Government to press ahead with Rs 40,000 crore tax demand on FIIs - FM
PrintListen to this Article
"FIIs went to a tribunal, which is called Authority for Advance Rulings (against levy of 20% Minimum Alternate Tax on capital gains). The tribunal has decided against them. I can change the face of India's irrigation with that Rs 40,000 crore," he said.
On multi-billion dollar tax demands on Cairn Energy Plc of UK and Cairn India, Jaitley said the tax assessment orders were passed in January 2014 and demands were follow-up related notices. "Since they are entitled to challenge (notices) in court, we will see what the courts decide."
Talking about the initiatives taken by the new government, Jaitley said in the last one year no retrospective tax law has been brought and "not a single new notice has been issued. My only problem is with regards to legacy issues that I inherited from the previous government". Jaitley also expressed hope that the bill for introduction of Goods and Services Tax (GST) will be passed in the coming session of Parliament.
Despite two rate cuts this year by RBI, finance minister Arun Jaitley on Tuesday said he wants interest rates to be "a lot lower".
Jaitley also asserted there were no differences between the government and RBI. "My position very clearly is not very different with that of the Reserve Bank. We need to manage inflation along with growth. Now, we cannot afford to have inflation go up radicaly so RBI is little conservative and they try and manage the inflation so they are a little careful in lowering the interest rates."
RBI governor Raghuram Rajan had cut repo rate by 0.25% each in January and March outside scheduled monetary policy reviews. He, however, kept rates unchanged in the first bi-monthly monetary policy of the current fiscal earlier this month. Jaitley said "there is nothing wrong" in two institutions — government and RBI — having conflicting opinions. "Now there are evolving opinions world over on the role of central bank. Reserve Bank in India has done a great job."
Referring to public debt management, Jaitley said except for Russia, China and few countries, it has been entirely shifted to the government from the central bank. Even the Raghuram Rajan Committee had earlier said that there was a conflict of interest in RBI managing the government, he noted. (Times of India)
Category : Income Tax | Comments : 0 | Hits : 332
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
As many as 5,44,205 appeals were pending resolution with the Income Tax (IT) Department at commissioner (appeals) level as of January 31 this year, and 63,246 at various Income Tax Appellate Tribunals (ITATs), High Courts, and the Supreme Court, FE has learnt. To be precise, the cases pending in ITATs were 20,266 High Courts, 37,436; and Supreme Court 5,544. The large pendency is even as the Central Board of Direct Taxes (CBDT) has laid emphasis on disposing of income tax appeals in its 10...
The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their Returns. Companies will also be able to file their ITRs through ITR-6 from April 1 onwards. As ...
It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that the new regime under section 115BAC(1A) was introduced in the Finance Act 2023 which was as under as compared to the existing old regime (without exemptions): New Regime 115BAC (1A) introduced for FY 2023-24 Existing old Regime 0-3 lacs 0% 0-2.5 lacs 0% ...
Comments