TAXATION


MDT/PTI 14 January 2013
The decision to postpone the implementation follows recommendations of the Shome Committee set up to look into investor concerns   New Delhi: Giving a big relief to overseas investors, the Indian government has postponed implementation of controversial General Anti Avoidance Rules...

Read More



MDT/PTI 08 January 2013
The Income Tax department is looking for some alleged mismatch in payments made by Nokia under the TDS category Chennai/New Delhi: Income Tax (I-T) department officials on Tuesday conducted a survey operation on the premises of Finnish cell phone major Nokia in Chennai on charges of...

Read More



MDT/PTI 02 January 2013
The move comes in the backdrop of moderate growth in the indirect tax collection and the urgency to contain the fiscal deficit to the targeted 5.3% of the GDP New Delhi: In a stern warning to evaders of excise, customs and service tax, the Indian government on Wednesday asked them to...

Read More



MDT/PTI 20 December 2012
France has provided details of Indians having bank accounts in one of the banks of Switzerland using which the tax authorities realised Rs181 crore in tax New Delhi: The Indian government on Thursday said tax authorities have realised Rs181 crore on undisclosed income of Rs565 crore...

Read More



MDT/PTI 10 December 2012
I-T department said it has information that 33.83 lakh people made cash deposits of Rs10 lakh or more in savings bank account while during assessment year 2012-13, only 14.62 lakh assesses, including professionals and companies, have declared taxable income of over Rs10 lakh   New...

Read More



MDT/PTI 05 December 2012
RBI said as many as 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai for the December quarter Mumbai: To avoid long queues in front of the central bank counters, arrangements have been made at the Reserve Bank of India...

Read More



MDT/PTI 29 November 2012
While agreeing to hear the case, the apex court said it was considering to take suo motu cognisance of recent incidents of arrest of people and wondered why nobody had so far challenged the particular provision of the IT Act   New Delhi: Concerned over recent incidents of arrest of...

Read More



MDT/PTI 28 November 2012
The I-T department has written to the Finance Ministry to suggest a benchmark for funds held on the basis of which the it can initiate legal action for tax evasion and tax theft   New Delhi: The Income Tax (I-T) department has decided to begin prosecution action against those having...

Read More



MDT/PTI 27 November 2012
According to Kirit Parikh, for normal cars, the road tax can be higher by between Rs10,000 and Rs20,000 for diesel version and for SUVs, it should be higher by up to Rs50,000 New Delhi: A proposal to levy an annual road tax -- higher by up to Rs 50,000 for diesel sports utility vehicles...

Read More



MDT/PTI 19 November 2012
The I-T department has initiated the step in order to build water tight case against those who have stashed illegal funds abroad after investigations showed some of them reportedly had other accounts under fictitious names in HSBC's Geneva branch   New Delhi: The Indian Income Tax...

Read More



Moneylife Digital Team 02 November 2012
While tax receipts have improved compared to last year, they have fallen short of estimates. Meanwhile, increased expenditure has failed to translate into growth. The government is in a classic bind. Hopes for a reduction of fiscal deficit and interest rates can be ruled out for now  One...

Read More



MDT/PTI 26 October 2012
Information Commissioner Mathur asked the I-T department to make public the documents placed before the Union Cabinet last year on the basis of which tax exemption was give to ICC World Cup   New Delhi: The Central Information Commission has directed the Income Tax (I-T) department to...

Read More



MDT/PTI 02 October 2012
The slew of incentives being considered by the Finance Ministry for boosting life insurance industry include reduction in service tax on first premium, separate tax exemption limit for pension plans and greater incentives for agents selling policies   New Delhi: Life insurance...

Read More



MDT/PTI 01 October 2012
The guidelines on GAAR will be based on the suggestions of the committee headed by tax expert Parthasarthi Shome who submitted the final report to the finance minister earlier in the day   New Delhi: The Income Tax department will come out with final guidelines by the end of this...

Read More



Nidhi Jain  and   Piyush Sinha 27 September 2012
It is good that the benefit of investment in infrastructure bonds is being extended to charitable/religious trusts. However, a clarification from CBDT is expected as to why the benefit u/s 80CCF is not extended to the current fiscal for individuals and HUF For attracting investment in...

Read More



MDT/PTI 20 September 2012
According to SEBI chief Sinha, STT should be used in a manner that investors are incentivised to invest for the long term rather than for short term   New Delhi: UK Sinha, chief of Securities and Exchange Board of India (SEBI) has said that securities transaction tax (STT) should be...

Read More



MDT/PTI 18 September 2012
While Salman, Akshay, Katrina, Kareena, Saif, Sachin Tendulkar, the Big B and Aishwarya paid higher advanced tax during September quarter, Shah Rukh's tax outgot remained flat, while Aamir paid lower tax compared with same quarter last year    Mumbai: After a string of Rs100 crore...

Read More



MDT/PTI 17 September 2012
I-T is probing suspected tax evasion to the tune of Rs800 crore during the last two years in Private Placement Programmes or PPP where an exceptional amount of returns are guaranteed within an extremely short tenure   New Delhi: The Income Tax (I-T) department is probing a few foreign...

Read More



MDT/PTI 03 September 2012
Chidambaram said the Vodafone tax matter will be decided after considering all aspects including recommendations the Shome Committee on indirect transfer of assets   New Delhi: Indian Finance Minister P Chidambaram on Monday said there will be no 'rash' action in Vodafone tax case and...

Read More



The main reason for non-realisation of unrecovered dues include pendency of decision on stay applications by Appellate Authorities, arrear recovery stayed by various Appellate Authorities and Courts, the minister said   New Delhi: Taxes worth Rs58,636 crore are locked up in...

Read More

Free Helpline
Legal Credit
Feedback