income tax act 1961

GAAR panel expanded to cover non-resident tax payers


September 1st, 2012 - 7:56 pm ICT by IANS
New Delhi, Sep 1 (IANS) The government Saturday expanded the scope of the expert committee on General Anti-Avoidance Rules (GAAR) to include all non-resident tax payers, even as the committee ... Read more...

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Economy will turn around in 2012-13: Pranab


June 11th, 2012 - 8:11 pm ICT by IANS
New Delhi, June 11 (IANS) Finance Minister Pranab Mukherjee said Monday "necessary steps" are being taken to put India back on the growth path and the economy would turn ... Read more...

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Economy will turn around in 2012-13: Pranab


June 11th, 2012 - 8:11 pm ICT by IANS
New Delhi, June 11 (IANS) Finance Minister Pranab Mukherjee said Monday "necessary steps" are being taken to put India back on the growth path and the economy would turn ... Read more...

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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...

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Government hasn’t directed reopening Vodafone-type cases: Palanimanickam


May 8th, 2012 - 9:49 pm ICT by IANS
New Delhi, May 8 (IANS) The government has not directed the income tax department to reopen cases similar to Vodafone's, parliament was informed Tuesday."The decision to reopening or not reopening ... Read more...

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Tax law change may yield Rs.40,000 crore: Government


April 24th, 2012 - 7:42 pm ICT by IANS
New Delhi, April 24 (IANS) The proposed retrospective changes in the income tax law that seeks to bring overseas transactions involving Indian assets into the tax net is likely ... Read more...

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Business sentiments worse than reality: Adi Godrej (Interview)


April 23rd, 2012 - 10:50 am ICT by IANS
New Delhi, April 23 (IANS) The Indian economy and businesses are passing through difficult times due to lack of reforms and governance, but the sentiments are even worse than ... Read more...

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Proposed tax law change ‘clarificatory’, says Pranab


April 20th, 2012 - 7:40 pm ICT by IANS
Washington, April 20 (IANS) Amid growing criticism from various quarters over the proposed retrospective changes in the tax law, Finance Minister Pranab Mukherjee has said that changes in the ... Read more...

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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...

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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...

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NHAI to garner Rs.10,000 crore from market for projects


December 26th, 2011 - 6:05 pm ICT by IANS
Mumbai, Dec 26 (IANS) The National Highways Authority of India (NHAI) will raise Rs.10,000 crore through public issue of "Tax Free Secured Reedeemable Non-Convertible Bonds" of Rs.1,000 each, for part ... Read more...

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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...

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‘Tax reforms in India lag behind growth’


June 20th, 2011 - 12:51 pm ICT by IANS
New Delhi, June 20 (IANS) Taxation reforms in India have not kept pace with economic growth, leading to the problems of tax evasion and money laundering and resulting in ... Read more...

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India to set up new agency to trace black money: Pranab


May 24th, 2011 - 6:59 pm ICT by IANS
New Delhi, May 24 (IANS) India will soon set up a directorate of criminal investigation in its income tax department to deal with issues related to tax crimes and ... Read more...

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Cricket World Cup gets Rs.45 crore tax relief


March 31st, 2011 - 8:53 pm ICT by IANS
New Delhi, March 31 (IANS) The International Cricket Council (ICC) has landed a Rs.45 crore ($10 million) bonanza with the Indian cabinet Thursday exempting the income earned during the ... Read more...

Posted in Sports |

Cabinet approves tax exemption for ICC WC 2011


March 31st, 2011 - 8:21 pm ICT by ANI
New Delhi, Mar 31 (ANI): The Union Cabinet on Thursday approved tax exemption for the 2011 ICC World Cup.The cabinet today approved the proposal of Ministry of Finance for exempting ICC Cricket ... Read more...

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IT department freezes accounts of Mahindra Satyam (Lead)


March 22nd, 2011 - 11:49 pm ICT by IANS
Hyderabad, March 22 (IANS) The Income Tax department Tuesday froze the bank accounts of Mahindra Satyam after the software firm failed to pay a tax demand of Rs.616 crore ... Read more...

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IT department freezes accounts of Mahindra Satyam


March 22nd, 2011 - 8:59 pm ICT by IANS
Hyderabad, March 22 (IANS) The Income Tax department Tuesday froze the bank accounts of Mahindra Satyam after the IT firm failed to pay a tax demand of Rs.616 crore ... Read more...

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Govt. extends date to file income tax return upto October 15


September 28th, 2010 - 10:00 pm ICT by ANI
New Delhi, Sep.28 (ANI): The Central Board of Direct Taxes has extended the due date of filing income tax returns for the assessment year 2010-11 from September 30 up to October 15, ... Read more...

Posted in National |

DTC bill in current session, GST will be delayed


August 24th, 2010 - 7:50 pm ICT by IANS
New Delhi, Aug 24 (IANS) The government is likely to introduce the Direct Taxes Code (DTC) bill in the current monsoon session of Parliament, but the constitution amendment bill on GST ... Read more...

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India inks disclosure pacts with 9 tax havens


April 13th, 2010 - 6:43 pm ICT by IANS
New Delhi, April 13 (IANS) In the first step towards bringing back unaccounted money stashed away in tax havens abroad, the Indian government Tuesday said it has entered into accords with ... Read more...

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India will unearth illegal money stashed abroad: President


February 22nd, 2010 - 6:17 pm ICT by IANS
New Delhi, Feb 22 (IANS) India will take all the steps necessary to unearth black money stashed abroad, with negotiations already on with a number of tax havens for sharing such ... Read more...

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Finance Minister Pranab Mukherjee revises GDP forecast to 7.75 percent


December 23rd, 2009 - 5:16 pm ICT by ANI
New Delhi, Dec 23 (ANI): Finance Minister Pranab Mukherjee on Wednesday said that despite price rise and fiscal consolidations remained the areas of worry, the economy could grow by 7.75 percent ... Read more...

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CorpBank ATMs to accept Income Tax


August 19th, 2009 - 4:32 pm ICT by IBNS
Kolkata, Aug 19 (IBNS) Corporation Bank has became the first bank in the Industry to start a revolutionary initiative of accepting Income Tax through its 1035 plus ATMs. To take away the ... Read more...

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Finance Minister to release ‘Direct Taxes Code’ today


August 12th, 2009 - 1:25 pm ICT by ANI
New Delhi, Aug 12 (ANI): Finance Minister Pranab Mukherjee will release the draft of the 'Direct Taxes Code' here today.It will be released in the presence of Union Home Minister ... Read more...

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Software sector hails tax holiday extension (Lead)


July 6th, 2009 - 10:49 pm ICT by IANS
Bangalore/Hyderabad, July 6 (IANS) India's software sector Monday welcomed the extension of tax holiday on export profits to 2010-11 from this fiscal, rationalisation of multiplicity of taxes on packaged software and ... Read more...

Posted in Business |

Software sector hails tax holiday extension


July 6th, 2009 - 8:58 pm ICT by IANS
Bangalore, July 6 (IANS) India's software sector Monday welcomed the extension of tax holiday on export profits to 2010-11 from this fiscal, rationalisation of multiplicity of taxes on packaged software and ... Read more...

Posted in Business |

Educational institutions under tax scanner


May 20th, 2008 - 8:00 pm ICT by admin
New Delhi, May 20 (IANS) Large educational institutions across the country, enjoying massive tax concessions, are now under the scanner of income tax sleuths after some of them were found to have ... Read more...

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