direct taxes

SC frowns on delay in income tax department appeals (Lead)


September 17th, 2012 - 11:22 pm ICT by IANS
New Delhi, Sep 17 (IANS) The Supreme Court Monday asked the government to streamline the Income Tax (I-T) Department's working to check delays in challenging adverse verdicts related to tax ... Read more...

Posted in Business |

India will ensure clarity in tax regulations: Chidambaram


September 3rd, 2012 - 7:00 pm ICT by IANS
New Delhi, Sep 3 (IANS) Finance Minister P. Chidambaram Monday assured investors that the government would bring clarity in tax regulations and take necessary measures to ensure a stable ... Read more...

Posted in Uncategorized |

Government outlines measures to tackle black money


August 10th, 2012 - 9:56 pm ICT by IANS
New Delhi, Aug 10 (IANS) The government Friday released details of its initiatives for unearthing and curbing black money, even as yoga guru Baba Ramdev's fast to demand the government ... Read more...

Posted in Politics |

Breaking the glass ceiling in India’s tax administration


August 6th, 2012 - 4:40 pm ICT by IANS
New Delhi, Aug 6 (IANS) Taxman may not be a proper term to use any more, given the gender of the current chairs of the direct and indirect tax administrations: ... Read more...

Posted in Business |

IT industry lauds PM’s move to review tax laws


July 30th, 2012 - 8:57 pm ICT by IANS
New Delhi, July 30 (IANS) The National Association of Software and Services Companies (Nasscom) Monday welcomed the initiative of Prime Minister Manmohan Singh to review tax laws pertaining to ... Read more...

Posted in Sci-Tech |

PM sets up committee to review taxation of IT sector


July 30th, 2012 - 3:08 pm ICT by IANS
New Delhi, July 30 (IANS) Prime Minister Manmohan Singh Monday set up a committee to review taxation of "development centres" and IT sector, with a view to bring more ... Read more...

Posted in Business |

Small mistake can lead to long delays in tax refunds


July 23rd, 2012 - 6:16 pm ICT by IANS
New Delhi, July 23 (IANS) Tax payers should take precautions and avoid small mistakes while filing the returns as it usually leads to long delays in refunds, experts said.Delay in ... Read more...

Posted in Business |

Employees earning up to Rs.5 lakh annually exempt from filing tax return


July 20th, 2012 - 6:18 pm ICT by IANS
New Delhi, July 20 (IANS) Employees with annual income up to Rs.5 lakh are not required to file tax return from the assessment year 2012-13, if there is no other ... Read more...

Posted in Business |

Direct tax mop-up rises 6.77 percent in April-June


July 9th, 2012 - 6:53 pm ICT by IANS
New Delhi, July 9 (IANS) Collections from direct taxes rose by 6.77 percent to Rs.1,11,182 crore during the first quarter of the current financial year as compared to Rs.1,04,135 crore ... Read more...

Posted in Business |

E-filing of returns must for people earning over Rs.10 lakh


July 2nd, 2012 - 7:29 pm ICT by IANS
New Delhi, July 2 (IANS) The government has made it compulsory for the people earning more than Rs.10 lakh to file their income tax returns electronically.The Central Board of Direct ... Read more...

Posted in Business |

Comments invited on new tax rules, PM to take final call (Second lead)


June 29th, 2012 - 6:07 pm ICT by IANS
New Delhi, June 29 (IANS) The government Friday issued draft guidelines on the General Anti Avoidance Rules (GAAR), inviting comments from different stakeholders and clarified that Prime Minister Manmohan ... Read more...

Posted in Business |

Govt invites comments on GAAR, PM to take final call (Lead)


June 29th, 2012 - 3:53 pm ICT by IANS
New Delhi, June 29 (IANS) The government Friday issued draft guidelines on the general anti-avoidance rules (GAAR), inviting comments from different stakeholders and clarified that Prime Minister Manmohan Singh ... Read more...

Posted in Business |

Compulsory disclosure of overseas assets irks taxpayers


June 7th, 2012 - 12:53 pm ICT by IANS
New Delhi, June 7 (IANS) Filing of income tax returns has become more complicated from this year for those having bank accounts or any other assets overseas. The government has ... Read more...

Posted in Business |

Tax cases settled before April 1 won’t be reopened: Mukherjee


May 30th, 2012 - 5:19 pm ICT by IANS
New Delhi, May 30 (IANS) In a bid to soothe investors' concerns over retrospective amendments to tax laws, Finance Minister Pranab Mukherjee Wednesday said the government would not reopen ... Read more...

Posted in Business |

Direct taxes should be 12 percent of GDP: Mukherjee


May 27th, 2012 - 4:00 pm ICT by IANS
Kolkata, May 27 (IANS) Finance Minister Pranab Mukherjee Sunday said the share of direct tax revenue should be 12 percent of the country's gross domestic product (GDP)."Direct taxes, being ... Read more...

Posted in Business |

Industry welcomes GAAR deferral


May 7th, 2012 - 10:03 pm ICT by IANS
New Delhi, May 7 (IANS) India Inc. Monday welcomed the government's decision to defer implementation of the General Anti-Avoidance Rules (GAAR) by a year."We are happy that the suggestions made ... Read more...

Posted in Business |

Vodafone was told about tax liability in Hutchison deal


May 2nd, 2012 - 6:52 pm ICT by IANS
New Delhi, May 2 (IANS) The Indian government Wednesday said Vodafone Plc was duly informed about its tax liability in the $11.2 billion acquisition of Hutchison's stake in Hutchison-Essar ... Read more...

Posted in Business |

Fake I-T refunds racket cracked


April 16th, 2012 - 10:46 pm ICT by IANS
New Delhi, April 16 (IANS) Two people were arrested while five Income Tax officials are being examined in connection with fraudulent refund cheques issued by the Income Tax Department (ITD) ... Read more...

Posted in Uncategorized |

Plug loopholes to boost tax revenue: Pranab


April 8th, 2012 - 10:46 pm ICT by IANS
Bangalore, April 8 (IANS) Finance Minister Pranab Mukherjee Sunday advised experts to plug loopholes in the taxation laws to ensure that the government got its due share of revenue ... Read more...

Posted in Business |

Pranab, jewellers to discuss contentious new levies


April 5th, 2012 - 11:32 pm ICT by IANS
Mumbai, April 5 (IANS) In an effort to break the deadlock over the recent hike in duties affecting the gems and jewelery industry, Union Finance Minister Pranab Mukherjee will ... Read more...

Posted in Business |

N.K.P. Salve, ex-minister and former BCCI chief, dead (Second Lead)


April 1st, 2012 - 6:09 pm ICT by IANS
New Delhi, April 1 (IANS) N.K.P. Salve, a former union minister and Congress veteran who worked with Indira Gandhi and Rajiv Gandhi and headed the Indian cricket board, died here ... Read more...

Posted in Politics |

Income Tax offices to remain open Saturday


March 30th, 2012 - 8:36 pm ICT by IANS
New Delhi, March 30 (IANS) Income Tax offices across the country will remain open Saturday, March 31, the last day of the current financial year, to facilitate filing of income ... Read more...

Posted in Business |

Experts say excise duty hike was expected


March 16th, 2012 - 6:54 pm ICT by IANS
New Delhi, March 16 (IANS) Finance Minister Pranab Mukherjee Friday proposed a two percentage point hike in peak excise duty from 10 percent to 12 percent. Market analysts said ... Read more...

Posted in Business |

Income tax exemption limit raised to Rs.2 lakh (Lead)


March 16th, 2012 - 5:35 pm ICT by IANS
New Delhi, March 16 (IANS) Giving some relief to individual taxpayers, Finance Minister Pranab Mukherjee Friday proposed to raise the income tax exemption limit to Rs.2 lakh from Rs.1.8 ... Read more...

Posted in Business |

Mukherjee puts money in one pocket, takes out from others (Roundup)


March 16th, 2012 - 4:54 pm ICT by IANS
New Delhi, March 16 (IANS) Every tax payer in India is set to gain at least Rs.2,000 per annum, thanks to the relief proposed by Finance Minister Pranab Mukherjee. ... Read more...

Posted in Business |

Mukherjee’s budget promises tax relief, subsidy cut, reforms (Fourth Lead)


March 16th, 2012 - 4:12 pm ICT by IANS
New Delhi, March 16 (IANS) Tax relief to individuals, promise to curb black money, major push on infrastructure, capital market reforms and huge subsidy cut were among proposals listed ... Read more...

Posted in Business |

Panel proposes hiking income tax exemption limit to Rs.3 lakh


March 9th, 2012 - 8:36 pm ICT by IANS
New Delhi, March 9 (IANS) A parliamentary panel reviewing the Direct Taxes Code (DTC) bill has recommended raising the income tax exemption limit to Rs.3 lakh a year and ... Read more...

Posted in Uncategorized |

Uttar Pradesh government favoured Ponty Chadda, says CAG


February 25th, 2012 - 4:17 pm ICT by IANS
Lucknow, Feb 25 (IANS) The Bahujan Samaj Party (BSP) government in Uttar Pradesh has been indicted in yet another scam, this one related to divestment of stake in 11 ... Read more...

Posted in Business |

Cash, jewellery worth Rs.11.61 crore seized from Ponty Chadha


February 16th, 2012 - 6:56 pm ICT by IANS
New Delhi, Feb 16 (IANS) The Central Board of Direct Taxes (CBDT) has seized cash, jewellery and fixed deposits worth Rs.11.61 crore in raids on the properties of liquor baron ... Read more...

Posted in Business |

Government hopes to meet indirect tax collection target


February 8th, 2012 - 9:18 pm ICT by IANS
New Delhi, Feb 8 (IANS) The government Wednesday said it hopes to collect Rs.392,908 crore as indirect taxes for the fiscal ending March 31, as the mop-up in the fist ... Read more...

Posted in Business |

India Inc cries foul over new IT order


January 25th, 2012 - 9:16 pm ICT by IANS
Mumbai, Jan 25 (IANS) The corporate world Wednesday expressed "serious concerns" over the directive of the Central Board of Direct Taxes to the Income Tax Department to visit the premises ... Read more...

Posted in Business |

Tax sleuths to verify high-value transactions


January 18th, 2012 - 9:11 pm ICT by IANS
New Delhi, Jan 18 (IANS) The Indian government will run a special drive from Jan 20 to March 20 to verify high-value transactions including investments, deposits and expenditure in a ... Read more...

Posted in Business |

Moody’s upgrade India’s ratings, Sensex soars


January 10th, 2012 - 8:43 pm ICT by IANS
New Delhi, Jan 10 (IANS) Global credit rating agency Moody's Investor Services has raised India's sovereign credit ranking to investment grade.The Moody's upgraded the country's short-term foreign currency rating ... Read more...

Posted in Business |

Direct tax code to come into force from April 2012: Pranab


December 7th, 2011 - 4:59 pm ICT by IANS
New Delhi, Dec 7 (IANS) The long-awaited Direct Tax Code (DTC) that seeks to simplify tax laws by lowering the tax rates and bringing more people and firms within ... Read more...

Posted in Business |

Parliament: Third day lost and Rs.2.5 crore too


November 24th, 2011 - 10:32 pm ICT by IANS
New Delhi, Nov 24 (IANS) Pandemonium over varied issues by ruling party and opposition members in both houses of parliament Thursday resulted in the loss of the third day ... Read more...

Posted in Politics |

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