International Monetary Fund chief Christine Lagarde called today for financial "transparency" among multinational companies to counter tax avoidance schemes in which less-developed countries suffer the most.
Currently, individuals are taxed at slab rates depending upon the level of income but the tax rates are very complex as they comprise of not only the basic rate (10% or 20% or 30%) but also tax levied on account of levy of ed
The commerce ministry has renewed its demand that developers of special economic zones (SEZs), as well as the
units in these enclaves, be given exemption from minimum alternate tax (MAT) and dividend distribution tax (DDT).
In a bid to give stakeholders sufficient time to study the plan, the Finance Ministry has extended the deadline to give comments on the roadmap for corporate tax exemption by over three weeks till December 31.
Government may not extend sunset clauses with regard to tax exemption and phase out investment- linked and area based deductions as part of exercise to reduce corporate tax to 25 per cent from 30 per cent over the next four y
Finance Minister Arun Jaitley today reiterated the government's commitment to bring in a "reasonable and globally-competitive tax regime" through reduction in corporate tax rate to 25 per cent over the next four years.