Sunday, July 27, 2025

Creating liberating content

MUMBAI: Kotak Mahindra Bank on Saturday reported a 40% year-on-year

This is an AI-generated image, used for representational purposes only.

Related News

MUMBAI: Kotak Mahindra Bank on Saturday reported a 40% year-on-year fall in net profit to Rs 4,472.2 crore for the quarter ended June 2025, primarily due to a one-time gain

File photo: Union minister Piyush Goyal (Picture credit: PTI) India’s Free Trade Agreement (FTA) with Oman is at an advanced stage and nearly finalised, Union Commerce and Industry Minister Piyush

File photo: Finance minister Nirmala Sitharaman (Picture credit: PTI) Finance minister Nirmala Sitharaman on Saturday said that sustaining economic growth in the face of global uncertainties remains India’s foremost priority.

This is an AI-generated image, used for representational purposes only. An Indian company that exported $1.4 million worth of an explosive compound to Russia last December said it complied with

File photo: Union minister Piyush Goyal (Picture credit: PTI) Union commerce and industry minister Piyush Goyal on Saturday said the European Union’s Carbon Border Adjustment Mechanism (CBAM) is likely to

File photo: Commerce and industry minister Piyush Goyal (Picture credit: PTI) Commerce and industry minister Piyush Goyal on Saturday said that discussions with the United States on the proposed bilateral

Trending News

MUMBAI: Kotak Mahindra Bank on Saturday reported a 40% year-on-year fall in net profit to Rs 4,472.2 crore for the quarter ended June 2025, primarily due to a one-time gain

File photo: Union minister Piyush Goyal (Picture credit: PTI) India’s Free Trade Agreement (FTA) with Oman is at an advanced stage and nearly finalised, Union Commerce and Industry Minister Piyush

File photo: Finance minister Nirmala Sitharaman (Picture credit: PTI) Finance minister Nirmala Sitharaman on Saturday said that sustaining economic growth in the face of global uncertainties remains India’s foremost priority.

This is an AI-generated image, used for representational purposes only. An Indian company that exported $1.4 million worth of an explosive compound to Russia last December said it complied with

File photo: Union minister Piyush Goyal (Picture credit: PTI) Union commerce and industry minister Piyush Goyal on Saturday said the European Union’s Carbon Border Adjustment Mechanism (CBAM) is likely to

NEW DELHI: Union commerce and industry minister Piyush Goyal on Saturday hailed the newly signed free trade agreement with the United Kingdom and said that the deal was signed on

Govt seeks to drop 6% tax on online ads, US giants may gain

Word Count: 651 | Estimated Reading Time: 4 minutes


Govt seeks to drop 6% tax on online ads, US giants may gain

NEW DELHI: Govt proposes to abolish the 6% equalisation levy or digital tax on online advertisements from April, a move that will benefit advertisers on digital platforms, such as Google and Meta.
The move is part of the amendments proposed by FM Nirmala Sitharaman and comes at a time when India and the US are engaged in steps to improve bilateral ties.
“Govt had removed equalisation levy of 2% on e-commerce last year. Although 2% levy garnered more criticism from the US, in anticipation of more tariff retaliation by US, govt is trying to show a more accommodative stance and removal of 6% equalisation levy on online advertising is a step in that direction,” said Amit Maheshwari, tax partner at consulting firm AKM Global.
Deloitte India partner Sumit Singhania said the move is in sync with endeavour to simplify the law. “Even from an international tax policy standpoint, most of the unilateral measures undertaken by govts around the globe in last several years to deal with tax challenges of digitalisation of economies have to be steadily wound back, to make way for uniform tax rules under two pillar solutions espoused by OECD. Given the context that preceded enactment of equalisation levy, this would be a progressive policy move to restore higher degree of certainty to taxpayers impacted by the levy,” he said. Govt has also proposed amendments to make offshore fund investments less taxing and sought Parliamentary nod for changes related to tax assessments under search and seizure provisions and reconciliation of I-T returns.
“Key amendment is the replacement of term ‘total income’ with ‘total undisclosed income’. In Finance Act 2024, when block assessment regime for search & seizure cases was introduced, ‘total income’ was used. This has caused concerns that in case of taxpayers facing search & seizure proceedings, even disclosed income will be subject to penalties. Now, govt has added a term ‘total undisclosed income’ to clarify that target is to penalise undisclosed income only,” Maheshwari said.





Source link

Most Popular Articles

Sign In

Welcome ! Log into Your Account