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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…
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…
Read More “Why Over Half Of All Income Tax Filings In India Are Zero-Tax” »
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…
Read More “India Charges A Lot Of Tariff, Threatens To Impose Reciprocal Tax: Trump” »
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…
Read More “India Must Impose More Tax On Its Super-Rich People: French Economist” »
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…
Read More “Key takeaways from interim Budget 2024-25 in charts” »
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…
Read More “Foreign cos without PAN can open bank accounts in IFSC-Gift City” »