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India May Send Tax Notices To More IT Firms After $4 Billion Demand To Infosys: Report
Tax officials may issue notices soon to more major infotech services firms in a scrutiny of alleged evasion of tax on services by their overseas offices, a government source said, a day after Infosys was slapped with a $4-billion tax demand.
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On Sam Pitroda's US Remark, Shivraj Chouhan's Lesson On "Indian Culture And Tradition"
Shivraj Singh Chouhan has taken a jibe at Sam Pitroda, who heads the Congress's overseas chapter over his remarks on inheritance tax and said that India's culture, tradition, and moral values are not of America.
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India Had Its Own Inheritance Tax Till 1985. Why It Was Abolished
Indian Overseas Congress chief Sam Pitroda's remarks on the US's inheritance tax have sparked a political whirlpool here in India amid the ongoing Lok Sabha elections.
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Indian Online Gaming Firms Planning to Relocate Could Violate Laws: Official
Indian online gaming firms planning to relocate overseas to avoid a new 28 percent tax on the sector run the risk of violating the country's foreign exchange laws, Vivek Johri, head of the indirect taxes' department, said on Thursday. New Delhi does not plan to implement the tax retrospectively, he said, in response to speculation it could do so.
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Ministry's Clarification On Tax On Overseas Spending Through Credit Cards
The government on Friday said no TCS will be levied on international spending of up to Rs 7 lakh a year by using debit or credit cards.
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IT Department Said to Be Considering Tax on Netflix's India Operations: All Details
Netflix's income from streaming services in India could soon be taxed by the government, according to an ET report. The streaming firm could be the first overseas digital company providing consumers with electronic commerce services to be taxed in India.
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Xiaomi Feels Sting of China COVID Curbs With 20 Percent Fall in Q2 Revenue, Smartphone Sales Fall 29 Percent
Xiaomi reported a 20 percent drop in revenue year-on-year, as the smartphone giant felt the sting of Covid-19 curbs and restrictions in China. The firm’s stock price has tumbled nearly 40 percent since the start of 2022, hit by the slowing Chinese economy and weakening overseas growth.
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UK Minister Rishi Sunak's Wife To Pay More Tax On Overseas Income
Akshata Murty, wife of Britain's finance minister Rishi Sunak, announced Friday she will start paying UK tax on "all worldwide income," amid controversy over her non-domiciled status.
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Tax Raids At Fintech Firm; Rs 500-Crore Allegedly Sent Abroad Illegally
A fintech company engaged in giving instant loans through a mobile app has been found to have repatriated Rs 500 crore "non-genuine" funds overseas, the CBDT said on Wednesday.
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Opinion: Online Gambling Should Be Made Legal In India
A comprehensive regulatory framework would not just generate employment but also revenue from the grant of licences and taxes on winnings. It may perhaps encourage technological advancement in this area and will help eliminate the invidious role played by bookies who place illegal bets on overseas websites often with the intent of match-fixing usin...
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Cayman Islands Top Destination For Hiding, Laundering Money: Study
British overseas territory theCaymanIslands, the United States and Switzerland do most to help the globe's richest citizens hide and launder money, according to a ranking published on Tuesday by a group pushing for reform.
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Indian Couple Arrested For Duping Canadians Of Millions: Report
An Indian-origin couple has been arrested for allegedly running an overseas telephone scam in which some people posing as tax officials duped people of around Rs 90.68 crore, a media report said.
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Higher Tax On Foreign Investors Withdrawn, Says Nirmala Sitharaman
Giving in to the demands of overseas investors, Finance Minister Nirmala Sitharaman on Friday announced rollback of enhanced surcharge on foreign portfolio investors levied in the Budget.
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Fuel Prices Rise In Karnataka As State Government Hikes Taxes By 2 Per Cent
The Karnataka coalition government increased the state tax on petrol and diesel by 2 per cent with effect from January 1, said an official statement on Saturday. "As the fuel prices declined after fall in crude oil rates in the overseas market since November, the state tax has been revised 2 per cent to 32 per cent on petrol and to 21 per cent on d...
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Illegal Overseas Assets Of "Thousands Of Indians" Under Scanner: Report
The Income Tax Department has launched a major operation to investigate cases of illegal funds and properties stashed abroad by Indians and may invoke the new anti-black money law for strict criminal action in many such cases, officials said on Monday.
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India May Send Tax Notices To More IT Firms After $4 Billion Demand To Infosys: Report
Tax officials may issue notices soon to more major infotech services firms in a scrutiny of alleged evasion of tax on services by their overseas offices, a government source said, a day after Infosys was slapped with a $4-billion tax demand.
-
On Sam Pitroda's US Remark, Shivraj Chouhan's Lesson On "Indian Culture And Tradition"
Shivraj Singh Chouhan has taken a jibe at Sam Pitroda, who heads the Congress's overseas chapter over his remarks on inheritance tax and said that India's culture, tradition, and moral values are not of America.
-
India Had Its Own Inheritance Tax Till 1985. Why It Was Abolished
Indian Overseas Congress chief Sam Pitroda's remarks on the US's inheritance tax have sparked a political whirlpool here in India amid the ongoing Lok Sabha elections.
-
Indian Online Gaming Firms Planning to Relocate Could Violate Laws: Official
Indian online gaming firms planning to relocate overseas to avoid a new 28 percent tax on the sector run the risk of violating the country's foreign exchange laws, Vivek Johri, head of the indirect taxes' department, said on Thursday. New Delhi does not plan to implement the tax retrospectively, he said, in response to speculation it could do so.
-
Ministry's Clarification On Tax On Overseas Spending Through Credit Cards
The government on Friday said no TCS will be levied on international spending of up to Rs 7 lakh a year by using debit or credit cards.
-
IT Department Said to Be Considering Tax on Netflix's India Operations: All Details
Netflix's income from streaming services in India could soon be taxed by the government, according to an ET report. The streaming firm could be the first overseas digital company providing consumers with electronic commerce services to be taxed in India.
-
Xiaomi Feels Sting of China COVID Curbs With 20 Percent Fall in Q2 Revenue, Smartphone Sales Fall 29 Percent
Xiaomi reported a 20 percent drop in revenue year-on-year, as the smartphone giant felt the sting of Covid-19 curbs and restrictions in China. The firm’s stock price has tumbled nearly 40 percent since the start of 2022, hit by the slowing Chinese economy and weakening overseas growth.
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UK Minister Rishi Sunak's Wife To Pay More Tax On Overseas Income
Akshata Murty, wife of Britain's finance minister Rishi Sunak, announced Friday she will start paying UK tax on "all worldwide income," amid controversy over her non-domiciled status.
-
Tax Raids At Fintech Firm; Rs 500-Crore Allegedly Sent Abroad Illegally
A fintech company engaged in giving instant loans through a mobile app has been found to have repatriated Rs 500 crore "non-genuine" funds overseas, the CBDT said on Wednesday.
-
Opinion: Online Gambling Should Be Made Legal In India
A comprehensive regulatory framework would not just generate employment but also revenue from the grant of licences and taxes on winnings. It may perhaps encourage technological advancement in this area and will help eliminate the invidious role played by bookies who place illegal bets on overseas websites often with the intent of match-fixing usin...
-
Cayman Islands Top Destination For Hiding, Laundering Money: Study
British overseas territory theCaymanIslands, the United States and Switzerland do most to help the globe's richest citizens hide and launder money, according to a ranking published on Tuesday by a group pushing for reform.
-
Indian Couple Arrested For Duping Canadians Of Millions: Report
An Indian-origin couple has been arrested for allegedly running an overseas telephone scam in which some people posing as tax officials duped people of around Rs 90.68 crore, a media report said.
-
Higher Tax On Foreign Investors Withdrawn, Says Nirmala Sitharaman
Giving in to the demands of overseas investors, Finance Minister Nirmala Sitharaman on Friday announced rollback of enhanced surcharge on foreign portfolio investors levied in the Budget.
-
Fuel Prices Rise In Karnataka As State Government Hikes Taxes By 2 Per Cent
The Karnataka coalition government increased the state tax on petrol and diesel by 2 per cent with effect from January 1, said an official statement on Saturday. "As the fuel prices declined after fall in crude oil rates in the overseas market since November, the state tax has been revised 2 per cent to 32 per cent on petrol and to 21 per cent on d...
-
Illegal Overseas Assets Of "Thousands Of Indians" Under Scanner: Report
The Income Tax Department has launched a major operation to investigate cases of illegal funds and properties stashed abroad by Indians and may invoke the new anti-black money law for strict criminal action in many such cases, officials said on Monday.
