in the upcoming Budget, finance analyst and Wisdom Hatch founder Akshat Shrivastava stated that the government should consider offering significant tax relief to middle-class taxpayers to boost the economy. Highlighting the current world situation vis-a-vis India, Shrivastava noted … Read more
Net direct tax collection saw a significant increase of 16.45% year-on-year, reaching a total of over Rs 15.82 lakh crore by December 17 of the current fiscal year, as per the recent government data. The growth was largely driven by a higher advance tax collection, which rose by 21% to Rs 7.56 lakh crore during … Read more
Finance Bill 2024: Union Finance Minister Nirmala Sitharaman on Wednesday said that the government has successfully brought in a simplified tax structure. While replying to the discussion on the Finance Bill in Lok Sabha, FM Sitharaman said that the claim that corporate taxes are lower than the individual taxes claim is not well founded. While replying … Read more
Japan’s Prime Minister Fumio Kishida delivers his policy speech during an extraordinary session of the Diet at the parliament in Tokyo on October 23, 2023. Photo: Kyodo News via AP Japan’s Prime Minister Fumio Kishida said on October 23 he is preparing to take bold economic measures, including an income tax cut for households hit … Read more
Back in 2010-11, India’s corporate tax mop-up was twice its personal income tax (PIT) collection. Now both are almost equal. In the past decade, the nation’s direct tax story has shown a trend: while the growth of companies’ tax payouts has been modest, citizens are contributing much more to the exchequer than what they used … Read more
The income tax department on Thursday said it has issued refunds of over Rs 1.54 lakh crore to more than 1.59 crore taxpayers so far this fiscal. This includes 1.20 crore refunds of Assessment Year 2021-22 (fiscal ended March 31, 2021), amounting to Rs 23,406.28 crore. “CBDT issues refunds of over Rs 1,54,302 crore to … Read more
G7 countries that make up lucrative markets for US tech giants have moved closer to a plan to squeeze more tax money from the coffers of Amazon, Apple, Facebook and Google. The group, including Britain, Canada, France, Germany, Italy, Japan and the United States, has visions of a global tax rate of at least 15 … Read more
Mumbai: Advance tax collections fell 25.5 per cent to Rs 1,59,057 crore in the second quarter of the fiscal, an income tax official said on Thursday. However, there was improvement over the first quarter ended June, when advance tax revenue had plunged 76 per cent to a tepid Rs 11,714 crore as the whole economy … Read more
Voters in Switzerland have shocked the political establishment by rejecting a reform plan that would have brought the country’s corporate tax system in line with international norms. The tax reforms, which were widely supported by the business community, would have removed a set of special low-tax privileges that had encouraged many multinational companies to set … Read more