TAX

  • No proposal to make CBI lead probe agency for loan defaults: Arun Jaitley 11 hours 2 minutes ago

    New Delhi: The government on Tuesday said there is no proposal to make CBI the lead agency for investigating all major corporate loan default cases. In reply to a question whether the government is considering a proposal to make CBI the lead agency for probing all major corporate loan default cases,...
  • I-T department collects Rs 6.96 lakh crore revenue during 2014-15 2 days ago

    New Delhi: Government collected over Rs 6,96,200 crore revenue under the direct taxes kitty in the just concluded financial year 2014-15, about 14 per cent short of target. Officials said the I-T Department which collects a variety of taxes like Income Tax and Corporate Tax collected approximately Rs 6,96,200 crore in...
  • Arun Jaitley warns India Inc against profiting from liberal tax regime 3 days ago

    New Delhi: Warning corporates not to take unfair advantage of the liberalised tax environment, Union Finance Minister Arun Jaitley on Friday said the world is moving towards a more transparent regime that would remove the veil of secrecy from unlawful transactions. "I think, for every assessee, every person in the commercial...
  • Government initiatives to take India's growth to 9-10 per cent: Arun Jaitley 4 days ago

    New Delhi: Initiatives being taken by the government to boost investments and introduce tax reforms will lead to 9-10 % economic growth in the coming years, Union Finance Minister Arun Jaitley said on Friday. "The cumulative impact of these (initiatives), I believe, will increase our capacity...
  • Lok Sabha passes Finance Bill 2015; FM Arun Jaitley clarifies on MAT 5 days ago

    New Delhi: The Finance Bill 2015 was tabled in the Parliament on Thursday and was passed later with a voice vote. The Bill contains the government's tax proposals for the fiscal FY16. Speaking in the lower house, Finance Minister Arun Jaitley on Thursday defended his Finance Bill and gave clarifications...
  • 'Extremely simplified' tax form soon: FM Arun Jaitley 5 days ago

    New Delhi: An "extremely simplified" income tax return form will soon replace the controversial 14-page ITR that sought information like all bank accounts and foreign trip details, Finance Minister Arun Jaitley announced in the Lok Sabha on Thursday. "I am having the entire matter reviewed and very soon you will...
  • End obstructionism, FM Arun Jaitley tells opposition, announces some concessions 5 days ago

    New Delhi: With the land bill being stuck, Finance Minister Arun Jaitley on Thursday asked opposition to shun politics of "obstructionism" to allow growth as he announced concessions including withdrawal of service tax on social sector schemes and clarified on MAT to boost investment. Jaitley...
  • India raises sugar import tax: raw sugar to attract import tax 6 days ago

    New Delhi: India has raised the import tax on sugar to 40 percent from 25 percent to help prop up falling local prices and protect local farmers who have not been paid by money-losing mills, the government said in a statement said on Wednesday. India also slapped the tax on imports...
  • New Income Tax Return forms: Special team to re-draft format after criticism April 27, 2015

    New Delhi: The new format of Income Tax Return (ITR) forms that was withdrawn by the government in the wake of complaints over providing details of foreign trips and domestic bank accounts is being revised to make it simpler. "The new ITR format has been put into revision and it...
  • Government to have non-adversarial tax regime, boost investment: Finance Minister April 27, 2015

    New Delhi: Seeking investments to boost the economy, Finance Minister Arun Jaitley on Monday promised a non- adversarial tax regime as well as competitive labour laws to achieve double-digit growth rate. He also said the government has no intention to tax people retrospectively and will make...
  • Taxation policy has to be simpler and competitive: Arun Jaitley April 27, 2015

    New Delhi: Promising a business friendly environment to woo foreign investments, Finance Minister Arun Jaitley on Monday made it clear that retrospective tax will not be imposed and that taxation policy has to be "non-adversarial". "Our Taxation process has to be simpler to increase tax buoyancy. Our taxation policy has to...
  • PAN card to be issued within 48 hours of applying April 22, 2015

    New Delhi: The government will soon launch a facility under which a PAN card will be issued within 48 hours of applying. "An online facility for issuance of PAN is on the anvil under which an applicant can get a PAN card within 48 hours," a senior official said. Besides, special camps...
  • Arun Jaitley to meet tax officials again to keep ITR forms simple April 22, 2015

    New Delhi: Facing criticism over the new ITR forms that seek details on bank accounts and foreign travel, Finance Minister Arun Jaitley will hold another round of meeting with officials to simplify the procedure. Soon after his trip from Washington, Jaitley had held a meeting with tax officials on the...
  • Arun Jaitley to meet tax officials again to keep ITR forms simple April 21, 2015

    New Delhi: Facing criticism over the new ITR forms that seek details on bank accounts and foreign travel, Finance Minister Arun Jaitley will hold another round of meeting with officials to simplify the procedure. Soon after his trip from Washington on Monday, Jaitley had held a...
  • Government to review new Income Tax Return Forms, make them simple April 18, 2015

    New Delhi: Government on Saturday announced that new Income Tax Return (ITR) Forms that require disclosure of details regarding bank accounts and foreign trips undertaken by an individual will be reconsidered, a move that comes after criticism from tax experts and others. It will come out...
  • Delhi Court to hear Income Tax case against Subrata Roy, others on June 1 April 15, 2015

    New Delhi: A Delhi court on Wednesday fixed June one to hear an Income Tax case in which Sahara Chief Subrata Roy, now lodged in Tihar Jail, and others have been accused of not filing returns for a group company for 2013-14 assessment year. Additional Chief Metropolitan Magistrate Devendra Kumar Sharma...
  • Maharashtra government decides to shut down 12 toll booths from May 31 April 10, 2015

    Mumbai: There will be a new toll policy in Maharashtra from next month, 12 toll booths in the state will be shut down from May 31. At 53 toll booths, light motor vehicles and state transport vehicles will be exempted from paying toll from May 31. However, all five entry points...
  • Delhi HC stays warrant for Subrata Roy's appearance in IT case April 10, 2015

    New Delhi: The Delhi High court on Friday stayed till May the trial court proceedings and the warrant issued by it for the appearance of Sahara Chief Subrata Roy, now lodged in Tihar Jail, in an Income Tax case for allegedly not filing returns for a group company for the...
  • Tax officials attach all assets of controversial meat exporter Moin Qureshi: Sources April 10, 2015

    New Delhi: Income Tax Department on Friday attached all assets of the controversial meat exporter Moin Qureshi, sources said. Attached assets include a farm house in Chattarpur, house in Defence Colony, luxurious cars, land in Uttar Pradesh, shares in companies promoted by Qureshi, number of bank accounts and lockers. Sources in the...
  • Income Tax collections to fall short by Rs 9,000 crore April 8, 2015

    New Delhi: Income Tax collections are expected to fall short by an estimated Rs 9,000 crore because of a huge shortfall in the overall TDS mop up in the just concluded 2014-15 fiscal. Sources said that the department has till now collected an estimated Rs 6,96,000 crore of taxes against the...
  • What is due must be paid, India no tax haven: Arun Jaitley April 6, 2015

    New Delhi: Finance Minister Arun Jaitley on Monday asserted that legitimate tax demand cannot be considered "tax terrorism" because India is not a tax haven. Appearing to defend the tax notices sent to about 100 FIIs totalling USD 5-6 billion, he said "taxes which are payable must be paid". "India is not...
  • CBDT asks I-T department to act on public grievances after PM's rap March 29, 2015

    New Delhi: CBDT has called for according a "top priority" to addressing taxpayers' grievances by the Income Tax department after Prime Minister Narendra Modi expressed his disappointment about delays in corrective action and harassment of the assesses by tax officials. Taking a stern view of the PM's rap on the...
  • Amid intense government pressure, Swiss banks seek fresh undertakings from Indians March 29, 2015

    New Delhi: Seeking to come clean on illicit funds amid intense government pressure, Swiss banks have asked their Indian clients to provide fresh undertakings to ensure that untaxed money is not stashed in their accounts. Swiss banks, long perceived to be safe havens for parking unaccounted funds, have also started asking...
  • Nokia may be allowed to sell its Chennai mobile plant March 25, 2015

    New Delhi: Government may allow Finnish telecom firm Nokia to sell its Chennai plant with a condition that the money realised will be kept in escrow account till final verdict is out on its Rs 21,000 crore tax dispute. "The Prime Minister (Narendra Modi) took initiative to resolve Nokia factory issue...
  • Income Tax department collects over Rs 3,500 crore from non-filers March 24, 2015

    Bangalore: The Income Tax department has issued over 20 lakh "intimations" and collected Rs 3,569 crore in the current financial year from those taxpayers who had either not filed their tax returns or did so incorrectly. Under its 'non-filers tracking management system', an intelligence based project which was launched two...
  • India needs to become competitive in infrastructure, tax policy: Arun Jaitley March 21, 2015

    Gurgaon: Advocating easing of entry barriers for global corporations, Finance Minister Arun Jaitley on Saturday said that India needs to become globally competitive from infrastructure to taxation. In his convocation address at the Management Development Institute (MDI) here he underlined the need for relaxing norms for...
  • GoAir offers discount on fares, lowest at Rs 999 March 21, 2015

    New Delhi: In a fresh round of fare cut, budget carrier GoAir on Saturay rolled out a limited period low fares scheme, offering one way ticket prices as low as Rs 999 with a more than four months validity period for travel across its network. The bookings for the three-day offer...
  • India has historic chance to grow, don't obstruct: Arun Jaitley to opposition March 17, 2015

    New Delhi: With a number of key reforms bills stuck, government on Tuesday appealed to the opposition not to play "obstructionist" as the country has the "historic opportunity" to grow and the GDP is expected to go beyond 8 per cent next year, overtaking China. Finance Minister Arun Jaitley also rejected...
  • Delhi Court to record pre-charge evidence against Dabur promoter Burman on March 18 March 16, 2015

    New Delhi: A Delhi court on Monday fixed March 18 for recording pre-charge evidence in an alleged tax evasion case lodged against Dabur promoter Pradip Burman, whose name has cropped up in a black money list submitted by the government to the Supreme Court. Additional Chief Metropolitan Magistrate Devendra Kumar Sharma...
  • BJP alleges Digvijaya Singh took money from MP builder, Congess denies March 15, 2015

    Bhopal: The ruling BJP in Madhya Pradesh has alleged that Congress General Secretary Digvijay Singh took crores of rupees from a local builder in lieu of granting undue favours to him when his party was in power in the state. However, the Congress has denied the charges. MP BJP unit president...