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Written by P.T. GOVINDARAJAN
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Friday, 29 May 2009 12:34 |
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The Finance Ministry has told industry that it should not expect any major fiscal sops in the Budget to be presented by the new UPA government, which has a limited headroom for giveaways due to the economic slowdown.In pre-Budget consultations, senior Finance Ministry officials conveyed the government's disappointment to industry for not passing to consumers the benefit of excise and service tax cuts announced in December and January, a chamber official said.
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Written by P.T. GOVINDARAJAN
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Friday, 22 May 2009 09:37 |
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Almost nine years after he won his historic Rs 1 crore jackpot on Kaun Banega Crorepati (KBC), Mr.Harshvardhan Nawathe is being re-visited by the tax guys. Harshvardhan Nawathe had won the Rs 1 crore jackpot on KBC in 2000.
A division bench of the Bombay High Court last week admitted an appeal filed by the Income Tax Department. I-T has challenged the order of the Income Tax Appellate Tribunal (ITAT) which had waived off Nawathe’s tax liability of about 40 per cent on the winnings in 2000-2001. Nawathe had clubbed his winnings with his regular earnings for 2000-2001. He had paid Rs 35 lakh towards tax. However, the I-T later realised that this earnings from the win would have to be calculated under Section 115bb of the Income Tax Act.
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Written by P.T. GOVINDARAJAN
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Monday, 18 May 2009 12:35 |
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After its attempt to tax industrialist Nusli Wadia on his land deals ran into trouble, the income tax department is exploring another avenue. Two years ago, the I-T department demanded Rs 31 crore as tax for the money Wadia made by selling around 110 acres of land at Mindspace along the Goregaon-Malad Link road. Wadia's appeal against this is pending. Now, the I-T department is interpreting the deal in a different way and demanding tax under a different head.
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Written by P.T. GOVINDARAJAN
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Wednesday, 20 May 2009 17:36 |
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The government has made the first move to home in on individuals and entities who have stashed away black money in one of the offshore banks.
The Central Board of Direct Taxes (CBDT) has sent notices to at least 50 individuals figuring among a list of Indians who hold accounts with the LGT Bank, Leichtenstein, a tax haven which borders Germany.
“We have sent notices. Whatever action that can be taken under law would follow,” CBDT chairman SSN Moorthy told ET. The tax authorities have sought information on the source of the money lying in the overseas bank and whether the account holders have paid tax on the amounts.
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Written by P.T. GOVINDARAJAN
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Friday, 15 May 2009 11:55 |
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Adopted from a report in New York Times:
India, the world's biggest democracy went to polls in 5 tranches. It is truly the greatest show on Earth, an ode to a diverse and democratic ethos, where 700 million + of humanity vote, providing their small part in directing their ancient civilization into the future. It is no less impressive when done in a neighborhood which includes de-stabilizing and violent Pakistan, China, and Burma.
Its challenges are immense, more so probably than anywhere else, particularly in development and fending off terrorism -- but considering these challenges and its neighbors, it is even more astounding that the most diverse nation on Earth, with hundreds of languages, all religions and cultures, is not only surviving, but thriving.
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