Tax
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Windfall tax on crude petroleum slashed to zero by govt, effective from September 18
Business | Sep 17, 2024, 11:45 PM ISTThe Indian government has reduced the windfall tax on domestically produced crude oil to zero, effective September 18. Previously set at Rs 1,850 per metric ton, the cut comes amid a drop in global oil prices and could lead to lower petrol and diesel costs.
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Cars, bikes get more expensive in Punjab | Check revised tax slabs
India | Aug 22, 2024, 09:54 PM ISTThe new rates of motor vehicle taxes will be levied on the actual price of the vehicle.
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SC allows states to levy taxes on minerals, land holding minerals from 2005 | Details
India | Aug 14, 2024, 12:02 PM ISTSupreme Court's ruling is a landmark decision as the verdict overruled a 1989 judgement, which held that only the Centre has the power to impose a royalty on minerals and mineral-bearing land. Now, states can also levy taxes on mineral rights and mineral-bearing land.
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Net direct tax collection grows 22 per cent to Rs 6.93 lakh crore for current fiscal: Govt data
Business | Aug 12, 2024, 09:33 PM ISTThe rise in direct tax collections is seen as a positive indicator for the government's fiscal health and its ability to fund various developmental and welfare programmes.
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Finance Bill 2024: Sitharaman proposes amendments to LTCG tax provision on immovable properties
Business | Aug 07, 2024, 06:41 PM ISTCentre has brought an amendment to the Finance Bill 2024, to allow taxpayers to select either a 12.5 per cent long-term capital gains tax rate without indexation or a 20 per cent rate with indexation for property acquired before July 23 this year.
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INDIA bloc holds protest against GST on health, life insurance premiums, calls it 'tax terrorism'
India | Aug 06, 2024, 12:03 PM ISTSurprisingly, Union Minister Nitin Gadkari also wrote to Finance Minister Nirmala Sitharaman urging her to consider withdrawing the GST which, he said, amounted to taxing uncertainties of life and restricting the industry's growth.
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Budget 2024: Centre abolishes 'Angel tax' | What it means and how it impacts startups?
Budget | Jul 23, 2024, 01:25 PM ISTWhile presenting the Union Budget 2024 on Tuesday, Finance Minister Nirmala Sitharaman announced that the "Angel Tax" would be abolished. This decision is expected to significantly benefit Indian startups and foster a better environment for their growth.
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Jairam Ramesh's big hit at Modi 3.0 ahead of oath-taking
India | Jun 09, 2024, 06:41 PM ISTCalling PM Modi one-third prime minister, Congress leader asked him about his stance on billionaire tax. He said PM Modi has a chance to show whether he stands with the common people, or with billionaires.
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Tax Savings: How working women can save tax and get good returns | Check best options
Business | May 28, 2024, 11:59 PM ISTWorking women can avail the benefit of income tax exemption under the Income Tax Act. For this, you have to invest in such instruments which give you the facility of tax exemption. There are some investment instruments which provide tax exemption along with guaranteed returns.
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OPINION | PITRODA STIRS A HORNETS’ NEST ONCE AGAIN!
India | Apr 25, 2024, 03:21 PM ISTSam Pitroda's remark created a political uproar in India, with Prime Minister Narendra Modi taking a dig by rephrasing a popular ad tagline, “Loot Ka Khel, Zindagi Ke Saath Bhi, Zindagi Ke Baad Bhi”, meaning the Congress wants to loot people when they are alive and also after they die.
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Rajiv Gandhi scrapped India's inheritance tax law to claim Indira Gandhi's assets, alleges PM Modi
Madhya Pradesh | Apr 25, 2024, 01:29 PM ISTIndia used to have its own version of inheritance tax or estate duty between 1953 and 1985. The law was first introduced in 1953 and abolished in 1985 by the then Congress government under the leadership of former Prime Minister Rajiv Gandhi.
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PM Modi reacts to Pitroda's inheritance tax remark, says Congress wants to snatch people's assets
chhattisgarh | Apr 24, 2024, 12:28 PM ISTIndian Overseas Congress chairman Sam Pitroda's inheritance tax remark provided Prime Minister Narendra Modi more ammo to attack the grand old party amid intense Lok Sabha elections 2024.
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Sam Pitroda advocates 50 per cent inheritance tax in India, backs Congress on wealth redistribution
India | Apr 24, 2024, 10:23 AM ISTSam Pitroda's remarks on wealth redistribution and US-like inheritance tax in India has come at a time when Prime Minister Narendra Modi raised a debate on Congress' intentions to distribute Hindus wealth among infiltrators.
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Finance Ministry clarifies: No changes in new tax regime, issues 6-point note
Business | Apr 01, 2024, 11:07 AM ISTIn a statement, the ministry addressed confusion over the new tax regime, emphasising its lower rates but fewer exemptions and deductions. Finance Minister Nirmala Sitharaman's interim budget assured the preservation of existing tax rates.
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India's EV import tax reduction policy signals victory for Tesla and global automakers
Auto | Mar 15, 2024, 08:51 PM ISTIndia's decision to lower import taxes on select electric vehicles (EVs) marked a significant triumph for Tesla, aligning with the company's persistent lobbying efforts in New Delhi.
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Setback for Congress govt in Karnataka as Bill proposing to tax temples defeated
Karnataka | Feb 24, 2024, 07:12 AM ISTSlamming the Karnataka government, the BJP state chief said that temple funds should be dedicatedly utilised for renovation of temples and to facilitate work beneficial to devotees, rather than diverting it for other purposes, which would be an injustice and betrayal of people's religious beliefs.
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Govt hikes windfall tax on domestically produced crude petroleum, diesel: Know all about this tax
Business | Feb 15, 2024, 09:02 PM ISTIndia introduced windfall profit taxes on July 1, 2022, aligning with a host of countries that levy taxes on the exceptional profits of energy corporations. These tax rates undergo regular review every two weeks, contingent on the average oil prices observed in the preceding fortnight.
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Maharashtra: FIR against State Tax Assistant Commissioner, other GST officers for seeking Rs 1 crore
Maharashtra | Feb 06, 2024, 09:18 AM ISTACB filed an FIR under Section 7 of the Anti-Corruption Act which deals with an offence relating to public servant being bribed.
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Average monthly GST collections to grow 11 per cent to Rs 1.85 lakh crore in FY25: Revenue Secretary
Business | Feb 02, 2024, 02:44 PM ISTFinance Minister Nirmala Sitharaman highlighted the doubling of the GST taxpayer base and monthly revenues since its launch in her budget speech.
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Budget 2024: No change in tax regime this year; check old, new tax slabs
Budget | Feb 01, 2024, 01:50 PM ISTThe finance minister proposed to retain the same direct and indirect tax rates, including import duties.