TAX

  • Gujarat CM Anandiben Patel welcomes move to hike share in central taxes Yesterday

    Ahmedabad: Gujarat Chief Minister Anandiben Patel on Wednesday welcomed Prime Minister Narendra Modi's decision to hike states' share in central taxes, by 10 per cent from 32 per cent to 42 per cent. "The decision with far-reaching consequences would make progressive states like Gujarat stronger in their march towards progress,"...
  • An appeal to Finance Minister Arun Jaitley to axe a few taxes in Union Budget 2015-16 Yesterday

    New Delhi: Ahead of Union Budget 2015, a team from CNN-IBN met Union Finance Minister Arun Jaitley and presented the recommendations for Budget 2015. These include increasing the income tax exemption limit from current 2.5 lakh, increasing annual medical reimbursement limit from current 15,000 rupees, hiking transport allowance from current...
  • Union Budget 2015: Tax reforms on Bollywood wishlist Yesterday

    Bollywood is hoping that the Narendra Modi government will heed its long-standing demands for cuts on import duties and reforming the "archaic" entertainment tax at this year's budget. Finance Minister Arun Jaitley will present his first full-year budget on Saturday. Representatives of the world's largest film industry by output say they...
  • CNN IBN presents a list of demands to FM Arun Jaitley for Budget 2015 Yesterday

    Like every year, CNN-IBN team met Finance Minister Arun Jaitley and presented the recommendations from Budget 2015. These include increasing the income tax exemption limit from current 2.5 lakh, increasing annual medical reimbursement limit from current 15,000 rupees, hiking transport allowance from current 9,600 rupees per annum, increasing deduction...
  • Finance Commission for higher share to states in central taxes, Modi says will strengthen federalism 2 days ago

    New Delhi: The Finance Commission has suggested raising share of states in central taxes to 42 per cent from current 32 per cent. As per the increased devolution suggested in the report of the 14th Finance Commission, the states will get Rs 3.48 lakh crore in 2014-15 and Rs 5.26...
  • Axe the tax: 5 key demands from Union Budget 2015 4 days ago

    Ahead of the Union Budget 2015, experts discuss people's expectations from the Modi government. ...
  • Jaitley may dole out tax sops in Budget to win over middle class 4 days ago

    New Delhi: Eager to win over middle class after the Delhi poll debacle, Finance Minister Arun Jaitley on February 28 is expected to present a common man friendly Budget by either raising tax slabs or hiking investment limit in savings instruments. Besides giving sops to the individual tax payers, he is...
  • Budget:Government may announce incentives for medical devices sector 4 days ago

    New Delhi: After relaxing FDI policy for medical devices sector, the government is expected to announce an incentive package, including tax benefits, in the forthcoming Budget for domestic manufacturers. In its Budget proposals, the Commerce and Industry Ministry has suggested to Finance Minister Arun Jaitley to increase import duty on medical...
  • Black money: Income Tax department to file 100 more complaints in court 4 days ago

    New Delhi: The Income Tax department is set to launch over 100 fresh prosecution complaints for "wilful" evasion of taxes against those entities and individuals whose names have figured in the HSBC, Geneva black money bank accounts list. The department, according to sources, is also expected to collect an additional revenue...
  • Axe the tax: Demand for more sops for women in the Budget 2015 1 week ago

    One of the most popular expectations from people for the Budget is more sops for working women. An IT professional Bhavna also said that education fee should be slated as a separate entity. "I am a single parent and this will bring a lot of relief to many women like...
  • Startups look forward to service tax exemption in Budget 2015: Knowlarity 1 week ago

    New Delhi: With last year's budget release of nearly Rs 11,000 crores, the expectations of the start-up industry have definitely increased. Programs like Make in India and Digital India are great initiatives for the technology revolution, but what the IT sector and start-ups in particular are really looking forward to...
  • Axe the tax: Hike cap on medical expenses from Rs 15,000 to 50,000 per year February 19, 2015

    In CNN IBN's special series 'Axe the Tax', one of the most popular expectations of the people from Budget 2015 is to hike the cap on medical expenses from Rs 15,000 to Rs 50,000 per year. ...
  • Axe the Tax: Raise Income Tax exemption limit to Rs 3 lakh February 18, 2015

    In CNN IBN's Axe the Tax series, the most popular expectation from Budget 2015 is to hike the income tax exemption limit to Rs 3 lakh from the existing Rs 2.5 lakh. ...
  • Axe the tax: Your wishes from Union Budget 2015 February 17, 2015

    The government has capped the amount of savings which qualifies for a tax exemption at Rs 1.5 lakhs. The limit includes all savings - life insurance, pension, interest on housing loans, tuition fees, PF, PPF etc. However, this a disincentive for those who want to save. ...
  • 'Want reduction in Service Tax in Union Budget 2015' February 16, 2015

    A first generation woman entrepreneur from Jaipur, Shipra wants a reduction in service tax leaving her with more money to invest in her 6 year old skill building company. She's also hoping for better support from the government for small and micro industries to protect their interests in an environment...
  • Budget 2015: Tax benefits, duty cuts top industry budget wish-lists February 15, 2015

    New Delhi: As the Budget day approaches, various sectors are lobbying hard for tax benefits and duty cuts while a few others want the government to ensure a stable and predictable taxation regime. The groups and consultants lobbying for MNCs want the government, in the Union Budget on February 28,...
  • Automatic information exchange with India latest by 2018: Swiss government February 15, 2015

    Berne/New Delhi: In its fight against black money menace, India will have to wait till 2018 for Switzerland to provide bank account details of Indians under the 'automatic information exchange' framework. Under a global framework, more than 40 jurisdictions including India had agreed to become 'early adopters' of an 'automatic exchange...
  • Budget 2015: Arun Jaitley to set threshold for taxing indirect share transfer by MNCs February 15, 2015

    New Delhi: Government is likely to define in the forthcoming budget the term 'substantial value' to tax MNCs for selling Indian operations by fixing 50 per cent of their total asset base as the threshold. Seeking to bring about clarity in taxation of indirect transfer of assets by MNCs, Finance...
  • Income Tax notice to Congress too on funding, Aam Aadmi Party has already received one February 11, 2015

    New Delhi: The Income Tax (I-T) Department has issued notice to the Congress on political funding, sources said on Wednesday. "We have received Income Tax notice on funding," said Congress sources. Not only the Congress but the Aam Aadmi Party (AAP) has also been served a similar notice by the I-T Department....
  • I-T department serves notice to AAP seeking details over donation of Rs 2 crore to party: Sources February 11, 2015

    New Delhi: Even as the Aam Aadmi Party (AAP) is still celebrating its massive majority in Delhi Assembly elections, the party has been asked by the Income Tax department to explain donations of over Rs 2 crore to the party. According to sources, the Income Tax notice has been served on...
  • What would Arvind Kejriwal, IRS have done? February 5, 2015

    Some disillusioned members of the AAP have taken up the case of the party's dubious funding. The AAP is a brilliant propagandist. It claims to wear the label of honesty on its sleeves. It disclosed the names of a large number of corporate entities from whom it received donation by...
  • AAP in 'nexus' with tax-evading companies: BJP February 5, 2015

    New Delhi: In its latest batch of questions, Bharatiya Janata Party on Wednesday alleged a "nexus" between tax-evading companies and Aam Aadmi Party and accused the Arvind Kejriwal-led party of ignoring issues involving people from the Northeast living in Delhi in its manifesto. Addressing a press conference, Union Minister Nirmala Sitharaman...
  • Raghuram Rajan for raising tax exemption limit from Rs 1.5 lakh February 4, 2015

    Mumbai: Days ahead of the Budget, Reserve Bank Governor Raghuram Rajan on Wednesday pitched for increasing the tax exemption limit on financial investments by individuals from Rs 1.5 lakh a year. Acknowledging that there was a Rs 50,000 increase in the limit in the last budget to Rs 1.5 lakh...
  • After UP, Ayushmann Khurrana starrer 'Hawaizaada' gets tax-free status in MP February 3, 2015

    Bhopal: Madhya Pradesh government today declared a tax-free status for the Bollywood film 'Hawaizaada' which has been inspired by the life of Shivkar Talpade, a purported pioneer of aviation in India. "We have decided to declare the film tax-free," said Manoj Shrivastava, principal secretary, commercial taxes and culture. The film producers...
  • Budget 2015: Finance Minister keen to stop LPG subsidy to the 'non-deserving'; to decide on eligibility criteria February 2, 2015

    New Delhi: The upcoming Budget by BJP-led NDA government may have roadmap for Liquified Petroleum Gas (LPG) subsidy rationalisation. According to sources Union Finance Minister Arun Jaitley is keen to stop LPG subsidy to the 'non-deserving'. The minister will be deciding the eligibility criteria for availing the LPG subsidy. The sources...
  • Obama targets foreign profits with tax proposal, Republicans skeptical February 2, 2015

    Washington: President Barack Obama's fiscal 2016 budget will seek new taxes on trillions of dollars in profits accumulated overseas by US companies, and a new approach to taxing foreign profits in the future, but Republicans were skeptical of the plan on Sunday. Reviving a long-running debate about corporate tax avoidance, Obama...
  • Actor Mohanlal to perform at the opening ceremony of the 35th National Games of India for free February 1, 2015

    Thiruvananthapuram: Superstar Mohanlal, who has been condemned for charging a hefty fee for his new musical band at the opening ceremony of the 35th National Games of India, Friday said that he is doing it for free. "The report that I've charged a Rs.2 crore fee for the show is baseless....
  • Jayanthi Natarajan acting at the behest of her 'new political masters', says Abhishek Manu Singhvi January 30, 2015

    New Delhi: The Congress on Friday refuted all charges levelled by former Union minister Jayanthi Natarajan against its top leadership and hit back at her suggesting that she was acting at the behest of the BJP. "All assertions by Natarajan are factually wrong," said Congress spokesperson Abhishek Manu Singhvi while talking...
  • Swachh Bharat cess may be imposed by way of a Service Tax amendment January 29, 2015

    New Delhi: A Swachh Bharat cess is likely to be imposed by way of a Service Tax amendment in the forthcoming Annual Budget. According to sources, The Finance Ministry proposes Swachh Bharat cess seeking Rs 1 lakh crore for Swachh Bharat Mission. The government hopes to mop up Rs 1 lakh crore...
  • 'Hawaizaada' declared tax free in Uttar Pradesh January 29, 2015

    Lucknow: The makers of upcoming Bollywood film 'Hawaizaada' have thanked the Uttar Pradesh government for deciding to exempt their movie from entertainment tax. 'Hawaizaada' has been directed by Vibhu Puri and stars Ayushmann Khurrana, Mithun Chakraborty and Pallavi Sharda in pivotal roles. The decision to make the film tax free was taken...