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The <keyword id="19897865" type="General" weightage="20" keywordseo="telangana-government" source="keywords">Telangana Government</keyword> on Tuesday requested the 16th <keyword id="20015455" type="General" weightage="20" keywordseo="finance-commission" source="keywords">Finance Commission</keyword> to increase the share of states in <keyword id="386992" type="General" weightage="100" keywordseo="central-taxes" source="Orion">Central taxes</keyword> from the existing 41 per cent to 50 per cent as over the years cesses and surcharges that are not shared with states have increased. Deputy Chief Minister in-charge of Finance <keyword id="21396591" type="General" weightage="20" keywordseo="bhatti" source="keywords">Bhatti</keyword> Vikramarka in his speech at the meeting with Finance <keyword id="19933395" type="General" weightage="20" keywordseo="commission" source="keywords">Commission</keyword> Chairman <keyword id="20016026" type="General" weightage="20" keywordseo="arvind-panagariya" source="keywords">Arvind Panagariya</keyword> and members also urged the finance panel to ensure that states are given the necessary autonomy to tailor <keyword id="20109166" type="General" weightage="20" keywordseo="css" source="keywords">CSS</keyword> (centrally-sponsored scheme) programmes to their specific development needs. "In addition, we propose increasing the share of states in Central taxes from 41 per cent to 50 per cent. Over the years, cesses and surcharges that are not shared with states have increased, leaving states with a smaller share of total gross tax revenue," he said. Increasing the vertical devolution will give states the fiscal space they need to strengthen welfare programmes, address infrastructure gaps and prioritise local development, he further said. He, however, said it is not just a demand for <keyword id="19909031" type="General" weightage="20" keywordseo="telangana" source="keywords">Telangana</keyword> but for all states, ensuring a more cooperative federal structure that will benefit the nation as a whole. Bhatti further said the state government urges the Finance Commission to reconsider the use of per capita income distance as the primary indicator in determining horizontal devolution as measuring prosperity and well-being solely by per capita income would deny Telangana the resources needed to address the inequities that exist within the state. The state government is suggesting that the formula for horizontal devolution be modified to add at least a 50 per cent weightage to <keyword id="20149362" type="General" weightage="20" keywordseo="gsdp" source="keywords">GSDP</keyword> (gross state domestic production) contribution. "A greater weight on GSDP would incentivise states to adopt reforms that improve productivity, attract investment and create jobs, ultimately contributing to the national economy. This approach would not only make states more competitive but also help reduce regional disparities, encouraging more balanced growth across the country," he opined. Pointing out that certain expenditures for schemes such as Rythu Bharosa, farm loan waivers and food subsidies are often mislabelled as "freebies," he urged the Commission to recognise these programmes as necessary investments in the welfare of our people. He mentioned that a large part of the state's resources is now being diverted toward debt servicing and hence requested the Finance Commission's support in either restructuring this debt or providing additional assistance to help free up resources for further development. The 16th Finance Commission, led by its chairman Arvind Panagariya, held meetings with several political parties, representatives of local bodies and industry chambers here on Monday as part of its visit to Telangana.

Telangana urges 16th Finance Commission to increase states' share in Central taxes to 50%

New Delhi, Feb 1 () The Centre on Saturday proposed to allocate Rs 1,116 crore to Delhi in the Union Budget, keeping the national capital's share in central taxes unchanged and prompting Chief Minister Arvind Kejriwal to term it a "step-motherly" treatment to the city.
The Delhi government was given Rs 325 crore as share in central taxes in the 2020-21 Budget. Rs 10 crore has also been given to it for paying enhanced compensation to the 1984 Sikh riot victims. The same amount had been given in the 2019-20 Budget.
The Centre allocated Rs 626 crore as central assistance against Rs 472 crore in the last budget. Apart from this, the grant for the Delhi Disaster Response Fund remained unchanged with an allocation of Rs 5 crore.
The AAP dispensation has been demanding that the share in central taxes and duties for Delhi be increased.
Taking to Twitter, Kejriwal said a "step-motherly" treatment has been meted out to Delhi in the Union Budget.
"When Delhi doesn't figure in BJP's priorities, why should people vote for it?" Kejriwal said.
"Delhi had high expectations from the Budget, but step-motherly treatment has been meted out to it again," he tweeted in Hindi.
The AAP national convenor asked when the BJP was "disappointing" Delhi before the assembly elections, scheduled on February 8, "Will it fulfil its promises after the polls?"
Earlier in the day, Deputy Chief Minister Manish Sisodia alleged the BJP-led central government has done the "biggest injustice" to the people of Delhi.
He said the central government has allotted Rs 325 crore to the Delhi government as central taxes share in the budget, which is the same since 2001.
Sisodia, who is also the finance minister, said Delhiites give Rs 1.5 lakh crore as taxes to the Centre annually, but the Union government doesn't give anything to the Delhi government.
According to the deputy chief minister, the Centre has also not allocated funds to all the three BJP-led municipal corporations in the budget. BUN BUN ABH
ABH

Budget keeps Delhi's share in central taxes unchanged; Kejriwal says step-motherly treatment

<ul><li>On May 24th, the <keyword id="121964" type="ORGANIZATION" weightage="20" keywordseo="Central-Board-of-Direct-Taxes">Central Board of Direct Taxes</keyword> granted <keyword id="6365770" type="UNKNOWN" weightage="20" keywordseo="angel-investors">angel investors</keyword> a complete tax exemption on their equity investments in small <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword>. </li><li>Until now, a tax of 30% was levied on the amount that the shares issued by startups to investors exceeded their fair value. </li><li>The ruling is expected to encourage high-net-worth individuals and give a significant boost to the startup funding landscape in India. </li></ul>A ruling by India’s Central Board of Direct <keyword id="6368033" type="UNKNOWN" weightage="20" keywordseo="taxes">Taxes</keyword> (CBDT) just made it easier for high-net-worth individuals to invest in startups. On May 24th, the CBDT granted angel investors a complete tax exemption on their equity investments in small startups, above their fair value. The move has been made effective retroactively from April 11th this year. Until now, a tax of 30% was levied on the the value of shares issued above their fair value, by startups to investors, based on the budget released by former finance minister Pranab Mukherjee in 2012. This was done to prevent money laundering and selling of shares at a higher value than they were worth for the purpose of bribery. However, this discouraged angel investors from buying shares at a premium, unlike venture capital funds and foreign investors, which benefited from a tax exemption for the same transaction. The premium received by these startups from angel investors for their equity was oddly classified as “income from other sources” and taxed accordingly. Hence, a lot of startups weren’t able to get the funding they needed in order to grow and compete for investments from VCs. As a result of the ruling, angel investors will be given the same treatment, for tax purposes, as venture capital funds. This is expected to incentivise high-net-worth individuals and give a significant boost to the startup funding landscape in India. Fair value? The major issue of contention here related to the “fair value” of a startup - which fails to take into account intangible assets like goodwill or brand buzz - leaving them vulnerable to higher taxes on their angel investments if authorities feel the investment is well above what their valuation should be. If startups aren’t incentivised to sell their shares at a price above their fair value, their valuation will remain the same, regardless of their progress. The CBDT’s notification also included a change in the entity responsible for assessing the fair value of startups. From now on, only merchant banks, as opposed to chartered accountants, are allowed to determine the value of an enterprise. Strings attached There are some conditions to the tax exemption, however. Firstly, it only applies to startups with a paid-up capital of ₹100 million or less following the share issue. So this covers the bulk of early-stage startups, which still bodes well for India’s startup ecosystem. Secondly, to qualify as an “angel investor”, an individual needs to have a minimum net worth of ₹20 million or an average income of ₹2.5 million in the previous three years. Thirdly, the startup will have to procure a certificate indicating the fair value of the shares from a merchant banker. While the cost of obtaining the certificate from a merchant banker is definitely higher than getting a chartered accountant to sign off on a startup’s fair value, the greater flow of financing will likely make up for this.

High net-worth individuals have a greater incentive to invest in Indian startups now

The <keyword id="121964" type="General" weightage="80" keywordseo="central-board-of-direct-taxes" source="Orion">Central Board of Direct Taxes</keyword> (<keyword id="128665" type="General" weightage="80" keywordseo="cbdt" source="Orion">CBDT</keyword>) on Tuesday issued another circular to further clarify issues arising on deduction of tax at source under the newly-inserted Section 194-R in respect of benefits or perquisites provided to residents in cash or in kind in the course of business or profession. As per the circular, now bank and financial institutions need not <keyword id="14979018" type="General" weightage="20" keywordseo="DEDUCT-TAX" source="Orion">deduct tax</keyword> at source in respect of benefits provided to its borrowers by waiver of loan or advance by way of one-time settlement. Similarly, a company in which the public is substantially interested need not deduct tax at source while issuing <keyword id="50592" type="General" weightage="20" keywordseo="BONUS" source="Orion">bonus</keyword> or rights shares. The implication of this clarification will be that a company in which public is not substantially interested will be required to deduct tax at source while issuing bonus or rights shares despite such receipt of bonus or right shares being not taxable in the hands of the shareholders. The reasoning given in this circular for exempting a company in which the public is substantially interested from deduction of tax at source while issuing bonus or rights shares equally applies to a private company in which the public is not substantially interested, experts said. Experts say this circular may be fishing in troubled waters as it is differentiating between taxpayers. Experts also wonder if by doing that the legislative intent is being bypassed by such circulars. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/amazon-moves-delhi-hc-against-1-lakh-ccpa-penalty-in-pressure-cooker-case/articleshow/94190091.cms">Amazon moves Delhi HC against ₹1 lakh CCPA penalty in pressure cooker case</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/regional-and-folk-singers-are-using-youtube-to-preserve-and-popularise-their-culture/articleshow/94179996.cms">Regional and folk singers are using YouTube to preserve and popularise their culture</a>

Pvt companies required to deduct tax at source while issuing bonus or rights shares

High-income tax payers are going to get priority and extra facilities soon as a tax official is going to address your queries as soon as possible. Around 80% of India’s <keyword id="45697" type="COMPANY" weightage="20" keywordseo="Direct-Tax">direct tax</keyword> comes from 20,000 individuals and entities and the <keyword id="121964" type="ORGANIZATION" weightage="20" keywordseo="Central-Board-of-Direct-Taxes">Central Board of Direct Taxes</keyword> (CBDT) has decided to give them preferential treatment. As per reports, if a priority taxpayer has a query or facing an issue, it will be resolved on urgent basis. Any assessment order on such taxpayers will be vetted by a specialist in that sector before being issued to the company, according to the proposal under discussion. Through this system, the tax department aims to reduce litigation and disputes that India's tax system is burdened. Also, tax evading people will also be monitored and individual taxpayers in the Rs 5-10 lakh annual pay bracket will also be screened. "There is a dire need to have a resolution mechanism at the first stage of the dispute itself, wherein tax payers, especially large tax payers, could discuss with revenue authorities and arrive at a decision/resolution in time," Vikas Vasal, national leader, tax, Grant Thornton India LLP, told ET.

Paying more taxes? You are about to get better treatment, extra facilities

The <a href="http://www.businessinsider.in/searchresult.cms?query=income+tax+department&amp;sortorder=effectivedate">Income Tax officials</a> are working on Operation Clean Money-a dedicated portal to investigate <keyword id="91729" type="UNKNOWN" weightage="20" keywordseo="Tax-defaulters">tax defaulters</keyword>. The portal, which was launched after <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">demonetisation</a> move, will identify tax defaulters with <a href="http://www.businessinsider.in/searchresult.cms?query=pan&amp;sortorder=effectivedate">PAN</a> and look into individuals who have deposits or large purchases not in line with declared income. One of the main aim of the portal is to have minimum involvement. "We are working on a dedicated portal. This will be for those identified as part of Operation Clean Money,” a top government official aware of the deliberations told ET.” The Operation Clean Money will also focus on high-risk individuals who made high-value transactions. They will be questioned by the tax department and already, over 60,000 such people have been identified. As <a href="http://www.businessinsider.in/searchresult.cms?query=black+money&amp;sortorder=effectivedate">black money</a> crackdown remains of the top priorities of the government, this portal will ensure focused and non-intrusive interaction between tax authorities and suspected evaders. The Prime Minister was given a detailed presentation on Operation Clean Money and various actions taken by the apex direct taxes body, <keyword id="121964" type="ORGANIZATION" weightage="20" keywordseo="Central-Board-of-Direct-Taxes">Central Board of Direct Taxes</keyword> (CBDT). The department has identified about 1.8 million persons through the portal who were contacted through SMSes and emails and asked to explain their deposits, pay tax or declare past undisclosed income through the Pradhan Mantri Garib Kalyan Yojana.

Tax officials to have names of defaulters on a dedicated portal; identification process to be non-intrusive

New Delhi, Feb 6 () Central and state tax officers will share information about taxpayers for enforcement action as the government looks to tighten enforcement measures to check GST evasion. "CBIC launches application for sharing information between Centre and State for targeted enforcement action against GST evasion. A big leap in intelligence sharing and cooperative federalism #GST," the Central Board of Indirect Taxes and Customs (CBIC) said in a tweet. Currently, state tax officials administer and control 90 per cent of the assessees below Rs 1.5 crore annual turnover, and the remaining 10 per cent is with the central tax officers.For those assessees with an annual turnover of over Rs 1.5 crore, the Centre and states share control in 50:50 ratio.To plug leakage, the central and state government officials had last month decided to scrutinise goods and services tax (GST) refund claims more diligently, compulsorily investigate all fake claims and step up coordination between income-tax and GST authorities. It was also decided that GST Network, CBIC and Central Board of Direct Taxes (CBDT) will share data on a quarterly basis for early identification and checking of fraud cases. Following delay in payment of GST compensation to states by the Centre due to lower-than-expected revenue collection the authorities have decided to step up enforcement actions and data exchange. JDMKJ

GST evasion: Centre, state tax officers to share taxpayers information to tighten enforcement

<keyword id="2552407" type="ORGANIZATION" weightage="80" keywordseo="The-Central-Board-of-Direct-Taxes">The Central Board of Direct Taxes</keyword> (<keyword id="128665" type="ORGANIZATION" weightage="100" keywordseo="CBDT">CBDT</keyword>) has said that now companies can transfer up to 50% of their manpower from existing units to new ones in special economic zones (SEZs) without losing any tax benefits. This follows intense lobbying by the industry. 
 “It has now been decided that the new transfer or re-deployment of technical manpower from existing unit(s) to a new unit located in <keyword id="45393" type="ORGANIZATION" weightage="80" keywordseo="SEZ">SEZ</keyword>, in the first year of commencement of business, shall not be construed as splitting up or reconstruction of an existing business, provided the number of technical manpower so transferred as at the end of the financial year does not exceed 50% of the total technical manpower actually engaged in development of software or IT enabled products in the new unit,” a CBDT circular said. The earlier limit was 20%. 
 
The CBDT increased the limit following intense lobbying by the industry. The industry had been demanding to enhance the limit in line with the recommendations of the Rangachary Committee, which was constituted to review the taxation of the IT sector. 
 
Welcoming the move, Dinesh Kanabar, deputy CEO, KPMG, said, "It is consistent with the stated policy of the government of removing tax aggression because it specifically provides that past assessments will not be reopened."

Companies Allowed To
Transfer Manpower To SEZs Without Compromising On Tax Benefits

The <keyword id="6378065" type="General" weightage="80" keywordseo="central" source="Orion">Central</keyword> government has slashed the <keyword id="6934085" type="General" weightage="20" keywordseo="windfall" source="Orion">windfall</keyword> <keyword id="45031" type="General" weightage="20" keywordseo="tax" source="Orion">tax</keyword> on <keyword id="45185" type="General" weightage="20" keywordseo="crude-oil" source="Orion">crude oil</keyword> production to zero from Rs 3,500 rupees per tonne, which became effective today, according to an official notification. The windfall tax on diesel has been slashed to Rs 0.5 per litre from Rs 1 per litre earlier. There is no windfall tax on petroleum, jet fuel, or aviation turbine fuel (ATF). Windfall tax is levied by the government on unexpectedly high profits companies earn. It was levied in July 2022 as high energy prices had led to high profits for oil producers. Since then, windfall taxes for crude oil have declined from Rs 23,250 per tonne in July 2022 to Rs 3,500 per tonne as of March 21. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/brahmastras-ayan-mukherjee-to-direct-war-2-hrithik-roshan-confirmed-for-lead-role/articleshow/99236228.cms">Brahmastra's Ayan Mukherjee to direct War 2, Hrithik Roshan confirmed for lead role</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/world-bank-cuts-indias-gdp-growth-to-6-3-for-2023-24/articleshow/99236772.cms">World Bank cuts India's GDP growth to 6.3% for 2023-24</a>

Govt removes windfall tax on crude oil production, cuts for diesel

Getting a permanent account number and paying <a href="http://businessinsider.in/searchresult.cms?query=income+tax&amp;sortorder=effectivedate">income tax</a> won’t be a pain anymore as you may soon able to get them done through your <a href="http://businessinsider.in/searchresult.cms?query=smartphone+&amp;sortorder=effectivedate">smartphone </a>in minutes. 
 
In a move to make things easier for <a href="http://businessinsider.in/searchresult.cms?query=taxpayers&amp;sortorder=effectivedate">taxpayers</a>, the <a href="http://businessinsider.in/searchresult.cms?query=Central+Board+of+Direct+Taxes&amp;sortorder=effectivedate">Central Board of Direct Taxes</a> is working on issuing <keyword id="61610" type="ORGANIZATION" weightage="20" keywordseo="pan">PAN</keyword> on a real-time basis using Aadhaar's e-KYC facility, which allows an individual to verify his or her details such as address using biometric identification features like thumb impressions. 
 "If a SIM can be issued through e- <keyword id="167905" type="COMPANY" weightage="20" keywordseo="KYC">KYC</keyword>, then the same can be done for PAN," an officer adding that the process may be crunched to five-six minutes from two-three weeks at present, told ET. 
 While the number will be issued, the card will be delivered later. The <keyword id="128665" type="ORGANIZATION" weightage="20" keywordseo="CBDT">CBDT</keyword> and the ministry of corporate affairs have ties already to issue PAN to new companies incorporating through a combined form in four hours. 
 
The idea, again, is to move to real-time issuing of PAN, which will also become the business identification number for companies. 
 
An app is also being developed and it will help you pay taxes online and perform a host of other services such as apply for PAN or track your returns. 
 While the department is offering several services online through its portal, the app is expected to make life simpler for seniors as well as young <keyword id="59866" type="COMPANY" weightage="20" keywordseo="taxpayers">taxpayers</keyword>. 
 
The two projects are being done in-house with the directorate of systems coordinating with CBDT, said sources

You may soon get PAN card in minutes. Here’s how

The government has extended the deadline for filing <keyword id="6354679" type="General" weightage="100" keywordseo="gst" source="Orion">GST</keyword> returns for the month of September by a day to October 21, the CBIC said on Friday. On Thursday, taxpayers faced a slow functioning of the GST portal, which was the last date for filing monthly GST returns for some taxpayers. Following that, the <keyword id="12579914" type="General" weightage="50" keywordseo="central-board-of-indirect-taxes-and" source="Orion">Central Board of Indirect Taxes and</keyword> <keyword id="6360806" type="General" weightage="50" keywordseo="customs" source="Orion">Customs</keyword> (CBIC) said that an extension of the due date was being considered. "The GST Implementation Committee of GST Council has approved the extension of the due date of filing GSTR-3B return for the month of September 2022, for the monthly filers, from 20th October 2022 to 21st October 2022," the CBIC tweeted on Friday. Monthly return and tax payment form GSTR-3B is filed in a staggered manner between the 20th, 22nd, and 24th of each month by taxpayers in different states.GST Network (GSTN) provides the technology backend for running <keyword id="6359833" type="General" weightage="50" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> (GST). <keyword id="6354512" type="General" weightage="50" keywordseo="infosys" source="Orion">Infosys</keyword> is the service provider for GSTN. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-falls-12-paise-to-82-91-against-us-dollar/articleshow/95003236.cms">Rupee falls 12 paise to 82.91 against US dollar</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/if-you-are-looking-to-add-sparkle-to-your-portfolio-this-diwali-here-are-ten-stocks-for-samvat-2079/articleshow/95007121.cms">If you are looking to add sparkle to your portfolio this Diwali, here are ten stocks for Samvat 2079</a>

You Searched For "central taxes" and got 11 results

Telangana urges 16th Finance Commission to increase states' share in Central taxes to 50%

PTI

Budget keeps Delhi's share in central taxes unchanged; Kejriwal says step-motherly treatment

PTI

High net-worth individuals have a greater incentive to invest in Indian startups now

Dilsher Dhillon

Pvt companies required to deduct tax at source while issuing bonus or rights shares

IANS

Paying more taxes? You are about to get better treatment, extra facilities

BI India Bureau

Tax officials to have names of defaulters on a dedicated portal; identification process to be non-intrusive

BI India Bureau

GST evasion: Centre, state tax officers to share taxpayers information to tighten enforcement

PTI

Companies Allowed To Transfer Manpower To SEZs Without Compromising On Tax Benefits

BI India Bureau

Govt removes windfall tax on crude oil production, cuts for diesel

IANS

You may soon get PAN card in minutes. Here’s how

BI India Bureau

Govt extends deadline for filing September GST return till Oct 21

PTI

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