Tag: tax

Government rolls out foreign asset disclosure scheme for small taxpayers

August 15, 2026 admin

Representative image. | Photo Credit: Getty Images/iStockphoto The Income Tax Department on Saturday (August 15, 2026) notified a new voluntary disclosure scheme allowing small taxpayers to declare certain undisclosed foreign assets and income by paying an effective 60% tax, as the government seeks to bring overseas holdings into the tax net without exposing eligible taxpayers…

Nation

Government rolls out foreign asset disclosure scheme for small taxpayers

August 15, 2026 admin

Business

8 Game-Changers In Union Budget 2025

February 1, 2025 admin

On February 1, 2025, Finance Minister Nirmala Sitharaman unveiled her record eighth Union Budget in the Indian Parliament, setting a progressive roadmap for India’s transformation into ‘Viksit Bharat’ by 2047. This budget, which encompasses a comprehensive strategy with a focus on agriculture, MSME, investment, and exports, will significantly stimulate economic growth while addressing both immediate…

Nation

Why Over Half Of All Income Tax Filings In India Are Zero-Tax

January 28, 2025 admin

Almost all finance ministers of India have faced the challenge of widening the country’s tax net. While the debate over how few people pay income tax in India is old, what is less well-known is that many companies also avoid paying income tax. While only 2% of the population pays income taxes, nearly half of…

Nation

India Charges A Lot Of Tariff, Threatens To Impose Reciprocal Tax: Trump

December 17, 2024 admin

US President-elect Donald Trump has reiterated his intention to impose reciprocal tariffs in retaliation for the “high tariff” imposed by New Delhi on import of certain American products. “Reciprocal. If they tax us, we tax them the same amount. They tax us. We tax them. And they tax us. Almost in all cases, they’re taxing…

World

India Must Impose More Tax On Its Super-Rich People: French Economist

December 14, 2024 admin

Richest 1% of India’s population controlled 22.6% of the national income, French economist said. New Delhi: India should do more to tax its super-rich given its high levels of inequality, French economist and author Thomas Piketty said on Friday. The writer of the best-selling book “Capital in the 21st Century” called on India to follow…

Nation

Key takeaways from interim Budget 2024-25 in charts

February 1, 2024 admin

India’s Finance Minister Nirmala Sitharaman during the Vibrant Gujarat Global Summit in Gandhinagar, Gujarat, India, on Thursday, Jan. 11, 2024. | Photo Credit: Bloomberg The Finance Minister presented her sixth budget today. Her announcements ranged from railways, tourism, healthcare, technology, aviation, green energy, aquaculture, housing, and more. With regards to taxation, no changes were announced to…

Business

Foreign cos without PAN can open bank accounts in IFSC-Gift City

October 11, 2023 admin

Non-residents and foreign companies opening bank accounts in IFSC Gift City will not have to furnish PAN and can instead file a declaration. The non-resident or the foreign company opening a bank account at the International Financial Services Centres (IFSC) will have to file a declaration in Form 60 and should not have any tax…

Business