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Direct Tax
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Direct Tax
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Budget 2012: Adopt sound parts of DTC & frame policies for smooth transition to GST this Budget
What should be the direction of tax policy in the coming budget," Finance Minister Pranab Mukherjee quizzed the country's two top tax officers three months ago. One of them said it would make sense to implement proposals in the Direct Taxes Code (DTC) that will replace the cumbersome income tax law....
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Nearly 8,500 income tax officers on protest; HNIs and corporates enjoy breather
For some time, well-heeled individuals and corporates may not lose sleep over fears of tax sleuths knocking on their doors.
Close to 8,500 gazetted income tax employees in the rank of I-T officers (ITOs), assistant commissioners and administrative officers have gone on a nationwide agitation. The ...
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Income tax department attaches Mahindra Satyam assets
The Central Board of Direct Taxes has attached the properties of beleaguered software outsourcer Satyam Computer Services, now rebranded Mahindra Satyam, to protect revenue that was due to it from the company.
The IT firm said it has received a provisional order from the taxman stating the attachm...
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Finance Ministry putting pressure on taxmen to meet revenue targets
Faced with a formidable task of collecting Rs 9.32 lakh crore taxes during the fiscal ending March 31, Finance Minister Pranab Mukherjee on Thursday said that he is exerting pressure on revenue officials to improve realisation.
"I am putting pressure on my colleagues in the CBEC, CBDT ...and on my ...
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Find Out: Thirteen silly tax provisions
In spite of the fact that year after year the Government is trying to simplify and rationalize the Income-tax Law but still there are innumerable provisions in the Income-tax Act which make them appear silly by a large number of tax paying public of India. In this small article an attempt is being m...
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Govt may rejig tax slabs, hike income tax exemption limit
Finance minister Pranab Mukherjee may have some good news for the salaried class in the budget for 2012-13. The Centre is considering a restructuring of income tax slabs and increasing the income tax exemption limit from the existing Rs 1.8 lakh to at least Rs 2 lakha move that would leave mo...
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Need for business certainty: Crucial takeaway from SC
The Indian tax and corporate advisory ecosystem is in a flurry of intense activity. The Supreme Court has decisively and emphatically rejected the claim of the income-tax department that a transfer of a foreign holding company indirectly holding Indian shares is necessarily subject to taxation as if...
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Direct tax mop-up may not meet target
With industrial growth picking up, the finance ministry is hopeful of meeting its budgeted target for indirect tax collections, but its direct tax kitty may fall short of the Budget estimate by Rs 20,000 crore.
A finance ministry official said there could be a shortfall of Rs 15,000-20,000 crore on...
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RBI pitches for reforms to contain fiscal deficit
The Reserve Bank of India (RBI) on Monday pitched for expediting economic reforms including reduction of subsidy and implementation of the Direct Taxes Code (DTC) and Goods and Services Tax (GST) to contain the fiscal deficit which is expected to exceed the Budget estimate, reports PTI.
Prospectiv...
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Slow growth in tax mop up disappoints CBDT chief
Though loss due to the apex court verdict in Vodafone case may not be a factor, income tax department is still wary about the overall collection for the year. Chairman of Central Board of Direct Taxes (CBDT) MC Joshi expressed disappointment over the year on year growth in tax collections, which is ...
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