Proceeds from high-premium unit-linked insurance schemes (ULIPs) have been made taxable to create a “level playing field” with mutual funds, official sources said on Monday. The Central Board of Direct Taxes (CBDT), which formulates policy for the Income Tax Department, had notified on January 18 the rules indicating the methodRead More →
Nirmala Sitharaman The Ministry of Finance has asked for suggestions on the taxation of industries and commercial organizations for the 2022-2023 budget, which will set the tone for the growth of the Indian economy affected by the COVID-19 pandemic. In a communication to professional and industry associations, the ministry invitedRead More →
The Supreme Court observed that it is the government’s responsibility to strive to maintain a practical and simple tax system. can budget and plan, the bench of Judges Sanjay Kishan Kaul and Hrishikesh Roy observed. The court said that … The Supreme Court observed that it is the government’s responsibilityRead More →
Finance Minister Nirmala Sitharaman said on Monday that the rules for the recent tax amendment bill would soon be worked out. “We will have to wait until the rules are set under the recent tax reform bill,” she said when interacting with reporters here. The Tax Laws (Amendment) Bill 2021Read More →
The Rajya Sabha on Monday returned to Lok Sabha the 2021 Tax Laws (Amendment) Bill in the Lok Sabha, which seeks to reverse the effect of the 2012 Finance Bill amendment to impose tax liability on the tax on gains resulting from the indirect transfer of Indian assets with retroactiveRead More →
Following the return of the Tax Laws Bill (2021 Amendment) by Rajya Sabha, all tax inquiries to companies using 2012 Indirect Transfer of Indian Assets legislation before May 28, 2012 will be withdrawn. A bill to end all retrospective taxes imposed on the indirect transfer of Indian assets was dismissedRead More →
Home ” General ” Business ” The government presents a bill to cancel the contentious retrospective taxation New Delhi, August 5 (SocialNews.XYZ) The government has initiated a new round of tax law amendments that will override retrospective tax amendment provisions introduced in 2012 that provided for taxing all gains onRead More →
The High Court of Kerala recently ruled that salaries paid to nuns and priests of religious congregations, working as teachers in educational institutions, are subject to withholding tax while dismissing a batch of nearly 50 court cases. A divisional bench of Judge SV Bhatti and Judge Bechu Kurian Thomas confirmedRead More →
With an overwhelming two-party majority, the Kansas legislature recently passed a Comprehensive Property Tax Transparency Bill (SB 18) modeled specifically on Utah’s long-standing “Truth About Taxation” Act. , Paving the way for major tax relief for Kansas taxpayers in the future. Utah’s number 1 in nation status on property taxRead More →