67 of total 671 selected startups receive tax benefits so far, says minister

67 of total 671 selected startups receive tax benefits so far, says minister

The government has extended tax benefits to 67 startups so far with a view to promoting budding entrepreneurs in the country, minister of state for commerce and industry CR Chaudhary said on Tuesday. In January 2016, Prime Minister Narendra Modi had unveiled a slew of incentives to boost start-up ecosystem, offering them a tax holiday and inspector raj-free regime for three years, capital gains tax exemption and Rs 10,000 crore corpus to fund them. “3,576 startups have been recognised as on September 7 and tax benefits have been given to…

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How Trump’s tax proposal could impact his own business empire

How Trump’s tax proposal could impact his own business empire

The Trump administration unveiled their proposal to overhaul the tax code on April 26, outlining sharply lower tax rates but fewer tax breaks. (Video: Jenny Starrs/Photo: Jabin Botsford/The Washington Post) By Drew Harwell and Jonathan O’Connell April 26 at 6:17 PM President Trump’s massive tax-cut proposal would slash taxes on hundreds of businesses he and his family own. The White House on Wednesday unveiled a proposal that would cut the top tax rate for corporations, as well as entities known as pass-through businesses, to 15 percent. That could prove to…

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Tax Day And Health Insurance Under Trump

Tax Day And Health Insurance Under Trump

Your federal income taxes are due April 18 this year, and — for perhaps several million people — a fine for failing to get health insurance is due that day, too. Despite a lengthy debate, Congress has not yet acted on a bill to repeal portions of the Affordable Care Act. That means the law and almost all of its regulations remain in force, at least for now. For the majority of tax filers, who had health insurance through an employer for 2016 or through a government program, all they…

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Study finds UK sugar tax could save thousands from obesity, diabetes

Study finds UK sugar tax could save thousands from obesity, diabetes

File photograph of soft drinks bottles displayed on a shelf in a shop in London  (Copyright Reuters 2016) LONDON –  A planned levy on sugary drinks due to be introduced in Britain in April 2018 could significantly reduce the number of people who become obese and develop diabetes and tooth decay, scientists said on Thursday. In a study on the levy’s health impacts, researchers found the positive effect would be greatest if the drinks industry responds by reformulating products to cut sugar content, rather than keep the same formulations but…

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Lionel Messi Given 21 Months For Tax Fraud, Likely To Avoid Prison

Lionel Messi Given 21 Months For Tax Fraud, Likely To Avoid Prison

The court found Lionel Messi and his father guilty of three counts of defrauding tax authorities. Madrid: Lionel Messi and his father were sentenced to 21 months in prison for tax fraud by a Barcelona-based court on Wednesday, with both sentences likely to be suspended. The court found the Barcelona star and his father, Jorge Horacio Messi, each guilty of three counts of defrauding tax authorities of 4.1 million euros ($4.6 million). In Spain, sentences of less than two years for first offences are usually suspended, meaning neither man would go…

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Time for fat tax in Kolkata?

Time for fat tax in Kolkata?

Debjani Bhaumik of Behala is a self-confessed pizza-addict and she loves to punctuate her pizza meals with trips to a burger joint on Park Street. Despite being overweight, the homemaker has refused to go slow on her fast-food consumption. The imposition of a ‘fat-tax’ on fast-food by the Kerala government has set her thinking. Even though she isn’t planning to give up, Debjani has decided to cut down on her consumption to reduce the pocket pinch, in case the tax travels to Kolkata. “The tax is a steep one and…

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EU Regulators Want More Info on Apple’s Irish Tax Deal

EU Regulators Want More Info on Apple’s Irish Tax Deal

European Union antitrust regulators have asked Ireland to provide further details on the country’s tax deal with Apple before deciding whether this constitutes illegal state aid to the iPhone maker. The European Commission, which has been investigating the Apple deal for more than two years, said on Wednesday that Irish authorities had not responded fully to an earlier query. “Ireland did not reply in full to the Commission’s last request for information, which is why the Commission has sent a reminder to Ireland to request the missing data,” Commission spokesman…

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Direct Tax Mop Up at Rs 5.54 Lakh Cr, Indirect at Rs 5.69 Lakh Cr: Government

Direct Tax Mop Up at Rs 5.54 Lakh Cr, Indirect at Rs 5.69 Lakh Cr: Government

New Delhi: Government has collected Rs 5,54,179 crore from direct tax as on February 29 and Rs 5,69,056 crore from indirect tax as on January 31 this fiscal, Parliament was informed today. According to revised estimate, Rs 7.52 lakh crore was estimated to come from direct taxes (corporate, and income tax) and another Rs 7.03 lakh crore from indirect taxes (customs, excise and service tax), Minister of State for Finance Jayant Sinha said in a written reply to Lok Sabha. Replying to a separate query, Sinha said in 2015-16 (up to…

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