TAXATION


The NCDRC asked the Airport Authority of India to refund the TDS it had subtracted from the compensation it had to pay to a couple for death of their daughter   New Delhi: Damages awarded cannot be equated with income liable to tax deduction at source (TDS), the apex consumer...

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Nagesh Kini Nagesh Kini 09 August 2012
The gross corporate misdemeanors reported by Indian and overseas financial analysts make it imperative to revisit the process of appointment of independent directors and auditors—statutory and internal   The CBDT (Central Board of Direct Taxes) chairman-headed report on black money...

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Under the agreement with Monaco, there is a specific provision for providing banking and ownership information and the requesting state has to provide some minimum details   New Delhi: India has entered into an agreement with Monaco for exchange of information that will allow the two...

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Moneylife Digital Team 31 July 2012
Due to power failure across Northern and Eastern states, the CBDT extended the due date for filing I-T returns to 31st August from 31st July   The Central Board of Direct Taxes (CBDT) has extended the due date for filing income tax (I-T) returns for assessment year 2012-13 to 31st...

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The PM said, there is still a need to address issues like the approach to taxation of Development Centres, tax treatment of 'onsite services' of domestic software companies and also the issue of finalising the Safe Harbour provisions   New Delhi: In yet another move to provide clarity...

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An initial probe has found that insurance companies are evading taxes at the time of renewing old policies or refunding amounts on policies surrendered before the maturity period New Delhi: Insurance companies have come under the scanner of a government intelligence agency for...

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While Andaman Islands is India’s territory, the government should discuss the development of the Agalega Islands with Mauritius at the DTAA review next month which would be mutually beneficial to both countries In his recent visit to India, Dr Arvin Boolell, foreign affairs minister of...

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The Shome committee would prepare fresh norms on the controversial tax provision to bring "greater clarity" and prepare a roadmap by 30th September for the implementation of GAAR New Delhi: Within a fortnight of the Finance Ministry issuing draft guidelines on General Anti-Avoidance...

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India is looking to amend the taxation treaty with Mauritius, which was entered into in 1983, amid concerns that the island nation is being used by companies to evade taxes New Delhi: Amid concerns over India's new tax proposals, Mauritius on Friday said domestic legislations should not...

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Sectors like aviation, affordable housing, power and road were given access to overseas loans in the Budget   New Delhi: The Finance Ministry is working on a proposal to reduce the incidence of withholding tax on external commercial borrowings (ECB) to encourage Indian companies to...

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Service tax on railway passenger travel and freight has been kept on hold due to opposition from Mamata Banerjee. The exemption has been extended since then on quarterly basis   New Delhi: Passenger fares and freight charges will not go up immediately as the Finance Ministry on Monday...

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According to the draft guidelines on the General Anti-Avoidance Rules (GAAR), leasing transactions will not be hit by its provisions and only circular leasing The draft guidelines on General Anti-Avoidance Tax Rules (GAAR) were released on Thursday, 28 June 2012. The guidelines are only...

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The automobile industry has also opposed to the idea of diesel vehicles being taxed more, saying such a move will hurt the industry which is already reeling under a slump and future investments could also be hurt New Delhi: Terming Oil Minister Jaipal Reddy's proposal of levying...

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Gross collection of personal income tax during April-May 2012  was up by 10% to Rs27,884 crore   New Delhi: The gross direct tax collection grew marginally by 3.62% to Rs52,232 crore in the first two months of the current fiscal, reports PTI. The gross realisation from direct tax...

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The PIL filed by BJP's former leader Govindacharya, seeks recovery of taxes on incomes of Google and Facebook from India and data safety of 50 million Indian users New Delhi: The Delhi High Court on Wednesday sought responses of the Centre, Facebook India and Google India on a plea by...

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Services like metered taxis, auto rickshaws, betting, gambling, lottery, entry to amusement parks, transport of goods or passengers and electricity transmission or distribution by discoms will not be taxed New Delhi: Funerals, betting and gambling have been exempted while almost all...

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A reign of tax terror unleashed by the tax enforcement machinery will only harm India’s chances of attracting FDI. The rules must be clear and not open to multiple interpretations at the whims of a compromised bureaucracy and high-handed politicians The declining rupee and the soaring...

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Dr SD Israni 12 April 2012
It is good that a uniform age of 60 years has been fixed to qualify as a senior citizen under all provisions of the I-T Act. One provision in the Union Budget that caught my attention is with respect to senior citizens. Ordinarily, the Union Budget should not be a forum to discuss...

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Moneylife Digital Team 16 March 2012
In the Budget for 2012-13, the finance minister has increased the tax exemption limit to Rs2 lakh and also increased limits of tax slabs Here is what you will be paying as income tax for FY13.. For up to Rs3 lakhs - NIL; Rs4 lakhs - Rs6,180; Rs5 lakhs - Rs6,180; Rs6lakhs - Rs10,300; Rs8 lakhs -...

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Moneylife Digital Team 16 March 2012
Finance minister Pranab Mukherjee presented the General Budget for 2012-13 in the Lok Sabha amid uproar in the House. Highlights of the finance minister's speech: Baggage allowance for people of Indian origin increased from Rs25,000 to Rs35,000 and for children from...

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