If anything should cut the carping about the new community postal boxes, cheques from Ottawa should be it. It's not much to offer. In June, the Kerala High Court, based on a writ petition, had asked the GST Council to decide on bringing petrol and diesel within the GST ambit. In September 2020, the CAG's performance audit on the implementation of the 74th Constitutional Amendment Act highlighted a saving of over Rs 5, 000 crore due to non-disbursal of grants in Karnataka, with additional savings of over Rs 15, 600 crore due to lower payments by way of "grants for local bodies". Cannot be carried forward if the return is not filed within the original due date. The first proviso omitted by the Finance Act, 1999, w. e. f. 1-4-2000. 'first bit of stomach' becomes 's' (gst letter of 'stomach'). Ironically, the unification of Delhi's erstwhile three municipal corporations was conducted to overcome a regular funding crunch. The NDP is already promising people can keep the cheques and have cheap daycare too.
If that was a workable strategy, the Tories wouldn't have abandoned it in favour of blatant bribery. People will be tripping over one another to get the first cheque, which will be retroactive to January so that parents get $420 per child. Business loss other than speculative business can be set off against any head of income except income from salary. Raising municipal revenue is a challenge. Urging party workers to ensure that BJP forms a government with two-thirds majority in Karnataka, Union Home Minister Amit Shah on Saturday asserted that the party will go alone in the 2023 assembly polls, and said it will be a direct contest as voting for JD(S) is like casting the ballot for Congress. Most ULBs were dependent on transfers from the Centre and state governments. Given below are few more such instances of an inter-head set off of losses: Loss from House property can be set off against income under any head. CAs, experts and businesses can get GST ready with Clear GST software & certification course. Concessions will need to be rationalised, with state and local bodies incentivised to move away from fiscally ruinous measures (for example, free water and electricity). The order of adjusting STCL and LTCL is not prescribed in the Act. Funding in Indian startups dried up by 40 per cent in 2022. However, the Council mentioned that there's no new tax.
"This will be reported to the high court as the GST Council felt it was not the time to bring petroleum products under the GST, " she added. But voters may not care. Utilising pooled finance and aggregating funds across investors can enable municipal corporations to collectively raise funds from the market for multiple projects — Tamil Nadu's municipalities have successfully explored this option. After making the appropriate and permissible intra-head and inter-head adjustments, there could still be unadjusted losses. I believe the answer is: gasp. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. "On the direction of court it was brought on to table but members spoke very clearly they do not want it to be included in GST, " Ms Sitharaman said. Below are the details related to his capital gain/loss transactions for different years. Mr. Mulcair's plan will suit people whose circumstances fit with nationalized daycare: that is, parents whose work schedules allow them to drop off and pick up the kids during convenient daytime hours. Innovative financing mechanisms can be pursued, including having states and municipalities pursue asset monetisation, financing from carbon credit generation, etc. The minister also announced that the GST rate on bio-diesel for blending with diesel (used by oil marketing companies) has been reduced from 12% to 5%.
Section 194B - Winnings from lottery or crossword puzzle - Income-tax Act, 1961. But the losses from any other businesses or profession can be set off against profits from the specified businesses. It leaves the Liberals playing the traditional Tory role, complaining about their opponents' free-spending ways and urging voters to embrace prudence over payoffs. Let us understand with an example-. No, you cannot carry forward losses in such condition except Loss from House Property. For eg: Loss from Business A can be set off against profit from Business B, where Business A is one source and Business B is another source and the common head of income is "Business".
One cannot adjust the losses of speculative business with the income from any other business or profession. Can be adjusted only against Income from specified business under 35AD. Finally, civic action will be required. This needs to change. Clear offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India.
Frequently Asked Questions (FAQs). 'fits into' means one lot of letters goes inside another. Long-term capital losses can be adjusted only against long-term capital gains. He is absolutely correct. Ms Sitharaman stated that all pens will attract single GST rate of 18%. We found that some restaurants were not paying taxes. A set-off could be an intra-head set-off or an inter-head set-off. Disbursal of external grants from the state and Centre is a concern. Will 2023 also be muted in terms of funding activity and see startups laying off more people? Trudeau is correct that the Tory program "will give a $2, 000 tax cut to families like mine or Mr. Harper's. " To gasp is to pant or breathe heavily).
I have not filed my return before the due date. His fortune peaked at $340 billion on November 4, 2021, and he remained the world's richest person until he was overtaken this month by Bernard Arnault, the French tycoon behind luxury-goods powerhouse LVMH. Can I set it off against F&O trading income? As noted by the RBI's November 2022 report on municipal finances, SEBI should issue regulatory norms to enable the listing of municipal bonds on the stock market, allowing such securities to fund green infrastructure projects. However, the Income-tax law in India does provide taxpayers some benefits of incurring losses too. "Suppose you order food from aggregator and restaurant is paying taxes. Municipal bonds have recently achieved scale, with municipal corporations raising over Rs 6, 250 crore since 2017. Former Pope Benedict XVI passes away. Consequently, development work had stalled until revenue reforms (for example, hikes in water tariff) led to an improvement. Profit and losses are two sides of a coin. The urban financing challenge is huge. The bidding war for votes in the 2015 federal election is well under way in Ottawa, and the Liberals are conspicuous by their absence.
Speculative business losses can only be set off against speculative business profits. His new bundle of measures will provide $4. In Bengaluru, the Bruhat Bengaluru Mahanagara Palike (BBMP) has struggled to raise revenue — over 70, 000 citizens are estimated to have underpaid their property taxes since 2016-17 — leading to a loss of close to Rs 240 crore over the past five years.
A revolving fund, which offers budgetary stabilisation measures, can be considered, along with the provision of an overdraft facility when revenues and fiscal transfers are delayed. Here are the top stories this evening. Efiling Income Tax Returns(ITR) is made easy with Clear platform. Since intraday trading is speculative business, its losses cannot be set off against F&O trading income. States and the Centre must ensure that disbursements are made on time. This is not an isolated trend. We need a multi-pronged strategy to bridge the gap. Can only be set off against income from owning and maintaining race-horses only. Additional funding needs to be explored. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. Families with children over age 6 will get smaller cheques, as the program is expanded to include children up to age 17. Even now, the situation remains grim, with the municipal corporation noted to have a budget of Rs 1, 725 crore, while having projected revenues of just Rs 616 crore. His book, The Indian Metropolis: Deconstructing India's Urban Spaces, was released earlier this week.
One needs to also note that the following losses can't be set off against any other head of income: a. The pressure is growing. There is no new tax, " Revenue Secreatry Tarun Bajaj said. And, 12% GST will be applied to specified renewable sector devices, she added. Save taxes with Clear by investing in tax saving mutual funds (ELSS) online.