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Indirect Tax
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Indirect Tax
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PAN to be most potent tool against tax evasion: Income Tax Department
Come next financial year, the PAN card is likely to become the most potent tool for the Income Tax Department to unearth black money, tax evasion and instances of criminal financing in the country.
A recent directive of the Central Board of Direct Taxes (CBDT) to the I-T Dept has asked its officia...
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The government should pursue indirect tax reforms for fiscal consolidation
The government reportedly plans to exit from the fiscal stimulus of 2008-09 delivered through cuts in excise duties and service tax. This is welcome.
Just as boosting demand was what the economy required when the global financial crisis struck, the need now is to cut excess demand posed by governm...
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Income-Tax raids on Maya's aide Ponty Chadha
The Income-Tax Department on Wednesday raided the residence and offices of Uttar Pradesh liquor baron Gurpreet Singh Chadha, popularly known as Ponty Chadha, who is believed to be close to UP chief minister Mayawati.
The Directorate of Criminal Investigation of Income-Tax carried out raids at 19 p...
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Income tax staff resume agitation
In a major set back for the income tax (I-T) department, its officials on Tuesday revived their agitation of not taking part in searches and surveys. The officials had earlier protested from December 5 to January 3 to demand promotions pending for the past two years. The agitation was
suspen...
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Prepare for a taxing Budget
Times have changed. The role that the pre-Budget Economic Survey has traditionally played appears to have now been perfected by the Reserve Bank of India or RBI. The Economic Survey, an annual document that the Ministry of Finance produces a few days before the presentation of the Union Budget, alwa...
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Infra bond tax gain may stay
The finance ministry may extend tax benefits for investment in infrastructure bonds for one more year. But the limit ofRs 20,000 may not change, despite appeals from the industry.
This would mean a tax saving ofRs 2,000 toRs 6,200 for an individual, depending on the tax slab.
A finance ministry of...
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Tax case in Supreme Cour
Income-Tax Department asked to return to Vodafone Rs 2,500 crore with 4 per cent interest within two months from today.
Supreme Court Registry asked to return to Vodafone the bank guarantee of Rs 8,500 crore.
"We find that during 2002-11, the Indian arm of vodafone has contributed to Rs 20,242 cro...
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Multiple assets in India? Dont forget wealth tax
There's income tax and then there's the little brother - wealth tax. Here's a primer on how NRIs must deal with their wealth tax obligations.
If you are a Non Resident Indian with net wealth from assets in India aggregating more than Rs 30 lakh in a financial year, you may be liable to pay wealth t...
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Indirect tax collection on target despite ups & downs in growth
The government seems on course to achieve, or even exceed marginally, its indirect taxes collections target for the current financial year despite the economic slowdown. With a quarter to go, indirect tax collections have touched 72% of the budgeted Rs 3.97 lakh crore for the current fiscal, data re...
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States clear one more GST hurdle
The country moved a step closer to the implementation of a goods and services tax (GST) after the state governments, key stakeholders, gave their in-principle approval to streamlining the taxation of services nationally.
Accordingly, all services, except for a few defined under a negative list, w...
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