Direct Tax expectations from Union Budget 2020

Book loss - Rs.100/-
Income tax Loss -Rs.80/- (due to disallowance of expense of Rs.20/-)

Deferred tax liability or asset ?
On what amount ? on 100 or 80 or on 20 ?
Please reply me with reason.
I am waiting for reply.

Here in the US, “tax season” is extended into the summer. No one likes dealing with taxes, obviously, but we agree that the social benefits outweigh the costs. I can’t speak to how folks feel in...

More self-driving cabs are being launched in China at a time when people are worried about public transport.

Rajesh Hudiyar, a resident of Mahul, was forced to stay at home because of the BEST strike in the city today. The youngster's board exams are hardly two months away but as he could not afford to take an autorickshaw or a taxi, he had to skip going to school.

Not just him, but many other residents of Mahul, most of whom are Tansa pipeline project affected people, are skipping work and school because since buses are not operational.

Meanwhile, the BEST strike in Mumbai has entered its ninth day today.

While Hudiyar says that he is missing important classes, he simply can't afford to spend Rs 100 on an autorickshaw ride.

Vikas Logade, who is a student of a Wadala college, says that he missed a project submission already which he fears will cost him marks in the final assessment but he can't spend Rs 150 on a taxi every day.

Firdaus Sheikh is a Std. 10 student whose preliminary examinations are underway and two of her siblings are skipping school as well.

Mangal Thakur is sending only her elder son, a Std 10 student, to school while her younger son has to sit at home.

She told Mumbai Mirror, “Unscrupulous autorickshaw drivers have jacked up fares. We can’t afford to send both our children to school in such a scenario."

Vivek Gambre who works in a factory in Andheri east says that he has missed seven days of work which has cost him Rs 9000, which is about 25% of his income.

Amita Pawar, a tester in a factory in Sakinaka, says that her daily wage comes to Rs 250 but an autorickshaw will cost her Rs 200 alone. “Then there’s the additional hassle of getting a vehicle in the first place.”

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The Philippines Ministry of Finance has said that a lower value-added tax rate may be possible once the tax base is broadened and wider tax system changes are implemented.

President of the Philippines Rodrigo Duterte revealed during his recent State of the Nation address that tobacco firm Mighty Corporation had agreed to settle three cases of tax evasion with the Filipino government.

FIlipino lawmakers are expected to soon sign off on a long-awaited tax reform bill to bring about personal income tax regime reform and broaden the value-added tax base.

Having accepted a settlement from the tobacco firm, the Philippines Bureau of Internal Revenue and the Department of Justice on October 2 dropped three tax evasion cases against Mighty Corp.

The governments of India and the Philippines on November 22 announced that they would be cooperating more closely on customs matters.

The Philippines' Senate on November 28 approved its version of the Tax Reform for Acceleration and Inclusion (TRAIN) bill, which is expected to exempt 6.8 million workers from paying income taxes.

US business associations say the Philippines' proposed sugar-sweetened beverage tax may infringe World Trade Organization rules and would dent the country's competitiveness.

The Philippines is to take forward its tax reform agenda in January, with a second package of proposals to be tabled before Congress, after the first package was endorsed with some vetoes by President Rodrigo Duterte.

The Philippines Department of Finance has said the country will look to install a 25 percent corporate income tax rate on a broader base as part of the second phase of its tax reform process.

Legislation to bring down the Philippines' corporate income tax rate and overhaul the country's fiscal incentives has been tabled in the House of Representatives.

On February 19 the Philippines Senate adopted three resolutions ratifying agreements for the avoidance of double taxation with Mexico, Thailand, and Sri Lanka.

Corporate tax reform in the Philippines has moved a step closer with the introduction of House Bill No. 7458 into the country's parliament.

Business leaders in the Philippines say they fully support the Duterte Administration's proposed corporate tax reforms and investment incentives package.

The Swiss Federal Council has announced that the free trade agreement between the European Free Trade Association and the Philippines will enter into force for Switzerland on June 1.

Filipino Finance Secretary Carlos Dominguez has called on lawmakers to pass a package of tax measures, including a cut to the corporate tax rate and a reduction in tax breaks and holidays.

Filipino non-profit private schools and hospitals that adhere to high standards will continue to enjoy a corporate tax rate of 10 percent if a bill before the House of Representatives is adopted.

Benjamin Diokno, the Philippines' Budget and Management Secretary, says the Government should secure the passage of all the remaining comprehensive tax reform bills within the next two months.

Lawmakers in the Philippines have endorsed plans for a tax amnesty scheme that will cover estate taxes, general taxes, and delinquent accounts, covering liabilities up to December 31, 2017.

The Commissioner of the Philippines Bureau of Internal Revenue, Caesar Dulay, has said the country will introduce a more stringent audit program in 2019, to further improve the tax take.

The Philippines has launched a tax amnesty for those with unsettled estate tax liabilities.

The Philippines Government has said that it hopes to secure approval from Congress of the corporate income tax reform package within the next few months.

The Filipino Government has said it is planning to launch its proposed estate tax amnesty next month.

The Philippines' Bureau of Internal Revenue has launched a digital tax payments system.

The Philippines' House Committee On Ways and Means has approved a Bill that would overhaul the rates in place on financial services and passive income.

The business of advertising agencies has shrunk by more than 70 per cent following the spread of Covid-19 and the lockdown. In a recommendation to the government, the Advertising Agencies Association of India (AAAI), which is the national association of advertising agencies, has proposed that advertising expense be treated as an investment and the cost be amortised over the next three years.

The objective is to encourage a higher level of expenditure by profitable companies, which will in turn accelerate the revival of economic activity. In a letter to Prakash Javadekar, the Union minister of information & broadcasting, AAAI said on a Rs 100 expense, an advertiser be allowed to claim an expenditure of, say, twice that amount (Rs 200), while computing income tax.

The bulk of the agency's costs are fixed in nature, be it salaries, rent, electricity and communication, among others. "The income and cash flow has been in serious stress in the last month and unless there is some intervention, many businesses will either file for bankruptcy or will have to under-size considerably," the note said.

AAAI president Ashish Bhasin, who is also CEO, Dentsu Aegis Network Greater South and chairman & CEO of India, told TOI, "Advertising industry is like the lubricant to the economy. And the lubricant for the advertising industry is liquidity. If we can infuse liquidity in advertising by encouraging profitable companies to continue to advertise, it will spur consumer demand, which in turn will kick-start the economy. The positive benefit from an improved consumer demand will far outweigh the offsets we are asking for."

With hotels, airlines and other industries impacted by the lockdown, Bhasin said overall average advertising industry revenues have come down by more than 70%. "We had earlier estimated a growth projection of 11-12% for this calendar year. However, with the current situation, we might just end the year with a degrowth," said Bhasin.

AAAI has requested the government to pay its dues to advertising agencies at the earliest possible. AAAI has also asked for an expedited refund of GST applications within 2-4 weeks.

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Governments must borrow to meet their deficits and not impose higher tax burdens when economic activity has ground to a halt amid the coronavirus pandemic, senior Congress leader P Chidambaram said on Wednesday after the Centre and the Delhi government hiked taxes on petroleum products. New or higher taxes are justified only when the economy is booming, the former finance minister said, dubbing the imposition of taxes as "cruel". Tax burdens on the middle class and the poor is actually taxing distress, he said in a series of tweets.

"Governments should give money to the people in times of distress, not squeeze and take money from the people," Chidambaram said. "We have been pleading for cash transfers from the government to the bottom half of the people/families. Instead governments are doing a reverse transfer of money from the people to the government! Cruel," he said.

New or higher taxes will impoverish families further, Chidambaram asserted. "Governments must borrow to meet their deficits, not impose higher tax burdens when economic activity has ground to a halt," he said. Chidambaram's remarks come after the central government on Tuesday night hiked the excise duty on petrol by a steep Rs 10 per litre and that on diesel by Rs 13 a litre.

Retail prices of petrol and diesel will not be impacted by the tax changes as state-owned oil firms will adjust them against the recent fall in oil prices, industry officials said. Petrol prices in the national capital were hiked by Rs 1.67 a litre and diesel by a steep Rs 7.10 per litre after the Delhi government raised local sales tax or value-added tax (VAT) on the two fuels.

Petrol in Delhi now costs Rs 71.26 a litre as against Rs 69.59 previously, oil industry sources said. Diesel price has been hiked to Rs 69.39 per litre from Rs 62.29. Struggling with low revenues during lockdown, several states have also hiked taxes on alcohol.

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The heads of tax authorities from the BRICS states met in Mumbai, India, on December 5-6, 2016, to discuss the implementation of the OECD's base erosion and profit shifting project.