Singapore: Non-Resident Indian (NRI) industrialists in Singapore have expressed apprehensions about the proposed Direct Tax Code (DTC), which may tax their properties and foreign currency deposits in India. "Such new taxes will discourage NRI's participation in the Indian economy," said R Narayanamohan, chairman, Singapore Indian Chamber of Commerce and Industry (SICCI) after addressing a seminar on India's Union Budget 2012-2013 in Singapore. Though the new tax code awaits legislative approvals...
04:03 PM, Mar 23, 2012
New Delhi: Money does not grow on a tree nor does it fall from the sky. But most of our hard earned money goes in paying taxes. America's founding father Benjamin Franklin once said, "Nothing is certain in life but death and taxes". And high taxes certainly choke us every day. Brinda Mathur runs a PR firm. It's the start of a brand new week for her and she does...
08:44 AM, Mar 15, 2012
New Delhi: Ahead of the Budget, a key Parliamentary panel scrutinising the Direct Taxes Code (DTC) is likely to recommend raising of income tax exemption limit to Rs 3 lakh and tax breaks on investments to Rs 2.5 lakh. "There is a consensus among the members that annual tax exemption limit be raised to Rs 3 lakh," sources said after the meeting of the Parliamentary Standing Committee on Finance chaired...
04:56 PM, Feb 24, 2012
New Delhi: Cash-strapped Kingfisher Airlines has to pay Rs 40 crore dues in indirect taxes by March 31, Central Baord of Excise and Customs (CBEC) Chairman SK Goel said on Wednesday. The beleaguered airline has been in a financial mess and is unable be meet its obligations. "Kingfisher had an outstanding (service) tax dues of Rs 70 crore and the company had promised to pay in installments," Goel said on...
07:37 PM, Feb 22, 2012
New Delhi Finance Minister Pranab Mukherjee on Wednesday expressed hope that indirect tax collection target of Rs 3.92 lakh crore for the current fiscal will be met despite the economic slowdown. "I am confident that the department (Central Board of Excise and Customs) would not spare any effort in meeting the target. In fact, already indications are there (of meeting budget estimate)," Mukherjee said while speaking at a ceremony to...
02:21 PM, Feb 22, 2012
By Dr Rupa Rege Nitsure Just a couple of weeks ago, the rating agency Standard & Poor's has issued a warning that the balance of risk factors for India's sovereign credit rating has shifted towards the negative on the back of its weak fiscal position, high inflation and slower economic growth. The Reserve Bank of India (RBI) governor too affirmed that "fiscal slippage" was acting as a threat to RBI's...
05:26 PM, Feb 20, 2012
With the budget season approaching there are a lot of discussions and aspirations of what the budget would have in store for us. However there are a few questions which most people have in mind like what exactly is the union budget? How is it going to affect me? Do I have to be happy or worried? How will it be affecting my lifestyle? Let's answer these questions. Just like...
01:17 PM, Feb 16, 2012
New Delhi: Finance Minister Pranab Mukherjee will start pre-Budget consultations with various stakeholders from Wednesday. The first meeting is with agriculturalists. It will be followed by a series of interactions with sectoral experts, industry captains and economists over the next three weeks to get their feedback and inputs for considering incorporation in Budget 2012-13. Mukherjee is slated to meet trade union leaders on January 16. Social sector related groups will...
02:24 AM, Jan 11, 2012
New Delhi: Finance Minister Pranab Mukherjee will start pre-Budget consultations with various stakeholders from Wednesday. The first meeting is with agriculturalists. It will be followed by a series of interactions with sectoral experts, industry captains and economists over the next three weeks to get their feedback and inputs for considering incorporation in Budget 2012-13. Mukherjee is slated to meet trade union leaders on January 16. Social sector related groups will...
09:43 PM, Jan 10, 2012
New Delhi: In order to guard against possible leakage of names figuring in the secret bank accounts lists it has received from foreign shores, the CBDT has ordered the IT department to obtain a signed undertaking from any government entity or department who demands the data for their own probe. The Central Board of Direct Taxes (CBDT) fears that if these names are leaked and they are publicised, global financial...
12:30 PM, Jan 08, 2012
New Delhi: India's Finance Minister Pranab Mukherjee being spied upon? That's what Mukherjee suspected. A suspicion borne out of discovery of bugs from his office - a place believed to be one of the most secure zones in the country. Pranab even shot off a letter to the Prime Minister asking for a discreet enquiry. Something which is now being used by the Opposition to dub this as a huge...
07:04 AM, Jun 22, 2011
Hyderabad: The Income Tax Department has issued a notice to Mahindra Satyam, the new brand identity of Satyam Computer Services Ltd, to pay Rs 616.53 crore in taxes, the company said in a stock exchange filing on Tuesday. The company said the Central Board of Direct Taxes, under Section 119 of the Income Tax Act, 1961, rejected various petitions filed by the company seeking reliefs for reopening of past assessments...
11:31 AM, Mar 22, 2011
New Delhi: Finance Minister Pranab Mukherjee on Monday said the Direct Taxes Code (DTC), which will replace the Income Tax Act, is proposed to be implemented from April 1, 2012. "... The code is proposed to be effective from April 1, 2012," Mukherjee said in his Budget speech 2011-12. In the DTC Bill, which was introduced in Parliament last year, the annual I-T exemption limit is proposed at Rs 2...
11:42 AM, Feb 28, 2011
R Jagannathan When finance minister Pranab Mukherjee reads out his budget speech shortly, he will promise many things. But, invariably, he will not deliver on some of them. He would also have got several things wrong. So, it is always good to take his forthcoming budget promises with a pinch of salt. Here’s a laundry list of the things he promised in his budget speech of February, 2010, which he...
10:21 AM, Feb 28, 2011
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01:53 PM, Feb 14, 2011
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