Income Tax Act

  • Political parties should deposit funds in banks: EC August 29, 2014

    New Delhi: The Election Commission on Friday virtually made it mandatory for political parties to deposit their funds in banks and not to exceed ceiling limits in financial assistance for candidates to ensure transparency and accountability. The Election Commission order in this regard under Article 324 of the Constitution (superintendence, direction...
  • iGate faces unsettled tax demands worth Rs 738 crore May 26, 2013

    New Delhi: After WNS and Infosys, iGate is the latest to face tax issues in India with the US-based outsourcing firm having an "unsettled" tax demand of USD 132.7 million (about Rs 738 crore) for assessment years 2004-05 to 2009-10. iGate, which was in news for sacking of its chief executive...
  • Reconsider Income Tax Act amendment : Modi to Chidambaram April 28, 2013

    Patna: Bihar Deputy Chief Minister Sushil Kumar Modi has urged the Centre to reconsider amendment in Income Tax Act to disallow levies imposed by state governments on PSUs for imposition and computation of income tax. "The working of the proposed amendment is such that it would give wide discretionary powers...
  • India to amend tax laws after resolving Vodafone dispute April 7, 2013

    New Delhi: The Indian government will introduce changes in the income tax laws once the dispute with Vodafone is resolved, Finance Minister P Chidambaram said on Saturday. "Amendments to the Income Tax Act is inevitable, that is absolutely necessary," Chidambaram told reporters adding that the government was waiting for a...
  • I-T cases prior to April 1, 2012 won't be probed May 30, 2012

    New Delhi: Providing comfort to worried foreign investors, Finance Minister Pranab Mukherjee on Wednesday said that the Income Tax Department will not reopen cases where assessment proceedings had been finalised before April 1, 2012. "I gave a commitment in Parliament with regard to retrospective amendments that CBDT (Central Board of Direct...
  • Parliament has the right to amend I-T laws: Pranab May 17, 2012

    New Delhi: Government on Wednesday justified its decision to neutralise the impact of Supreme Court decision in the Vodafone case by amending the Income Tax Act with retrospective effect suggesting it was to prevent outflow of Rs 40,000-Rs 50,000 crore from the exchequer. Winding up a debate on Finance Bill in...
  • The Last Word: What signal does handling of Vodafone case give? May 10, 2012

    Vodafone had in April sent a notice to the Indian government threatening international arbitration in the tax dispute case. ...
  • 'India will continue to woo foreign investments' April 4, 2012

    Beijing: Amid concerns over Indian government's move to amend tax laws retrospectively, Planning Commission Deputy Chief Montek Singh Ahluwalia has said that as a policy the country would continue to woo foreign investments. "There is absolutely no question of India having turned against foreign investment," Ahluwalia told The Wall Street Journal. Indian...
  • No vindictive intent behind amending tax laws: Pranab March 25, 2012

    New Delhi: Stressing that there is no vindictive intention behind the move to retrospectively amend tax laws, Finance Minister Pranab Mukherjee on Sunday said the government does not plan to open a plethora of old cases by making changes to the Income Tax Act. "I can assure the industry that there...
  • Remove tax on clubbable income: Jaipur hotelier to FM March 12, 2012

    Jaipur: Finance Minister Pranab Mukherjee will present the Budget on March 16. A hotelier from Jaipur Prithvi Singh from Jaipur requests the Fiance Minister to remove the tax on clubbable income provision from the Income Tax Act. It's a week short of Prithvi and Pratibha Singh's 16th wedding anniversary and Prithvi...
  • Budget 2012: Focus on fiscal consolidation February 21, 2012

    Personal FN The year 2011 was rather turbulent for the Indian economy as it was steered by series of downbeat economic and geopolitical events, both in India as well as across the globe. As the Reserve Bank of India (RBI) adopted an anti-inflationary monetary policy stance, to tame the inflation bug,...
  • How the Direct Tax Code will affect you August 30, 2010

    By Suresh V Swamy – Executive Director and Amee Gala – Manager PricewaterhouseCoopers (PwC) Is today a taxing Monday? The Direct Tax Code (DTC) bill has been introduced in Parliament on Monday. If you wonder whether that concerns you, then yes, as effective from April 1, 2012, it is likely...
  • India to have new I-T Act in 2008-09 September 8, 2006

    New Delhi: India is likely to have a brand new income tax act in place from the assesment year 2008-09, Union Finance Minister P Chidambaram said on Friday. A government-appointed group formed to study simplification of laws relating to income tax has recommended removal of redundant provisions and use of simple...