Income Tax
Experts said surcharge on capital gain on companies is lesser and, therefore, these FPIs could choose to come as a company, if they wanted to pay a lesser surcharge. (Photo: Representational | PTI)
FPIs can opt for corporate route to avail lower tax surcharge: CBDT chief
10 Jul 2019 6:11 PM

FPIs get covered by higher tax rate as they have been investing as a non-corporate entity such as trust or association of persons.

Speaking on the concerns of the foreign portfolio investors on the increased surcharge on income tax, K V Subramanian said, "Stock markets often take some time to see some of the bigger messages. I would urge the market participants to look thorough long-term impacts and factor that in."
Govt to take into account risks associated with sovereign bonds: CEA
09 Jul 2019 7:43 PM

There is a need to manage the risks associated with overseas sovereign borrowings, said CEA K V Subramanian.

Aadhaar and PAN would be made interchangeable as announced by Finance Minister Nirmala Sitharaman on Friday.
5 key changes in annual income tax assessment in Budget 2019
08 Jul 2019 8:30 PM

Additional income tax deduction of Rs 1.5 lakh on home loans for houses under Rs 45 lakh announced in Budget 2019.

There were concerns that the increased surcharge on super-rich could also affect foreign funds investing in India. (Photo: PTI)
Govt to soon issue clarification on applicability of surcharge on FPIs
08 Jul 2019 3:51 PM

Increase surcharge from 15 pc to 25 pc on taxable income between Rs 2-5 cr, and from 15 pc to 37 pc for income above Rs 5 cr.

Revenue Secretary Ajay Bhushan Pandey said before the increase in surcharge the highest tax rate in India was 35.88 per cent. This was against 45 per cent in the UK, 45.9 per cent in Japan, 54 per cent in Canada, and 66 per cent in France. (Representional Image)
Highest personal I-T rate in India still lower than in China, US, South Africa
07 Jul 2019 3:58 PM

Following increase in surcharge, effective income tax rate for individuals with income of Rs 2-5 crore will go up to 39 pc.

Direct tax revenue has significantly increased by over 78 per cent from Rs 6.38 lakh crore in the financial year 2013-14 to around Rs 11.37 lakh crore in the financial year 2018-19.
Budget 2019: High-end income group people need to pay 3 pc to 7 pc more annually
05 Jul 2019 2:57 PM

Budget 2019 proposes to make return filing compulsory for persons, who have deposited more than Rs 1 cr in a current account in a year.

Union Minister also said that faceless and anonymous assessment system for income tax will be rolled out in phases this year.
Budget 2019-20: Those without PAN can now file returns using Aadhaar
05 Jul 2019 2:02 PM

On Thursday, the Lok Sabha passed by voice vote the Aadhaar and Other Laws (Amendment) Bill, 2019.

A whopping 74 per cent of the respondents felt that exemption threshold of personal income tax would be hiked from Rs 2.5 lakh. (Photo: Representational)
Budget may hike I-T exemption threshold, levy 40 pc tax on income over Rs 10 cr: KPMG
30 Jun 2019 12:37 PM

The pre-Budget survey 2019-20 conducted by KPMG (India) included responses from 226 respondents spanning across industries.

Armed forces personnel who suffer any kind of disability due to their service receive separate disability pension.
'Disability pension taxable if personnel retired under normal circumstances'
26 Jun 2019 9:35 AM

The pension will be non-taxable only to those personnel who have retired due to any kind of disability.

According to statistics put out on Income Tax Department's e-filing website, income tax e-filings in FY 2018-19 was 6.68 crore, down from 6.74 crore in the previous fiscal.
Income tax e-filers drop by over 6.6 lakh in FY19: Official data
06 May 2019 11:53 AM

Kotak Economic Research in an April 30 report said:


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