The last such revision took place effective August 31 when the windfall tax on crude petroleum was set at ₹1,850 per tonne

The I-T Department said that due to the difficulties faced by taxpayers in electronic filing of audit reports, the deadline is being extended from September 30, 2024 to October 7, 2024

The regulator will make a case for a tax break for municipal bonds during a meeting with the finance commission

These ideas may be taken up by an internal committee of the Income Tax Department that has been formed to oversee the review of the 1961 law.

The income tax department had collected ₹9.51 lakh crore during the same period a year ago.

Bigger rice shipments from India would beef up overall global supplies and soften international prices

Refunds worth ₹2.92 lakh crore was issued during the period, a 53% jump over year-ago period.

F&O trading comes with complex tax implications that need to be properly understood to ensure tax compliance and optimise liabilities.

Once the price war is over, we can all collaborate, says Blue Bird president director Noni Purnomo.

The post Taxis can coexist with ride-hailers, says Blue Bird president appeared first on DealStreetAsia.

I worked in a company for three years from 2016 to 2019 and as I attained 60 years, as per company policy they retired me. After this I applied for final withdrawal of PF from EPFO. I got the withdrawal amount, however they deducted Income Tax at 10% (TDS). Here my query is my service was only 3 years and due to my age I was not able to complete minimum age of 5 years and company as per the policy retired me. In this case can I claim refund of IT deducted. If so, under which section.

Thanks in advance

Company: Jesseena Marine Services Private Limited
Experience: 4 to 7
location: Saudi Arabia
Ref: 24828815
Summary: Job Description : Vacancy for one of the Reputed Ministry of Defense -Military Hospital in Saudi Arabia. Criteria: - BSc / Post BSc Nursing from Govt. approved college through regular medium - 4 years experience....

Company: Jesseena Marine Services Private Limited
Experience: 3 to 5
location: Saudi Arabia
Ref: 24828613
Summary: Job Description : Vacancy for one of the Reputed Ministry of Defense -Military Hospital in Saudi Arabia. Criteria: - BSc / Post BSc Nursing from Govt. approved college through regular medium - minimum 3-5 years of ....

Company: Jesseena Marine Services Private Limited
Experience: 4 to 5
location: Saudi Arabia
Ref: 24828612
Summary: Job Description : Vacancy for one of the Reputed Ministry of Defense -Military Hospital in Saudi Arabia. Criteria: - BSc / Post BSc Nursing from Govt. approved college through regular medium - minimum 3-5 years of ....

The transport company Optare is using the Government scheme despite owners - the Hinduja family - building a huge fortune. Pictured are the brothers Srichand and Gopi Hinduja.

Mark Wahlberg is reportedly using taxpayer cash to pay staff in his London restaurant amid the coronavirus pandemic.

Earlier this week, the central government raised excise duty on petrol and diesel by Rs 10-13 per litre, however, it directed state-run oil marketing companies to not increase retail selling prices and chose to offset it against the sharp decline in

An OMer learning Turkish was encouraged when she shared the message of the gospel with a taxi driver in a city in Western Turkey.

In order to get this service, the customers need to update their Rapido Android app. All details here.

This effectively eliminates the role of middlemen and allows farmers to sell their produce directly to consumers and traders outside the mandi yard.

As for MFs, many of them are backed by strong parents—in India and overseas—and this is the time for them to support their offspring.

The Covid 19 crisis is an opportunity to redefine tax policy and law. A calibrated approach to balance welfare economics with a vision to pioneer economic activity and national growth is needed.

The Covid 19 crisis is an opportunity to redefine tax policy and law. A calibrated approach to balance welfare economics with a vision to pioneer economic activity and national growth is needed.

According to data from GSTN, over 19,552 tickets raised by taxpayers were resolved between March 25 and April 24.

The central government too had raised excise duty on petrol and diesel by Rs 3 per litre each in March to raise an additional Rs 39,000 crore annually. This hike negated the benefit arising from international oil prices slumping to two-decade lows.

The government’s surprise move to increase excise duty and cess on petrol and diesel may not help the exchequer in raising tax revenues by much.

Leung Chun-Ying, Hong Kong's Chief Executive, has opposed the plan to impose an entry tax for the foreigners who are entering the territories by land.Two democratic parties of Hong Kong had proposed US$ 13 tax to restrict the inflow of mainland tourists.There…

The renewable energy industry has come a long way in relatively little time. The costs of renewable technologies continue to go down, while renewable capacities at many utilities continue to go up. Although, in many cases, renewable technology is mature and ready for utility-scale deployment, state and federal production and investment tax policies appear less evolved.

In a lopsided 23-3 vote, the U.S. Senate Finance Committee voted yesterday to extend a number of renewable energy production tax credits through the end of 2016. The vote allows developers of wind, geothermal, biomass, landfill gas, incremental hydroelectric, and ocean energy to take advantage of federal tax credits for projects begun before December 31, 2016.

Chief among big renewable winners was the wind energy industry, which received extensions to the Production Tax Credit (PTC) and the Investment Tax Credit (ITC). If passed, wind farms would qualify for a 2.3-cent-per-kilowatt-hour (kWh) credit through the end of 2016.

For those clamoring for (and against) the year-end-expiring legislation, and anyone in favor of some tax-code simplification, today the government has offered an early holiday present: proposed reform for some key areas including the production tax credit (PTC) and investment tax credit (ITC).

In a recent case the First-tier Tribunal (Tax) confirmed that a compensation payment that was made to an employee on the termination of their employment was taxable, notwithstanding that the payment related to discrimination and injury to feelings. ...

This VAT and Duties Tribunal decision, Riverside Sports & Leisure Limited, concerned the grant of a lease over sports facilities. It illustrates the point that value added tax (VAT) can be problematical in the most innocuous of transactions. In...

Globalisation affects and impacts the football industry as a whole, just like any other economic sector. The professional football clubs across Europe have to factor in and deal with various issues to attract the best players to compete in the Europ...

Taxi drivers say some customers spend $100 a week on fares to and from work

ISLAMABAD: The Federal Board of Revenue (FBR) has drafted tax proposals for Budget 2020-21 mainly focusing on “simplification of laws and removing tax anomalies,” Dawn has learnt from knowledgeable sources.

Unconfirmed reports are that the government is likely to announce a ‘tax-free budget’, an official in the FBR told Dawn, adding a final decision will be taken after consulting with the International Monetary Fund (IMF) after Eidul Fitr.

Also read: Govt, IMF agree to put on hold $6bn programme

Meanwhile, Finance Adviser Abdul Hafeez Shaikh has already termed the next year budget a ‘corona-budget’.

It will depend on the IMF whether it considers Pakistan’s proposal to lower tax target for TY21. The Fund had proposed a tax target of Rs5.1 trillion for the next year, which is higher by 30pc from the FY20’s proposed collection.

Consultation with IMF after Eidul Fitr

For the current year, the IMF has lowered the FBR tax target to Rs3.9tr, from Rs4.8tr to subside the impact of Covid-19 on businesses. However, achieving this benchmark also depends on the revival of activity before and after Eid and the entire June, the official added.

Another senior tax official told Dawn that the Fund officials meeting with Pakistani economic team will determine the direction of the next budget whether it will be tax-free or have some taxation to achieve the following year’s target.

The official said the FBR has already completed its homework on budget proposals for the next year and is currently working on identifying anomalies that should be removed.

“We are also working on simplification of tax laws to facilitate taxpayers,” the official said.

At the same time, the FBR is also engaging all stakeholders to identify problems related to taxation for redressal. “We will also consider tax incentives in the next budget for some sectors to help them revive their business,” they added.

Some of the proposals on the table from stakeholders are the revival of zero-rating for the five export-oriented sectors, allowing lower rates of sales tax on domestic sales of textile, clothing, waiver of CNIC conditions for traders and reducing the sales tax rate to 5pc from 17pc. “These are the demands of the stakeholders,” the official said.

Tax officials privy to budget-making said the FBR will try to avoid the introduction of new tax measures but will defend the continuation of those already in place. “It will be best to preserve our existing tax measures for now and see onward in the year how it progresses,” the officials commented.

At the moment, the focus is on the ease of doing business and facilitating taxpayers through information technology support. As the economy will revive, the FBR will support any new taxation proposals, they continued.

However, a senior tax official said the FBR cannot do away with maximum existing tax measures. “We need money for running the government machinery,” he said, adding other measures like printing of notes will add to inflationary pressure in the country.

The FBR has already worked out the impact of ongoing lockdown and closing down of businesses on the country’s revenue collection. The IMF has approved the incentive package for the construction sector on the request of Prime Minister Imran Khan to create employment.

“We are under an IMF programme so all budget proposals will be discussed with them,” the official said.

The FBR estimates a revenue loss of Rs450 billion in the first quarter (July-September) of next fiscal year in case the partial lockdown remains. It further projects that in case the partial lockdown extends, the tax body will see another shortfall in revenue realisation to the tune of Rs350bn.

According to the official, the FBR will try to recover some portion of the shortfall in the second half of the year. However, the government will have no other options but to seek a loan to bridge revenue shortfall. “You cannot bridge such a huge gap with new tax measures,” the source said.

Moreover, the FBR estimates also show that imports will remain on the lower side in the first half-year and so is the case of exports until orders revive. The domestic economy will revive to some extent while revenue collection from the services sector will be much lower from last year’s level.

Published in Dawn, May 10th, 2020

Dear sir,1) Can I received donation of Rs.50lakhs by cheque or cash and is any requirement of any deed.2) Can I received a house of Ra.50lakhs in a form of donation.Note : In both cases doonation by individual who is not cover under relative definition.Pls suggest me tax

The International Maritime Organization has confirmed that 47 countries have now ratified the Ballast Water Management Convention – more than the 30 required – but these countries' combined fleets comprise 34.35 percent of global tonnage, below the level required for the Convention to enter into force.

Most OECD governments use tax incentives to encourage businesses to invest in research and development (R&D) to boost innovation and drive economic growth. Others, like China, India and South Africa, are doing the same. But reforming these incentives would give countries a better return on their investment and support young innovative firms that play a crucial role in job creation, according to a new OECD report.

Finding new sources of growth right now is tough. And in a time of rising inequality, to do so equitably and fairly is even tougher. Innovation can help, but with budgets stretched to the limit how can governments boost innovation in their economies?

Advanced economies are pushing up carbon emissions, traffic congestion and air pollution by under-taxing company cars and diesel fuel, according to new OECD research.