Income taxes to fetch a big chunk of govt revenues

Robust growth in corporate and personal income tax receipts will lift the share of income taxes in central government revenues to a 15-year high in FY25, revenue secretary Sanjay Malhotra said. What coincided with FY24’s strong growth in income taxes is the sluggishness in customs and excise duty receipts. It is expected to improve only … Read more

Cognizant’s Rs 19,000cr buyback attracts dividend tax: Tribunal

The Income Tax Appellate Tribunal – Chennai bench on Wednesday ordered that a Rs 19,000-crore share buyback undertaken by technology major Cognizant in 2017-18 attracts dividend distribution tax of Rs 4,853 crore. The ITAT‘s ruling dismissed an appeal filed by Cognizant. Cognizant conducted a share buyback through a scheme approved by the Madras high court … Read more

G7 nations reach ‘historic’ agreement over global corporate tax

Finance ministers from wealthy G7 nations on Saturday pledged to commit to a global minimum corporate tax of at least 15 percent, rallying behind a US-backed plan. “We… commit to a global minimum tax of at least 15 percent on a country by country basis,” said a statement at the conclusion of their London meeting. … Read more

I-T officers to be fair, courteous; taxpayers should be honest, compliant: Charter

The tax department has committed to treat every taxpayer as honest, unless proven otherwise, and provide fair, courteous and reasonable treatment, according to the taxpayers’ charter adopted on Thursday. The charter also expects taxpayers to pay taxes on time and be honest and compliant. Prime Minister Narendra Modi launched the platform ‘Transparent Taxation – Honoring … Read more