Page 3 - Latest Updates on Corporation Tax
Budget Byte: Healthy corporate profits may help improve govt spending
Rising corporate profits and relatively unaffected salaries may help continue this trend giving a positive impetus to government spending
 "Budget Byte: Healthy corporate profits may help improve govt spending")
Four key reasons why the AAR is losing its relevance in direct taxes
Set up in 1993 to provide clarity to MNCs about taxability of certain transactions, and later to domestic companies for deals above Rs 100 cr, it has become dysfunctional due to vacancies at the top
 "Four key reasons why the AAR is losing its relevance in direct taxes")
Advance tax mop-up dips 25.5% in Q2, led by plunge in corporate tax: Report
Advance tax collections fell 25.5 per cent to Rs 1,59,057 crore in the second quarter of the fiscal, an income tax official said on Thursday
 "Advance tax mop-up dips 25.5% in Q2, led by plunge in corporate tax: Report")
Impact of corporate tax rate cut to be felt in coming years: Anurag Thakur
Govt said the lowering of corporate tax rate has made India a globally competitive and favoured destination for investment and the impact of this landmark reform will be felt in the coming years
 "Impact of corporate tax rate cut to be felt in coming years: Anurag Thakur")
Covid-19 impact: Direct tax refunds down 16% to Rs 64,428 crore in Q1
Corporation tax refunds stood at Rs 40,482 crore, while income tax refunds stood at Rs 23,828 crore in Q1FY21.
 "Covid-19 impact: Direct tax refunds down 16% to Rs 64,428 crore in Q1")
Advance tax collection falls 31% in Q1, corporation tax mop-up down 79%
Gross direct tax collection fell a full 31% to Rs 1,37,825 crore in the first quarter of FY21
 "Advance tax collection falls 31% in Q1, corporation tax mop-up down 79%")
India's tax-GDP ratio plunges to 9.88% in FY20, lowest in 10 years
While the ratio determines the extent to which the government is able to finance its expenditure, it is also an indicator of tax compliance
 "India's tax-GDP ratio plunges to 9.88% in FY20, lowest in 10 years")
Will consider corporation tax rate benefit extension: FM Sitharaman
Says GST rate reduction to go to Council; Council is likely to meet on Friday through video conferencing.
 "Will consider corporation tax rate benefit extension: FM Sitharaman")
Covid-19 crisis threatens to wipe out gains from corporation tax cut
The tax cut in September last year had resulted in a 10% increase in the post-tax profits of index companies
 "Covid-19 crisis threatens to wipe out gains from corporation tax cut")
How the global market rebound is playing out after coronavirus lows
The sharp rebound was underpinned by trillion dollars' worth of stimulus packages, announced by major central banks
 "How the global market rebound is playing out after coronavirus lows")
Direct tax mop-up falls short by record Rs 1.45 trn of revised estimates
Official figures showed that the gross amount collected under direct taxes as of March 31 was Rs 12.11 trillion
 "Direct tax mop-up falls short by record Rs 1.45 trn of revised estimates")
Advance corporation tax collection falls over 10% in Apr-Mar FY20
Total direct tax collections fell over 5 per cent, standing at Rs 9.57 trillion, till March 18 against the revised target of Rs 11.7 trillion for the current fiscal
 "Advance corporation tax collection falls over 10% in Apr-Mar FY20")
Taxmen threaten to stall work in protest if working conditions don't change
Corporation and income tax collection for the current year is likely to fall for the first time in at least two decades
 "Taxmen threaten to stall work in protest if working conditions don't change")
Facing tax and divestment shortfall, govt puts faith in Vivaad se Vishwas
The scheme is the sixth tax amnesty launched by Modi-govt; none of its predecessors has yielded anything close to Rs 9 trillion, the amount the govt hopes to mop up this time
 "Facing tax and divestment shortfall, govt puts faith in Vivaad se Vishwas")
Cut in taxes, infra spending will help revive Indian economy: Anil Agarwal
Besides spending on building infrastructure, the government should focus on exploiting natural resources the country has and look at stake sale in most PSUs, said the mining baron
 "Cut in taxes, infra spending will help revive Indian economy: Anil Agarwal")
Budget 2020 is indeed a 'bold' Budget; you cannot fault Sitharaman here
If doing away with tax exemptions is not 'bold', what is? It has annoyed savers which is as good a definition of 'bold' as you will ever get. Structural reform is like that only
Budget 2020: Exemption on corporate tax to power NTPC, renewables
The renewable energy sector is elated that the benefit will come to them, given no future pipeline of any thermal power projects
 "Budget 2020: Exemption on corporate tax to power NTPC, renewables")
Union Budget 2020: Corporate tax growth of 12% for FY21 'unrealistic'
India Inc tax collections to fall 8% in FY20
 "Union Budget 2020: Corporate tax growth of 12% for FY21 'unrealistic'")
Budget 2020: How will Sitharaman pull off Rs 2.1-trn disinvestment miracle?
The government has promised to raise Rs 120,000 crore via disinvestment, and an additional Rs 90,000 crore from sale of government equity in public-sector banks and financial institutions, in 2020-21
 "Budget 2020: How will Sitharaman pull off Rs 2.1-trn disinvestment miracle?")
Budget session LIVE updates: Congress protests against Anurag Thakur in LS
Budget 2020 Live: Finance Minister Nirmala Sitharaman today presented the annual Union Budget 2020-21 in Parliament. Follow Business Standard for LIVE updates
 "Budget session LIVE updates: Congress protests against Anurag Thakur in LS")
