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By imposing stormwater charge, the new water bill will have two components including the existing water usage charge and a fixed charge for stormwater management in Toronto

Toronto mulls imposing tax on homeowners and businesses for rainwater wastage

<h2>By imposing stormwater charge, the new water bill will have two components including the existing water usage charge and a fixed charge for stormwater management in Toronto</h2>

Residents and offices in Toronto are likely to be burdened with extra tax as the city is now planning to implement new charges for water usage called 'stormwater charge'. However, this charge is already dubbed as rain tax as it focusses on stormwater runoff.
<h3>Stormwater charge</h3>
During Mayor John Tory's tenure in 2021, the idea originated. However, earlier proposals date back to at least 2017. In a new video, Toronto has outlined the details of the proposed new tax.&nbsp;
Under the new system, the charges will be determined based on the amount of hard surface area on a property. The surface area would include roofs, driveways, or concrete landscaping, which do not absorb water. By this, the buildings that generate more runoff water will have to churn out more money.
Also Read: <a href="https://www.editorji.com/business-news/us-real-estate-crisis-washington-office-building-sold-at-75-discount-in-a-fire-sale-1711982026515">US real estate crisis: Washington office building sold at 75% discount in a fire sale</a>
The City claims that this charge will create awareness among property owners regarding the impact of stormwater runoff and will push them to allocate specific funding for stormwater management services.
<h3>Current water tax system</h3>
Currently, Toronto residents pay for water usage based on consumptions. As per The Economic Times, homeowners and businesses are charged $4.51 per cubic metre for the first 5,000 cubic metres (known as the domestic rate) and $3.16 thereafter (the industrial rate).
For the stormwater management, the city at present allocates funds over a 10-year capital plan to maintain and upgrade sewers and stormwater tunnels.&nbsp;
<h3>The new water bill</h3>
The new water bill will now have two components including the existing water usage charge and a fixed charge for stormwater management. However the water usage charge will be reduced with the city estimating a 25% reduction in water rates. This is because a $385 million in stormwater management funds would be separated from the current tax.
The surface area will be determined by aerial photography conducted by the city.
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In a social media post, she calls on women to boycott discriminatory products, highlighting the urgent need for economic equality. 

Kiran Mazumdar-Shaw takes a stand against 'Pink Tax' pricing discrimination, calls it 'SHAMEFUL'

In a social media post, she calls on women to boycott discriminatory products, highlighting the urgent need for economic equality.&nbsp;

Renowned entrepreneur Kiran Mazumdar-Shaw has stepped forward to denounce the prevalent gender-based pricing discrimination, commonly known as the 'Pink Tax.'
In a video shared on social media platform X, Mazumdar-Shaw highlighted the price disparities between products marketed towards women compared to similar items targeted at men. The Biocon chief urged women to boycott such discriminatory products.
The term 'Pink Tax' refers to the unfair practice of inflating prices on goods marketed to women, despite identical or similar products being available for men at lower prices.
From personal care items like soaps, lotions, and deodorants to everyday essentials like razors, this discriminatory pricing scheme is present in various sectors, increasing gender inequalities in the consumer market.
Mazumdar-Shaw's post, which garnered over 1.58 lakh views within hours of being shared, resonated strongly with social media users who echoed her sentiments. The widespread support underscores a growing recognition of the economic injustices faced by women due to discriminatory pricing practices.
While the 'Pink Tax' is not a government-imposed levy, its impact on women's economic empowerment is profound. Research conducted by the World Economic Forum reveals that gender-based pricing disparities contribute to the economic burden faced by women, who continue to earn less than their male counterparts.
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As per 15th Finance Commission's recommendation, Uttar Pradesh and Bihar received the largest devolutions for 2020-21, receiving Rs 1,53,342 crore, and Rs 86,039 crore respectively. Meanwhile, Karnataka and Kerala saw the largest decline, 

Southern states protest share of tax devolution; here’s all you need to know

As per 15th Finance Commission's recommendation, Uttar Pradesh and Bihar received the largest devolutions for 2020-21, receiving Rs 1,53,342 crore, and Rs 86,039 crore respectively. Meanwhile, Karnataka and Kerala saw the largest decline

<h2>As per 15th Finance Commission's recommendation, Uttar Pradesh and Bihar received the largest devolutions for 2020-21, receiving Rs 1,53,342 crore, and Rs 86,039 crore respectively. Meanwhile, Karnataka and Kerala saw the largest decline</h2>

The north vs south debate is once again in the spotlight. This time over tax devolution. The Southern states of Karnataka, Telangana, Tamil Nadu and Kerala are protesting on February 7th and 8th in the national capital over alleged injustice to the States in tax devolution share and grants-in-aid over the past few years. The southern states, for quite some time now, have been raising concerns claiming that the Centre is being generous to the Northern states while southern states are facing what is being termed as 'fiscal injustice' and 'step motherly treatment'.
Recently, the Karnataka CM has claimed that the state has incurred a loss of 45,000 crores over the last four years. &nbsp;As per the Karnataka government, in the 14th Finance Commission the state received 4.71% of total taxes, which was reduced to 3.64% in the 15th Finance Commission. The reduction of 1.07% has resulted the Rs 45,000 crore loss. If this year&rsquo;s estimates are taken into account, then this deficit will be Rs 62,098 crore for the five-year period.
The protest also comes at a time when the 16th Finance Commission &mdash; the only body that can recommend changes to the tax devolution and grants formulae &mdash; has been formed and has to submit its report by October 2025.
Meanwhile, on Monday, during the parliament session, Finance Minister Nirmala Sitharaman and Congress MP Adhir Ranjan Chowdhury locked horns on the alleged withholding of funds for non-BJP government states. While Chowdhury put forward the Karnataka government's claim that the Centre is depriving southern states of their financial dues, especially allocations related to GST compensation, Sitharaman pointed out that devolution to states "happens as per Finance Commission recommendation", and that she had no "discretion" in the allocation of tax revenues.
<h3>What is tax devolution?</h3>
Tax devolution is the distribution of net proceeds of union taxes and duties by the Centre to the states. It helps states carry out spending on development, welfare and priority-sector projects and schemes. At present, 41% of taxes collected by the Centre is devolved in 14 installments among states during a fiscal year.
The Centre's tax collection comes from States and a part of it is distributed among them, based on the Finance Commission&rsquo;s (FC) formula.&nbsp;
<h3>Finance Commission's formula</h3>
As per the 15th Finance Commission, the state&rsquo;s share on the tax is based on factors including:
<ol>
<li>Each state's needs - this includes population, area &amp; forest and ecology</li>
<li>State's equity - this includes per capita income difference which is the difference between the state's income from the state with the highest income. To maintain interstate equity, the states with lesser Per capita income would be given a higher share.</li>
<li>State's Performance - Tax revenue and lower fertility rate. The states with lower fertility ratio will be scored higher on this criterion. The Total Fertility Ratio in a specific year is defined as the total number of children that would be born to each woman if she/they were to pass through the childbearing years bearing children according to a current schedule of age-specific fertility rates.</li>
</ol>
The weight assigned is as follows:
<ol style="list-style-type: lower-alpha;">
<li>Income difference - 45%&nbsp;</li>
<li>Population (2011) - 15%</li>
<li>Area - 15%</li>
<li>Forest and Ecology - 10%</li>
<li>Demographic performance - 12.5%</li>
<li>Tax Effort - 2.5%</li>
</ol>
It must also be noted that, the 15th Finance commission introduced weightage to the fertility rate in the formula to reward States which had reduced the fertility levels. While this comes as a benefit to developed states that have pushed the Total Fertility rate (TFR) below replacement rate, the weightage given to the component is relatively lower than equity and need.
Through this assigned weightage, Uttar Pradesh and Bihar have received the largest devolutions for 2020-21, receiving Rs 1,53,342 crore, and Rs 86,039 crore respectively. Meanwhile, Karnataka and Kerala saw the largest decline. Karnataka received Rs 31,180 crore and Kerala received Rs 16,616 crore. During the past six finance commissions, the share of southern States in the shareable taxes has seen a consistent decline.
The Finance Commission is constituted by the President under article 280 of the Constitution, mainly to give its recommendations on distribution of tax revenues between the Union and the States and amongst the States themselves.
Also Watch: <a href="https://www.editorji.com/business-news/markets/icici-securities-predicts-nifty-surge-to-23-400-amid-pre-election-rally-1707205562923">ICICI Securities predicts Nifty surge to 23,400 amid pre-election rally</a>

Finance Ministry in its review report has mentioned that India needs to expand its tax base further to strengthen the government finances which will enhance public spending to boost growth

Tax base must expand to strengthen finances of centre and state: Fin Min review

<h2>Finance Ministry in its review report has mentioned that India needs to expand its tax base further to strengthen the government finances which will enhance public spending to boost growth</h2>

Budget 2024:&nbsp;Finance Ministry in its review report on the economy has said that India will have to expand the tax base to strengthen the finances of both the union and the state government. The report further mentions that this will enhance public spending to boost growth.
"The expansion of the tax base that the GST facilitates will strengthen the finances of the Union and state governments, enabling growth-enhancing public expenditures,"it said.
<h3>Expanding tax base</h3>
About GST, the review added that its adoption has led to the unification of the domestic markets, incentivises production on a larger scale while reducing logistics costs. The average gross monthly collection via GST has risen to Rs 1.5 lakh crore in 2023 from up from 0.9 lakh crore in 2018. The number of GST taxpayers has also risen to 1.4 crore in 2023 from 66 lakhs since its introduction in 2017 with a larger number of smaller businesses entering the regime.
The report also adds that the reforms in taxation in the last decade has reduced the tax burden on corporations and individuals and removed the distortionary incentives from the economy.
"The expansion of the tax base that the GST facilitates will strengthen the finances of the Union and state governments, enabling growth-enhancing public expenditures,"it said.
Also Read: <a href="https://www.editorji.com/business-news/economy/no-economic-survey-ahead-of-interim-budget-but-fin-min-review-report-projects-fy25-gdp-around-7-1706529711206">No Economic Survey ahead of Interim Budget; but Fin Min review report projects FY25 GDP around 7%</a>
On Direct Tax, the report said&nbsp;that reducing corporate tax and income tax rates have gone a long way in enhancing the ease of doing business. However, this excludes sovereign wealth funds and pension funds from taxes, and removing the Dividend Distribution tax. The number of income tax payers rose to 9.37 crore in FY23 from 5.26 crore in FY14.
The Centre's net tax receipt is expected to be at ₹23.30 lakh crore, which is 11.7% of the revised estimate in the preceding year, FY23.
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After increasing the tax rebate from Rs 5 lakh to Rs 7 lakh in 2023 Budget, the Finance Ministry is likely to increase it to Rs 7.5 lakh under the new tax regime in Budget 2024

Budget 2024: Tax rebate likely to be hiked to Rs 7.5 lakh under new income tax regime

<h2>After increasing the tax rebate from Rs 5 lakh to Rs 7 lakh in 2023 Budget, the Finance Ministry is likely to increase it to Rs 7.5 lakh under the new tax regime in Budget 2024</h2>

Interim Budget 2024:&nbsp;The Union Finance Ministry is expected to increase the tax rebate under the new tax regime to Rs 7.5 lakh from Rs 7 lakh currently, reported Mint. As per the report, the Finance Minister Nirmala Sitharaman may bring in a Finance Bill to make the changes.
<h3>Tax Rebate</h3>
If this is implemented, a person with an income of Rs 7.5 lakh, after a standard deduction of Rs 50,000, will not have to pay any income tax from 2024-25. In Budget 2023, the Centre raised the rebate under the new income tax regime to Rs 7 lakh from Rs 5 lakh. The basic exemption limit was also hiked to Rs 3 lakh from Rs 2.5 lakh earlier. The Centre also introduced a deduction of Rs 15,000 for a family pension.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/budget/budget-2024-what-s-the-reason-behind-the-shift-in-budget-date-from-february-28-to-february-1-1704459759315">Budget 2024: What's the reason behind the shift in Budget date from February 28 to February 1?</a>
As per Business Standard, a record 81.8 million income tax returns (ITRs) were filed for the assessment year 2023-24 till December 31. This was 9% higher than 75.1 million ITRs filed in the same period in 2022-23.
PTI quoted Deepak Mohanty, chairperson of the Pension Fund Regulatory and Development Authority last week and said that the body has recommended employer contributions to the National Pension Scheme up to 12% to be exempted from the income tax.

ITR Filling Report 2023: The Policybazaar survey shows that 69% of Tier 1 cities, 61% of Tier 2 and 59% of Tier 3 cities prefer the old regime. 

ITR Filling Report: 63% of taxpayers choose old tax regime

The Policybazaar survey reveals that 69% in Tier 1 cities, 61% in Tier 2 and 59% in Tier 3 cities prefer the old regime. 

63% of taxpayers choose old tax regime: Report

<h2>The Policybazaar survey reveals that 69% in Tier 1 cities, 61% in Tier 2 and 59% in Tier 3 cities prefer the old regime.&nbsp;</h2>

ITR Filing 2023:&nbsp;Policybazaar in a recent survey revealed that 63% of taxpayers still preferred the old tax regime and only 37% the new regime. The respondents in the survey have attributed their preference due to the tax saving benefits and a sense of security offered by long term savings instruments available in the old regime.
<h3>Policybazaar report on ITR Filling</h3>
Policybazaar conducted an &ldquo;India&rsquo;s Investment Readiness&rdquo; survey across 350 cities with those who fall within the taxable income bracket. The survey focussed on the mindfulness with which Indians choose their tax regime and analysed the drivers of this choice.
Also Read: <a href="https://www.editorji.com/business-news/personal-finance/itr-filing-deadline-december-31-is-last-day-for-belated-itr-1702293675653">ITR filing deadline: December 31 is last day for belated ITR</a>
The findings also revealed that 71% of respondents based their choice on meticulous calculation. As per the report, 62% of respondents in the 18-30 age bracket, opted for the old tax regime citing long-term investments as the reason.
"It is evident from our survey that the Indian consumer has a deep-rooted, savings-centric mentality and approaches financial planning with mindfulness. The trends showcased in the report indicate a promising future for financial security. Taxpayers are now considering both immediate tax benefits and long-term gains from retirement-linked instruments like provident funds, pensions, and insurance. This is in perfect alignment with our 15-year-long mission of helping Indian consumers make more informed financial decisions. This trend is a testament to the continued efforts by government bodies and financial institutions to promote financial literacy, fostering a more resilient and informed financial ecosystem in India&rdquo;, Sarabvir Singh, President and Joint-Group CEO at PB Fintech said.
The report further reveals that tier-2 and 3 cities that had limited access to financial knowledge are on a recovery path because of their keen, calculation-based involvement in financial planning. 69% in Tier 1 cities chose old regime, 61% chose in Tier 2 and 59% chose in Tier 3

As per the 2024 Global Tax Evasion Report if a minimum tax is levied on billionaires it would be only 2% of the nearly $13 trillion in wealth owned by the 2,700 billionaires globally

EU Tax Observatory bats for global minimum tax on billionaires; says could yield $250 billion a year

<h2>As per the 2024 Global Tax Evasion Report if a minimum tax is levied on billionaires it would be only 2% of the nearly $13 trillion in wealth owned by the 2,700 billionaires globally</h2>

Tax on Billionaires:&nbsp;The EU Tax Observatory has said that Governments should introduce a global minimum tax on Billionaires to clampdown on tax evasion. The reserach group further mentioned that this could raise $250 Billion annually.
<h3>2024 Global Tax Evasion Report</h3>
In the 2024 Global Tax Evasion Report, the research group had mentioned that if the tax is levied it would be only 2% of the nearly $13 trillion in wealth owned by the 2,700 billionaires globally.
As per the report, the effective personal tax is often far less than what other taxpayers of more modest means pay. This is because the billionaires can park wealth in shell companies sheltering them from income tax.&nbsp;
"In our view, this is difficult to justify because it risks to undermine the sustainability of tax systems and the social acceptability of taxation," said the observatory's director Gabriel Zucman.
The Observatory further estimated that billionaires' personal tax in the United States is estimated to be close to 0.5% and as low as zero in otherwise high-tax France.
<h3>Wealth Inequality&nbsp;</h3>
Public finances struggle to cope with aging populations, huge financing needs for climate transition and legacy COVID debt. These factors are fuelling calls for the richest citizens to bear more of the tax burden.&nbsp;
U.S President Joe Biden in 2024 Budget included plans for a 25% minimum tax on the wealthiest 0.01%. However, the proposal has fallen by the wayside with lawmakers in Washington preoccupied with government shutdown threats and looming funding deadlines.
<h3>Actions Taken</h3>
The research group has also addressed how big the task of implementation would be. It pointed out that though &nbsp;coordinated international push to tax billionaires could take years, governments have seen sucess in ending bank secrecy and reducing opportunities for multinationals to shift profits to low-tax countries
The amount of wealth held in offshore tax havens has reduced by a factor of three after the 2018 launch of automatic sharing of account information, the Observatory estimated.
Another 2021 agreement between 140 countries will limit multinationals' scope to reduce tax by booking profits in low-tax countries by setting a global 15% floor on corporate taxation from next year.
"Something that many people thought would be impossible, now we know can actually be done," Zucman said. "The logical next step is to apply that logic to billionaires, and not only to multinational companies."
The report further added that although the end of banking secrecy and the corporate minimum tax have put an end to decades-long competition between countries on tax rates, numerous opportunities remain to reduce tax bills.
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The income tax department has given an extension of one month for charitable trusts, religious institutions and professional bodies to file their income tax return. The deadline is now extended till November 30

Tax department extends ITR filing deadline for charitable trusts by a month till Nov 30

The income tax department has given an extension of one month for charitable trusts, religious institutions and professional bodies to file their income tax return. The deadline is now extended till November 30

The Income Tax Department has extended the income tax return filing deadline for charitable trusts, religious institutions and professional bodies by one month till November 30.
Also, the due date for furnishing audit reports for 2022-23 by a fund, trust, institution or any university or educational institution or medical institution in Form 10B/10BB has been extended by a month till October 31, 2023.
"The due date of furnishing of Return of Income in Form ITR-7 for Assessment Year 2023-24, which is 31.10.2023 is extended to 30.11.2023," the department said in a statement.
ITR-7 is filed by institutions involved in charitable and religious activities; research; and professional bodies, besides political parties and electoral trust.

In a notification dated 16th May, the Central Board of Direct Taxes has announced that TDS will not be applicable on the interest earned through the Mahila Samman Savings scheme

Mahila Samman Savings Scheme: TDS to not apply on interest earned, says CBDT

In a notification dated 16th May, the Central Board of Direct Taxes has announced that TDS will not be applicable on the interest earned through the Mahila Samman Savings scheme

Interest earned from Mahila Samman Certificate scheme will not attract TDS and the interest income will be taxed in the hands of the recipient as per the eligible tax slab, as per a CBDT notification.
The Central Board of Direct Taxes (CBDT) on May 16 notified the Tax Deducted at Source (TDS) provision for the post office savings scheme, under which an account can be opened in the name of a girl or woman.
The scheme which was launched in the current fiscal, provides an annual interest of 7.5 per cent interest and maximum limit for deposit is Rs 2 lakh. The deposit shall mature on completion of two years.
Nangia Andersen India, Partner, Neeraj Agarwala said the CBDT notification clarifies that TDS on interest earned on the Mahila Samman Saving Certificate (MSSC) is not applicable if such interest does not exceed Rs 40,000 in a financial year.
"At 7.5 per cent interest, the MSSC scheme will give a return of Rs 15,000 in one year and Rs 32,000 in two years. It can be said that no TDS will be applicable since the interest accrued in a financial year will be less than Rs 40,000," Agarwala said.

Since July 2017, when India imposed the goods and services tax (GST), tax authorities believe that 16 insurance businesses collectively owe the government around 50 billion rupees ($610 million) in unpaid taxes, interest, and penalties

Bajaj Allianz Life, ICICI Prudential Life being investigated for tax evasion amid wider probe 

Bajaj Allianz and ICICI Prudential are being investigated by the Indian tax department

Since July 2017, when India imposed the goods and services tax (GST), tax authorities believe that 16 insurance businesses collectively owe the government around 50 billion rupees ($610 million) in unpaid taxes, interest, and penalties

As part of an investigation involving 16 insurers and over $610 million in unpaid dues, the Indian tax administration has delivered show-cause warnings to Bajaj Allianz Life Insurance and ICICI Prudential Life Insurance for dodging taxes since 2017, as per a Reuters report.&nbsp;
Quoting sources, the Reuters report says that the investigation, which was launched in September of last year, targets the insurance industry's practise of classifying all sales commissions that exceed the regulator-mandated cap as advertising and marketing expenses before claiming a tax refund.&nbsp;
Ever since India imposed the goods and services tax (GST), tax authorities believe that 16 insurance businesses collectively owe the government nearly 50 billion rupees ($610 million) in unpaid taxes, interest, and penalties.
According to two of the sources including a government official, quoted in the report, India's Directorate General of Goods and Services Tax Intelligence (DGGI) is currently delivering show-cause letters to more insurance providers.
In order to learn more about the procedures insurance companies use, the tax authorities have also questioned some banks that function as corporate agents and sell insurance products to their clients.
This includes banks that have bancassurance agreements with ICICI Prudential Life and Bajaj Allianz Life

The crude bears no special additional excise duty. From ₹3,500 per tonne, it has been lowered to nil. From ₹1 per gallon, diesel duty has been reduced to ₹0.50

Windfall tax reduction; most goods are now duty-free

Crude now bears no special additional excise duty. From ₹3,500 per tonne, it has been lowered to nil. From ₹1 per gallon, diesel duty has been reduced to ₹0.50

Petroleum products ex-diesel are no longer subject to windfall tax. &nbsp; Crude now has zero special additional excise duty for the first time since the rule was brought into effect in July 2022. It is reduced to zero from Rs 3,500 per tonne. Diesel duty has been cut to Rs 0.50 from Rs 1 per litre.
A tax levied on unforseen or unexpectedly large profit is called windfall tax.&nbsp;
The sharp reduction in petroleum duty followed a recent decline that caused crude prices to drop to their lowest levels in more than a year. However, it has experienced a significant increase over the past two days as a result of OPEC's unexpected output cut announcement. The price of a barrel of Brent crude is once again at a 1-month peak.
Since the rule's implementation in July 2022, crude no longer bears any special additional excise duty. From ₹3,500 per tonne, it is now nil. Diesel tax has been reduced from ₹1 per gallon to ₹0.50.
The windfall tax on domestic crude oil output was reduced by the Union government on March 20 from ₹4,400 per tonne to ₹3,500 per tonne.

The government has increased the securities transaction tax on options by 23.5% and futures by 25%

Finance Bill 2023: Govt hikes securities transaction tax on sale of F&O

The government has increased the securities transaction tax on options by 23.5% and futures by 25%

Government has hiked the securities transaction tax by 25% on the futures and options sale. The hike was introduced in the Finance Bill 2023.&nbsp;
The STT has been hiked by 23.5% on the sale of options and 25% on the sale of futures. As per the amendments, STT on the sale of options has been hiked to Rs 6,200 on a turnover of Rs 1 crore. On the sale of futures contracts, the STT has been hiked to Rs 1,250 on Rs 1 crore of turnover. Earlier the trader had to pay Rs 5,000 for options and Rs 1,000 for futures.&nbsp;
The new rules will come into effect from the new financial year 2023-24.&nbsp;
Besides the hike in STT, option traders also have another blow to deal with as the National Stock Exchange (NSE) has chosen to withdraw the Do Not Exercise (DNE) facility for those trading in the options segment from March 30
The Finance Bill 2023, with 64 official amendments was passed in Lok Sabha on Friday without discussion giving effect to tax proposals.

Lok Sabha has passed the Finance Bill 2023 that proposed a big change for debt mutual funds, whereby taxation benefits including long term capital gains and indexation benefit will no longer be available. 

Finance Bill 2023: Govt does away with taxation benefits for debt funds 

Lok Sabha has passed the Finance Bill 2023 that proposed a big change for debt mutual funds, whereby taxation benefits including long term capital gains and indexation benefit will no longer be available.&nbsp;

Lok Sabha on Friday passed the Finance Bill giving effect to tax proposals without debate. The proposal to remove the capital gains tax benefit given to debt mutual fund investors is also amended. According to the amendment, debt funds not having more than 35% invested in equity shares would be taxed at the income tax slab level. It will also be treated as a short term capital gain.&nbsp;
So far, debt mutual funds are treated as long-term investments if held for more than 3 years and taxed at the rate of 20% along with indexation benefits or 10% without indexation. (Indexation benefit is where the taxes are calculated accounting for inflation). For those with a holding period of less than 3 years, they are taxed according to their tax slab.
The changes, are also applicable for gold, international equity and even domestic equity fund of funds (FoFs). This will be applicable from April 1, 2023 and therefore, investors who want to take advantage before the proposed changes come into effect can do so before year-end.
Experts say that these proposals are a big negative for the mutual fund industry which will have to overhaul their debt portfolio. Meanwhile, banks are likely to see an increase in fixed deposit flows because there will be no added benefit of investing in debt funds versus FDs.&nbsp;&nbsp;

Windfall tax on crude petroleum cut to Rs 4350 from Rs  5050 per tonne. The tax on export of diesel to cut to Rs 2.5 per litre from Rs 7.5, and on overseas shipments of ATF to Rs 1.50 a litre from Rs 6 a litre. 




Windfall tax slashed for crude, petroleum, diesel, ATF

Windfall tax on crude petroleum cut to Rs 4350 from Rs  5050 per tonne. The tax on export of diesel to cut to Rs 2.5 per litre from Rs 7.5, and on overseas shipments of ATF to Rs 1.50 a litre from Rs 6 a litre. 

Windfall tax on crude petroleum cut to Rs 4350 from Rs&nbsp; 5050 per tonne. The tax on export of diesel to cut to Rs 2.5 per litre from Rs 7.5, and on overseas shipments of ATF to Rs 1.50 a litre from Rs 6 a litre.&nbsp;
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<h2 class="article_desc">&nbsp;</h2>

The government has cut windfall profit tax on export of diesel and ATF to their lowest while also reducing the levy on domestically-produced crude in line with softening international oil prices, according to an official order.
The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut to Rs 4,350 per tonne from Rs 5,050 per tonne, the order dated February 15 said.
Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF).
The government has also cut the tax on export of diesel to Rs 2.5 per litre from Rs 7.5, and the same on overseas shipments of ATF to Rs 1.50 a litre from Rs 6 a litre.
The new tax rates come into effect from February 16.
The reduction follows an increase in the levy effected earlier this month.
The export levy on diesel is the lowest since the tax was introduced in July last year. The rate on export of jet fuel (ATF) equals the lowest rate hit in second half of December.
The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.
India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, export duties of Rs 6 per litre (USD 12 per barrel) each were levied on petrol and ATF and Rs 13 a litre (USD 26 a barrel) on diesel.
A Rs 23,250 per tonne (USD 40 per barrel) windfall profit tax on domestic crude production was also levied.
The government levies tax on windfall profits made by oil producers on any price they get above a threshold of USD 75 per barrel.
&nbsp;

People are fine when inflation hits their food and fuel but things get a bit personal when Australians are asked to pay beer tax that brings the price of a pint up to $15.&nbsp;
Beer drinkers in Australia could soon be forking out up to $10 for a schooner and $15 for a pint as the industry is hit with the biggest tax increase in 30 years.The tax is set to increase by four per cent, or $2.50 more per litre, marking the largest jump in decades.While the tax hikes will impact big breweries, pubs, clubs and hotels, many of Australia's micro breweries, buying your own drinks at the bottle shop is no way to avoid the hike either, with taxes on a carton to rise to $18.80.
The Brewers association is pleading with the government to provide tax relief before the hidden beer tax goes up again in February next year.&nbsp;

Beer tax! This inflation is hard to gulp in Australia

Australians facing $15 pints as largest beer tax hike in decades looms

Beer tax in Australia! This inflation is hard to gulp

Australia&rsquo;s beer excise tax making its biggest jump in 30 years, with prices set to increase by 4%, or $2.50 a ltr
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People are fine when inflation hits their food and fuel but things get a bit personal when Australians are asked to pay beer tax that brings the price of a pint up to $15.&nbsp;
Beer drinkers in Australia could soon be forking out up to $10 for a schooner and $15 for a pint as the industry is hit with the biggest tax increase in 30 years. The tax is set to increase by four per cent, or $2.50 more per litre, marking the largest jump in decades. While the tax hikes will impact big breweries, pubs, clubs and hotels, many of Australia's micro breweries, buying your own drinks at the bottle shop is no way to avoid the hike either, with taxes on a carton to rise to $18.80.
The Brewers association is pleading with the government to provide tax relief before the hidden beer tax goes up again in February next year.&nbsp;

Despite crude and gas prices continuing to surge oil major ONGC collapsed more than five percent in trade on Friday. The big question on investors' minds is, will Finance Minister Sitharaman take a cue from the U.K. Finance Minister Rishi Sunak? 
So, what is weighing heavy?
The market is speculating that the government could put 'windfall tax' on oil companies in order to offset revenue loss due to recent excise duty cuts.
Britain recently announced a 25 percent windfall tax on oil and gas producers’ profits as crude prices have surged 50 percent so far in 2022.
This has led to Indian investors being worried as they expect a similar move in the country.
What is windfall tax? A windfall tax is a levy imposed on a company or a group of companies by the government, targeting excess and unexpected profits. In the case of oil and gas companies, it is because of the massive gains they have made due to a surge in crude prices.

Windfall Tax: What is it; why it has led to ONGC falling 5%

Despite crude and gas prices continuing to surge oil major ONGC collapsed more than five percent in trade on Friday. The big question on investors' minds is, will Finance Minister Sitharaman take a cue from the U.K. Finance Minister Rishi Sunak? 

Windfall Tax Explained: Why ONGC fell 5% when the tax was imposed in UK

Britain recently announced a 25 percent windfall&nbsp;tax&nbsp;on oil and gas producers&rsquo; profits as crude prices have surged 50 percent so far in 2022.

Despite crude and gas prices continuing to surge oil major ONGC collapsed more than&nbsp;five percent in trade on Friday. The big question on investors' minds is, will Finance Minister&nbsp;Sitharaman take a cue from the U.K. Finance Minister Rishi&nbsp;Sunak?&nbsp;
So, what is weighing heavy?
The market is speculating that the government could put 'windfall tax' on oil companies in order to offset revenue loss due to recent excise duty cuts.
Britain recently announced a 25 percent windfall&nbsp;tax&nbsp;on oil and gas producers&rsquo; profits as crude prices have surged 50 percent so far in 2022.
This has led to Indian investors being worried as they expect a similar move in the country.
What is windfall tax? A windfall tax is a levy imposed on a company or a group of companies by the government, targeting excess and unexpected profits. In the case of oil and gas companies, it is because of the massive gains they have made due to a surge in crude prices.

Following the Union government's decision to provide relief from high petrol and diesel prices, some Opposition-ruled states have followed suit.
Rajasthan, Maharashtra, and Kerala announced a cut in Value Added Tax, or VAT on fuel after the Narendra Modi administration's decision to reduce excise duty on petrol and diesel.
The Shiv Sena-NCP-Congress coalition government in Maharashtra reduced VAT by Rs 2.08 per litre on petrol, and Rs 1.44 per litre on diesel.
The Congress government in Rajasthan announced slashing of VAT by Rs 2.48 per litre on petrol, and Rs 1.16 per litre on diesel.
Meanwhile, the Left government in Kerala had announced a price cut just hours after the Union government's declaration on May 21. Kerala reduced tax by Rs 2.41 per litre on petrol, and Rs 1.36 per litre on diesel.
Union finance minister Nirmala Sitharaman had put the onus on states after announcing the excise duty relief. The move came as retail inflation hit an 8-year high in India.

Petrol, diesel prices: 3 states reduce VAT after Modi govt's excise cut - Maharashtra, Rajasthan, Kerala

Petrol, diesel prices: Rajasthan, Maharashtra, and Kerala announced a cut in Value Added Tax, or VAT on fuel after the Narendra Modi administration's decision to reduce excise duty.

Following the Union government's decision to provide relief from high petrol and diesel prices, some Opposition-ruled states have followed suit.
Rajasthan, Maharashtra, and Kerala announced a cut in Value Added Tax, or VAT on fuel after the Narendra Modi administration's decision to reduce excise duty on petrol and diesel.
The Shiv Sena-NCP-Congress coalition government in Maharashtra reduced VAT by Rs 2.08 per litre on petrol, and Rs 1.44 per litre on diesel.
ALSO WATCH | <a href="https://www.editorji.com/business-news/economy/govt-s-mega-attack-on-inflation-food-fuel-farm-big-cut-in-prices-1653151783595" target="_blank">Govt's mega attack on inflation: food, fuel, farm big cut in prices</a>
The Congress government in Rajasthan announced slashing of VAT by Rs 2.48 per litre on petrol, and Rs 1.16 per litre on diesel.
Meanwhile, the Left government in Kerala had announced a price cut just hours after the Union government's declaration on May 21. Kerala reduced tax by Rs 2.41 per litre on petrol, and Rs 1.36 per litre on diesel.
Union finance minister Nirmala Sitharaman had put the onus on states after announcing the excise duty relief. The move came as retail inflation hit an 8-year high in India.

Joe versus Jeff. Biden versus Bezos. Twitter turned into a battleground for two titans from politics and industry, as the founder of Amazon clashed with the US President.
It started with Joe Biden's tweet on May 14. The American President tweeted, "You want to bring down inflation? Let’s make sure the wealthiest corporations pay their fair share."
This statement greatly irked Bezos, who didn't waste much time in retorting, "The newly created Disinformation Board should review this tweet, or maybe they need to form a new Non Sequitur Board instead. Raising corporate taxes is fine to discuss. Taming inflation is critical to discuss. Mushing them together is just misdirection."
Amazon reportedly paid $3.7 billion in US taxes in 2021, while earning a global revenue of $469 billion.
Clashing with the President is nothing new for Bezos, who had quite a few run-ins with Biden's predecessor Donald Trump. Bezos owns the news outlet The Washington Post, and Trump tried to discredit their stories by claiming that Bezos has a vendetta against him.

Amazon founder vs Joe Biden: Jeff Bezos slams US President for linking inflation, wealth tax

Jeff Bezos versus Joe Biden: Amazon's founder objected to the US President's statement linking inflation control to higher taxes on wealthy corporations.

Joe versus Jeff. Biden versus Bezos. Twitter turned into a battleground for two titans from politics and industry, as the founder of Amazon clashed with the US President.
It started with Joe Biden's tweet on May 14. The American President tweeted, "You want to bring down inflation? Let&rsquo;s make sure the wealthiest corporations pay their fair share."
This statement greatly irked Bezos, who didn't waste much time in retorting, "The newly created Disinformation Board should review this tweet, or maybe they need to form a new Non Sequitur Board instead. Raising corporate taxes is fine to discuss. Taming inflation is critical to discuss. Mushing them together is just misdirection."
Amazon reportedly paid $3.7 billion in US taxes in 2021, while earning a global revenue of $469 billion.
Clashing with the President is nothing new for Bezos, who had quite a few run-ins with Biden's predecessor Donald Trump. Bezos owns the news outlet The Washington Post, and Trump tried to discredit their stories by claiming that Bezos has a vendetta against him.

Rishi&nbsp;Sunak, the British Politician, is currently seeing a lot of criticism after it was revealed that her wife Akshata&nbsp;Murthy, who is also the daughter of Infosys&nbsp;founder Narayana&nbsp;Murthy, is a non-domicile who doesn't pay taxes. Non-domicile is also called non-dom.
What does non-dom status mean, and how do you claim it?
Non-domicile, or non-dom, is a British tax status that has been available since the French revolution &ndash; yes, that long. It allows a person who was born in another country, or if their parent is from another country, to pay tax in the UK only on their UK income. The system has allowed wealthy foreign immigrants to enjoy all the benefits of living in the UK, while paying very little in UK taxes because they make the bulk, if not all, of their income abroad.
The regime can be used, or sometimes abused, by foreigners, or British citizens, to avoid paying taxes altogether. While in principle they are required to pay tax in the countries where income is earned, the fact that they live (and are tax residents) in the UK makes it easier to arrange their affairs and end up paying little or no tax at all.
The result is that many of the wealthiest families living in the UK are not contributing to direct taxation in the UK. The claim is that the system is still useful because these people tend to contribute indirectly, maintaining a small army of servants and service providers, who themselves pay income tax. Non-doms may also pay VAT on expensive goods and services in the UK.
The system was reformed in 2015 and became more complicated. Non-dom is now restricted to 15 years. The reforms effectively shrunk the number of people claiming non-dom status. Now, only the very wealthy tend to do so. Many move out of the UK after 15 years for five years, and then return and claim another 15 years of non-dom.
Why do people claim non-dom status?
The only reason people claim non-dom status as opposed to being ordinary British tax residents is if they calculate that they will end up paying less tax on their worldwide income. Either because taxation in their country of origin (or where income is earned) is so much less than in the UK, or because they can avoid paying taxes at all.
Murty reportedly earns &pound;11.5 million in annual dividends from her stake in her father&rsquo;s IT business, which is based in India. Her non-dom status means she does not have to pay UK taxes on these earnings.
Someone without non-dom status earning this much in the UK would have, in the last year, paid close to &pound;5 million in income tax in the UK, plus another &pound;250,000 in national insurance contribution. Indeed, her husband&rsquo;s rise in national insurance would have cost his household an additional &pound;150,000 or so in taxation had she not declared herself non-dom.
Does your nationality or citizenship determine your non-dom status?
A statement from Murty&rsquo;s spokesperson suggests that being an Indian citizen is what results in her non-dom status: Akshata Murty is a citizen of India, the country of her birth and parents&rsquo; home. India does not allow its citizens to hold the citizenship of another country simultaneously. So, according to British law, Ms Murty is treated as non-domiciled for UK tax purposes. She has always and will continue to pay UK taxes on all her UK income.
If Murty lives in the UK, she is a tax resident in the UK. The fact that she is an Indian citizen is not relevant &ndash; non-dom status is a choice. The mention of her Indian citizenship provides some justification for claiming non-dom status, maybe by suggesting that she genuinely wishes to return to India at some point in the future.
So, non-dom status is effectively a declaration that you intend to move (or move back) to where you are domiciled? While it is not a binding commitment, claiming non-dom status can be seen as effectively an indication that you are planning at some point in the future to return to where you are domiciled. Of course, the taxpayer may change their plans, and can only claim non-dom status for so long.
After someone has been in the UK for seven of the last nine tax years, they must pay a fee of &pound;30,000 to maintain non-dom status (as Murty does). After 12 of the last 14 tax years, the fee is &pound;60,000. And once someone has lived in the UK for 15 years, they become automatically domiciled. Murty is understood to have moved to the UK in 2015.
Sunak supported this state of affairs in comments to The Sun, saying: &ldquo;That&rsquo;s where her family is &hellip; ?that&rsquo;s where she, you know, ultimately will want to go and look after her parents as they get older.&rdquo; Can HMRC challenge someone&rsquo;s non-dom status? Her Majesty&rsquo;s Revenue and Customs (HMRC) cannot do anything about it, only parliament can. Just as George Osborne, when he was chancellor, reformed the system in 2015, the one person who can change the system is the current chancellor of the exchequer.
From a tax perspective, this story is fairly simple. The issue is not tax per se, but the implication of taking advantage of this archaic (albeit reformed) rule originally understanding that you will or might be &ldquo;returning home&rdquo; at some point.
When a feature like this is taken advantage of by none other than the spouse of the chancellor, it contributes to the view that the UK&rsquo;s tax haven-esque features are intentional government policy. It doesn&rsquo;t look good, and gives the impression that in Sunak&rsquo;s case, the UK has appointed a cat to take care of the milk.

What is a non-dom status that has been troubling Rishi Sunak

Non-domicile, or non-dom, is a British tax status that allows a person who was born in another country, or if their parent is from another country, to pay tax in the UK only on their UK income.

Rishi&nbsp;Sunak, the British Politician, is currently seeing a lot of criticism after it was revealed that her wife Akshata&nbsp;Murthy, who is also the daughter of Infosys&nbsp;founder Narayana&nbsp;Murthy, is a non-domicile who doesn't pay taxes. Non-domicile is also called non-dom.
<h3>What does non-dom status mean, and how do you claim it?</h3>
Non-domicile, or non-dom, is a British tax status that has been available since the French revolution &ndash; yes, that long. It allows a person who was born in another country, or if their parent is from another country, to pay tax in the UK only on their UK income. The system has allowed wealthy foreign immigrants to enjoy all the benefits of living in the UK, while paying very little in UK taxes because they make the bulk, if not all, of their income abroad.
The regime can be used, or sometimes abused, by foreigners, or British citizens, to avoid paying taxes altogether. While in principle they are required to pay tax in the countries where income is earned, the fact that they live (and are tax residents) in the UK makes it easier to arrange their affairs and end up paying little or no tax at all.
The result is that many of the wealthiest families living in the UK are not contributing to direct taxation in the UK. The claim is that the system is still useful because these people tend to contribute indirectly, maintaining a small army of servants and service providers, who themselves pay income tax. Non-doms may also pay VAT on expensive goods and services in the UK.
The system was reformed in 2015 and became more complicated. Non-dom is now restricted to 15 years. The reforms effectively shrunk the number of people claiming non-dom status. Now, only the very wealthy tend to do so. Many move out of the UK after 15 years for five years, and then return and claim another 15 years of non-dom.
<h3>Why do people claim non-dom status?</h3>
The only reason people claim non-dom status as opposed to being ordinary British tax residents is if they calculate that they will end up paying less tax on their worldwide income. Either because taxation in their country of origin (or where income is earned) is so much less than in the UK, or because they can avoid paying taxes at all.
Murty reportedly earns &pound;11.5 million in annual dividends from her stake in her father&rsquo;s IT business, which is based in India. Her non-dom status means she does not have to pay UK taxes on these earnings.
Someone without non-dom status earning this much in the UK would have, in the last year, paid close to &pound;5 million in income tax in the UK, plus another &pound;250,000 in national insurance contribution. Indeed, her husband&rsquo;s rise in national insurance would have cost his household an additional &pound;150,000 or so in taxation had she not declared herself non-dom.
<h3>Does your nationality or citizenship determine your non-dom status?</h3>
A statement from Murty&rsquo;s spokesperson suggests that being an Indian citizen is what results in her non-dom status: Akshata Murty is a citizen of India, the country of her birth and parents&rsquo; home. India does not allow its citizens to hold the citizenship of another country simultaneously. So, according to British law, Ms Murty is treated as non-domiciled for UK tax purposes. She has always and will continue to pay UK taxes on all her UK income.
If Murty lives in the UK, she is a tax resident in the UK. The fact that she is an Indian citizen is not relevant &ndash; non-dom status is a choice. The mention of her Indian citizenship provides some justification for claiming non-dom status, maybe by suggesting that she genuinely wishes to return to India at some point in the future.
So, non-dom status is effectively a declaration that you intend to move (or move back) to where you are domiciled? While it is not a binding commitment, claiming non-dom status can be seen as effectively an indication that you are planning at some point in the future to return to where you are domiciled. Of course, the taxpayer may change their plans, and can only claim non-dom status for so long.
After someone has been in the UK for seven of the last nine tax years, they must pay a fee of &pound;30,000 to maintain non-dom status (as Murty does). After 12 of the last 14 tax years, the fee is &pound;60,000. And once someone has lived in the UK for 15 years, they become automatically domiciled. Murty is understood to have moved to the UK in 2015.
Sunak supported this state of affairs in comments to The Sun, saying: &ldquo;That&rsquo;s where her family is &hellip; ?that&rsquo;s where she, you know, ultimately will want to go and look after her parents as they get older.&rdquo; Can HMRC challenge someone&rsquo;s non-dom status? Her Majesty&rsquo;s Revenue and Customs (HMRC) cannot do anything about it, only parliament can. Just as George Osborne, when he was chancellor, reformed the system in 2015, the one person who can change the system is the current chancellor of the exchequer.
From a tax perspective, this story is fairly simple. The issue is not tax per se, but the implication of taking advantage of this archaic (albeit reformed) rule originally understanding that you will or might be &ldquo;returning home&rdquo; at some point.
When a feature like this is taken advantage of by none other than the spouse of the chancellor, it contributes to the view that the UK&rsquo;s tax haven-esque features are intentional government policy. It doesn&rsquo;t look good, and gives the impression that in Sunak&rsquo;s case, the UK has appointed a cat to take care of the milk.

Did Akshata Murthy's tax planning on her infosys' shares cost Rishi Sunak his political career? That's the question most are asking as reports flooded the British press that Rishi Sunak has moved his family out of his grace and favour Downing Street residence as he continued to be under-fire for Akshata's non domicile status. The daughter of Infosys co-founder Narayana Murthy, Akshata owns about 0.93 per cent of the Bengaluru-based IT company, which amounts to a $1 billion and gets her a hefty dividend payput as well. Reportedly last year's dividend income amounted to $15 million on which Murthy was not liable to pay any tax in Britain as she had held non-domicile status. The British FM, Rishi Sunak soon come under-fire even though the actions taken by his wife were completely legal. However to avoid any further hit to the chancellor's political career Askhata on Friday posted a lengthy explanation on Twitter while revoking tax exception. 42-year-old entrepreneur wrote "I will no longer be claiming the remittance basis for tax. This means I will now pay UK tax on an arising basis on all my worldwide income, including dividends and capital gains, wherever in the world that income arises. She had previously stated that she had tried to keep her professional life and that of her husband's political career entirely separate and that her long-standing shareholding in Infosys is not just a financial investment but also testament to her father's work. Akshata's tax turn may not be enough to boost back Sunak's popularity which has taken a severe hit in the last few weeks. Rishi Sunak who as a deemed successor of Johnson has faced severe backlash ever since his mini-Budget last month was seen as not doing enough to support struggling families with the cost of living crisis and piling on a high tax bill. 

Akshata Murthy's tax trouble and Rishi Sunak's 'exit' from Downing Street

The daughter of Infosys co-founder Narayana Murthy, Akshata owns about 0.93 per cent of the Bengaluru-based IT company, which amounts to a $1 billion and gets her a hefty dividend payput as well. Reportedly last year's dividend income amounted to $15 million on which Murthy was not liable to pay any tax in Britain as she had held non-domicile status. 

Akshata Murthy tax trouble and an exit from Downing Street

Rishi Sunak asks for a formal review into whether he properly declared his financial interests

Did Akshata&nbsp;Murthy's tax planning on her infosys' shares&nbsp;cost Rishi&nbsp;Sunak his political career? That's the question most are asking as reports flooded the British press that&nbsp;Rishi Sunak&nbsp;has moved his family out of his grace and favour&nbsp;Downing Street&nbsp;residence as he continued to be under-fire for Akshata's non domicile status.&nbsp; U.K. Chancellor in a letter to Prime Minister Boris Johnson published late Sunday,also asked for a formal review into whether he properly declared his financial interests.&nbsp;
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/elon-musk-decides-not-to-join-twitter-board-ceo-parag-agrawal-tweets-1649649073820" target="_blank">Elon Musk decides not to join Twitter board, CEO Parag Agrawal tweets</a> Sunak's&nbsp;wife, the&nbsp;daughter of Infosys co-founder Narayana Murthy, Akshata owns about 0.93 per cent of the Bengaluru-based IT company, which amounts to a $1 billion and gets her a hefty dividend payput as well. Reportedly last year's dividend income amounted to $15 million on which Murthy&nbsp;was not liable to pay any tax in Britain as she had held non-domicile status.&nbsp; The British FM, Rishi&nbsp;Sunak&nbsp;soon come under-fire even though the actions taken by his wife were completely legal. However to avoid any further hit to the chancellor's political career Askhata&nbsp;on Friday posted a lengthy explanation on Twitter while revoking tax exception.&nbsp; 42-year-old entrepreneur wrote&nbsp;"I will no longer be claiming the remittance basis for tax. This means I will now pay UK tax on an arising basis on all my worldwide income, including dividends and capital gains, wherever in the world that income arises. She had previously stated that&nbsp;she had tried to keep her professional life and that of her husband's political career entirely separate and that her long-standing shareholding in Infosys is not just a financial investment but also testament to her father's work.&nbsp;
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/markets/unacademy-sacks-1000-employees-mass-lay-off-to-cut-cost-1649386570103" target="_blank">Unacademy sacks 1000 employees, mass lay-off to cut cost</a> Akshata's&nbsp;tax turn may not be enough to boost back&nbsp;Sunak's popularity which has taken a severe hit in the last few weeks. Rishi&nbsp;Sunak&nbsp;who as a deemed successor of Johnson has faced severe backlash ever since his mini-Budget last month was seen as not doing enough to support struggling families with the cost of living crisis and piling on a high tax bill.&nbsp;

tax

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