Govt cuts corporate tax rate to 22%, relief on buyback tax

The finance ministry lowered the corporate tax rate to 22% for firms that do not avail tax incentives. New manufacturing companies will have to pay an even lower corporate tax rate of 15% Listed companies announcing share buybacks before 5 July to be exempt from buyback tax New Delhi: The government on Friday cut corporate … Read more

India readies plan for $4 billion Tesla-scale battery storage plants

India will need 6 gigawatt-scale plants of 10GWh each by 2025 and 12 by 2030 Apart from EVs, such battery storages will cater to the consumer electronics industry and electricity grids, given the intermittent nature of electricity from clean energy sources New Delhi: India is putting the final shape on a plan to build at … Read more

Interest equalization rate for pre & post shipment credit for MSME Textile exporters enhanced: Smriti Irani

New Delhi, July 12 (KNN) Government has enhanced interest equalization rate for pre and post shipment credit for exports done by Micro, Small and Medium Enterprises (MSMEs) of textile sector from 3% to 5% from November 2, 2018, said Smriti Zubin Irani, Union Minister of Textiles. In a written reply to Lok Sabha, she said “Benefits … Read more

Budget 2019: 80 business incubators, 20 technology incubators to be set up in 2019-20

In 2019-20, under Government’s flagship rural entrepreneurship focused ASPIRE Scheme ( A Scheme for Promotion of Innovation, Rural Industries and Entrepreneurship), 80 livelihood business incubators and 20 technology business incubators will be set up to produce 75,000 skilled entrepreneurs in agro-rural industries, announced the Finance Minister Nirmala Sitharaman while presenting the Union Budget 2019 in … Read more

Budget 2019: Five key income-tax related announcements FM made

While the income tax slab rates were kept unchanged, Finance Minister Nirmala Sitharaman on Friday announced a number of new income tax proposals while presenting Budget 2019. “My tax proposals will aim to stimulate growth, incentivise affordable housing, and encourage start-ups by releasing entrepreneurial spirits. It will also be geared towards promoting digital economy. I … Read more

FIEO proposes Export Development Fund for MSMEs in Union Budget

The Federation of India Exporters Association (FIEO) on Tuesday urged the government to announce various measures such as employment-linked income tax benefits and an Export Development Fund with a corpus of 0.5 percent of export value for Micro, Small and Medium Enterprises (MSMEs) in the upcoming Union Budget 2019. For small exporters, it said marketing … Read more

Income tax return filing: Here’s a step by step guide for salaried individuals

July 31 is the last date to file your income tax return (ITR) for FY 2018-19. By filing your ITR on time, along with certain benefits such as carry forward of losses, you will also avoid paying late filing fees. If you file your ITR after the deadline you will have to pay late filing … Read more

Budget 2019: Startups, MSMEs seek faster payment processing and GST relaxation

With Union Budget 2019-20 less than a month away, startups and small-scale enterprises have sought faster payment processing and relaxation in certain Goods and Services Tax (GST) norms. The twin factor, according to discussions held during a recently held pre-budget consultation meeting, continues to pose serious cash flow problems for MSMEs and startups. Community engagement … Read more

GST council to introduce new GST return system

NEW DELHI: Businesses will be able to use the new return filing forms under Goods and Services Tax (GST) on a trial basis for three months beginning July, the government said, spelling out the transition plan for the new tax return filing system on Tuesday. Currently, companies and businesses have to file tax returns via … Read more

New enhancements in e-way bill system introduced to ease out the process

New Delhi, Apr 25 The Central Government has introduced new enhancements to the E-Way Bill (EWB) system in order to ease out the process for the taxpayers and the transporters. The introduced changes in the e-way bill system includes auto calculation of distance based on PIN codes for the generation of e-way bill and blocking generation … Read more