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Justice TNC Rangarajan retd 20 May 2015
Every time the I-T department talks of widening the tax base, they end up only squeezing those already in the tax net. Can we think about new, fresh ideas to widen the tax net?   To put first things first, we have to keep in mind that our economy is predominantly a cash economy. There...

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Justice TNC Rangarajan retd 19 May 2015
If 10% tax is deducted uniformly from all streams of income and diverted at source to the government, there will be enough revenue coming in steadily without the hassles of computation and refunds    Income is generated as earned income by way of salary from employment or income...

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Sucheta Dalal , 13-December-2024
Shaktikanta Das Retires: Navigating Crises, Leaving Challe...
Shaktikanta Das, the 25th Governor of the Reserve Bank of India (RBI), demit...

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Ameet N Patel 19 May 2015
The celebration that follows a home purchase of over Rs50 lakh could turn into a nightmare if you forgot to deduct or deposit the TDS with the I-T department within specified time-frame   Buying a house is everyone’s dream. In India, in particular, one generally ends up investing all...

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Justice TNC Rangarajan retd 18 May 2015
It is time to re-examine the concept of tax on total income with the attendant hassles of inclusion and exclusion of incomes. We need to divert the income streams at source for public purposes. That would cut the tax tentacles at the root    System Check Income tax (I-T)...

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Justice TNC Rangarajan retd 15 May 2015
While the litigation tentacle is very gripping, the TDS tentacle is long enough to freeze bank accounts of the deductor even though he is not a taxpayer and no amount is due from him. This is third part of a multi-part series   Let me give an example of how the delay undermines the...

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Justice TNC Rangarajan retd 14 May 2015
Cumbersome forms, adding non-taxable items, modifying the computation and denying legitimate deductions by raising disputes, flawed appeals and revisions -- multiple tentacles squeeze the assesse. This is second part of a multi-part series adapted from Justice S Rangarajan Memorial Lecture in...

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Justice TNC Rangarajan retd 13 May 2015
The Indian tax system is devilishly complex, extortive and a patchwork of various haphazard ideas. This is the first part of a multi-part series on the vexing Indian tax system and the path to genuine reforms, adapted from Justice S Rangarajan Memorial Lecture in Bangalore delivered...

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IANS 13 May 2015
The Central Board of Direct Taxes had notified new norms and the attendant forms that, among other issues, requires an assessee to furnish all bank details, accounts opened or closed in the year with the closing balance, as also the sources of funds for expenses in an overseas...

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IANS 12 May 2015
This follows Finance Minister Arun Jaitley's Friday announcement of a high-level committee for looking into the issue of levy of MAT on FIIs   The Central Board of Direct Taxes (CBDT) on Monday said it will not issue any new demands for payments, and will take no coercive action to...

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IANS 08 May 2015
The government on Friday set up a high-level committee on minimum alternate tax (MAT) on foreign institutional investors (FIIs), following the passing of the Finance Bill, 2015-16, in the Rajya Sabha on Thursday.   Replying to the debate on the bill, Finance Minister Arun Jaitley...

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IANS 06 May 2015
By subsuming most indirect taxes levied by the central and state governments like excise, service tax, VAT and sales tax, the pan-India goods and services tax (GST) regime has proposed to facilitate a common market in the country.   As a measure of support for the states, petroleum...

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IANS 06 May 2015
The original bill to amend the Constitution for introducing a pan-India Goods and Services Tax regime was moved by the United Progressive Alliance government in 2011. This bill lapsed. Here're the key differences between the lapsed bill and the one that was passed by the Lok Sabha on...

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IANS 06 May 2015
The Lok Sabha on Wednesday gave its consent to a far-reaching amendment to the constitution to pave the way for a pan-India goods and services tax regime and create a unified market across the country, doing away with multiplicity of central and state levies.   The Constitution (One...

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Moneylife Digital Team 05 May 2015
The Finance Act treats all subsidies, grants, cash incentives, duty drawbacks, waiver, concessions and reimbursements as taxable income. However, the Finance Ministrty has claried that there would be no income tax on LPG and other welfare subsidies for individuals   UPDATE: Updated to...

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Gurpur 04 May 2015
The tax authorities can suitably modify the rules to obviate the need for issuing TDS certificates, which will be a great service to the taxpayers in general and tax deductors in particular   The harassment caused to the tax deductors by the Income-Tax (I-T) Department preventing them...

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IANS 29 April 2015
Cairn India in its petition had sought the quashing of the tax demand, as it felt there was an undue delay in initiating the proceedings -- a lapse of over six years   With the Delhi High Court to resume hearing on Wednesday on the Rs.20.495 crore tax case slapped on Cairn India,...

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Moneylife Digital Team 23 April 2015
The TRACES portal of Income-tax department is preventing deductors from issuing TDS certificate unless past demands, irrespective of whether it is valid or not, are paid     The Tax Deducted at Source (TDS) reconciliation analysis and correction enabling system (TRACES) portal of the...

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Venkatachari Jagannathan (IANS) 20 April 2015
On April 15, the Central Board of Direct Taxes (CBDT) had notified new norms and the attendant forms that, among other issues, requires an assessee to furnish all bank details, opened or closed in the year with the closing balance, as also the sources of funds for expenses in an overseas...

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IANS 17 April 2015
The finance minister said the government had taken the position that in cases where the courts had given their verdict in favour of the companies, no appeal will be filed despite such an option existing   Even as court battles continue over tax demand on foreign firms on deals entered...

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IANS 16 April 2015
Following its first public notice for "naming and shaming" tax defaulters last month, the Income Tax department on Wednesday published a list of another 31 defaulters, who collectively owe more than Rs.1,500 crore in arrears.   The earlier list, published on the last day of the...

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