TAX

  • Rs 1,381 crore of tax exemption to political parties in 2 years: RTI 3 days ago

    New Delhi: The tax-exempted income of 13 major political parties of the country, in last two years, amount to Rs 1,381 crore, according to an RTI query. Of this the Congress and BJP have cornered around 80 per cent. During 2012-13 and 2013-14, the Congress had a tax- exempted income...
  • Finance Ministry restructures indirect taxes formations 1 week ago

    Delhi: The Finance Ministry on Wednesday restructure indirect taxes formations with a view to provide better tax payer services and deepen the tax base. "The restructuring of formations is aimed creating larger number of compact commissionerates, by reorganising the existing commissionerates. This shall provide better tax payer services and deepen the...
  • HC order on Vodafone transfer pricing being analysed: CBDT October 13, 2014

    Mumbai: The Central Board of Direct Taxes (CBDT) will give its views on the high court order on Vodafone transfer pricing case after studying the judgement, chairman KV Chowdary said on Monday. "We are examining transfer pricing issue at both the (Income Tax) commissioner and Central Board of Direct Taxes...
  • Narendra Modi seeks to revive India's 'zombie factories', not abandon them October 13, 2014

    Kanpur: At British India Corporation's textile factory in Kanpur, four men sit in a control room watching computerised gauges eight hours a day. When they are done, another group takes over, and then another, for 24 hours a day - much as they might at any major industrial plant. The problem...
  • Income Tax department launches secure email system for staff to curb frauds October 12, 2014

    New Delhi: To curb misuse of official cyber tools and attempts of phishing, the Income Tax department has rolled out a secure email system for all its employees and officers. The department, official sources said, has recently discontinued its existing email systems (called Lotus mail and IMail) and has issued...
  • Bombay HC rules in favour of Vodafone, says no taxable income liable October 10, 2014

    Mumbai: The Bombay High Court has ruled in favour of Vodafone, maintaining that it was not eligible to pay 3,200 crore in tax over the transfer of shares from an Indian subsidiary of the company to the parent company. The HC ruled that there is no taxable income arising out...
  • Bombay High Court rules in favour of Vodafone in transfer pricing case October 10, 2014

    Mumbai: In a landmark judgement, the Bombay High Court has ruled in favour of the Vodafone group in the transfer pricing dispute. The HC has said that there is no taxable income arising out of transactions. Vodafone had moved Bombay HC seeking relief from the I-T notice with regard to the...
  • Ghaziabad: District administrators prepare list of tax evaders October 9, 2014

    Ghaziabad: District administration has prepared a list of top 217 tax evaders and in case of default in payment of arrears of their municipal taxes, it is planning to initiate stern action against them. After assuming the additional charge of Municipal Commissioner of Nagar Nigam Ghaziabad, District Magistrate Vimal Kumar...
  • 'Need to move away from aggressive tax planning & assessment' October 9, 2014

    New Delhi: There is a need to move away from aggressive tax planning and such tax assessment undertaken in certain situations and find a resolution to this issue, Revenue Secretary Shaktikanta Das said on Thursday. "I think, we should move away from this whole business of...
  • Punjab: Tax raised to mobilise funds for development, says SAD October 5, 2014

    Chandigarh: The Shiromani Akali Dal (SAD) on Saturday supported the SAD-BJP led Punjab government's move to increase VAT on diesel, cold drinks and cigarettes, saying tax was raised to mobilise funds for development. In a statement, SAD general secretary and core committee member Maheshinder Singh Grewal said the rate of...
  • Judge refuses to drop Messi tax fraud charges October 4, 2014

    Barcelona: A Spanish judge rejected an appeal filed by Lionel Messi's lawyers on Friday to drop tax fraud charges against the Barcelona star. The judge rebutted the counter demand that Messi be excluded from the case against him and his father, who are accused of withholding 4 million euros ($5.3 million)...
  • Supreme Court declares Centre's move to set up National Tax Tribunal as unconstitutional September 25, 2014

    New Delhi: The Supreme Court on Thursday declared as unconstitutional the National Tax Tribunal Act under which a tribunal was set up to decide tax-related cases by taking away jurisdiction of high courts in such matters. A five-judge constitution bench headed by Chief Justice RM Lodha said that the Act passed...
  • Madras HC exempts Jayalalithaa from personal appearance in IT case September 24, 2014

    Chennai: Madras High Court on Wednesday exempted from personal appearance Tamil Nadu Chief Minister Jayalalithaa and her aide Sasikala before the trial court for questioning and for framing charges in the Income Tax returns case. On September 18, the Additional Chief Metropolitan Magistrate MR Dakshinamurthy had directed them to...
  • Finance Minister Arun Jaitley to launch single window portal for taxpayers September 21, 2014

    New Delhi: An updated version of the income tax department website that will be a single window for all online services offered by the department will be launched on Monday by Finance Minister Arun Jaitley. The website will be more userfriendly and robust, so that it can handle many hits at...
  • HC asks Gujarat not to collect duty on telecom customers forms September 21, 2014

    Ahmedabad: The Gujarat High Court has asked the state government not to collect stamp duty from various telecom service providers including Tata TeleServices, Bharti Airtel and Reliance Communications on customers' application forms. Justice CL Soni of the Gujarat High Court directed the Gujarat government not to collect stamp duty on customers'...
  • G20 commits to automatic exchange of tax information by 2017 September 21, 2014

    Cairns: Committing to a global response to deal with cross border tax avoidance and evasion, the G20 on Sunday decided to put in place a mechanism for automatic exchange of tax information by 2017. "We endorse the finalised global Common Reporting Standard for automatic exchange of tax information on a reciprocal...
  • Tamil Nadu: CM Jayalalithaa told to appear in court on October 1 in tax case September 18, 2014

    Chennai: A court on Thursday asked Tamil Nadu Chief Minister Jayalalithaa and her aide Sasikala to appear before it "without fail" on October 1 in income tax returns case. When the matter came up for hearing before Additional Chief Metropolitan Magistrate R Dakshinamurthy, the defence counsel filed petitions seeking adjournment of...
  • Tax case: Chennai court summons CM Jayalalithaa on October 1 September 18, 2014

    Chennai: The Egmore Additional Chief Metropolitan Magistrate on Thursday directed Chief Minister J Jayalalithaa and her partner Sasikala to appear in the Income Tax (IT) case on October 1. The case is related to the nonfiling of income tax returns by Jayalalithaa and Sasikala in their individual capacity for 199394. Complaints were...
  • Kerala: Achuthanandan opposes more taxes to make up for losses after liquor ban September 18, 2014

    Thiruvananthapuram: Kerala opposition leader VS Achuthanandan has come down heavily at the state Cabinet's decision to impose additional taxes. In a press statement he said that that a session of the Legislative Assembly has to be called immediately to discuss the proposal where the government through an order is aiming...
  • PM Modi gives approval for introducing Goods and Services Tax reform September 16, 2014

    New Delhi: Prime Minister Narendra Modi has given the approval for going ahead with the biggest tax reform initiative the Goods and Services Tax. The government will now try to introduce the Constitutional Bill for GST in the Winter Session of Parliament. The government has decided to make a...
  • Punjab to seek review of tax incentives to neighbouring states September 12, 2014

    Talwandi Sabo (Punjab): The Punjab government will impress upon the Centre to review fiscal sops granted to neighbouring states, including Himachal Pradesh, saying tax holidays to these states had proved "detrimental" to growth of industry in Punjab. Stating this here on Friday, Chief Minister Parkash Singh Badal said Punjab would also...
  • Bombay HC gives time to IT Department to engage senior counsel in PIL September 10, 2014

    Mumbai: The Bombay High Court on Wednesday granted three weeks' time to the Income Tax Department to engage a senior advocate for representing it in a public interest litigation regarding Godzari irrigation project in Kolhapur. The division bench headed by Justice PV Hardas was hearing a...
  • CBDT rationalises norms of scrutiny of tax returns September 4, 2014

    New Delhi: The Income Tax Department has rationalised the norms for manual selection for scrutiny of tax returns to bring it in line with global best practices. As per the norms released by the Central Board of Direct Taxes (CBDT), all cases where income exceeds Rs 10 lakh over the previous...
  • UP CM Akhilesh Yadav exempts Priyanka Chopra's 'Mary Kom' from entertainment tax September 1, 2014

    Lucknow: The Uttar Pradesh government has announced exemption of entertainment tax on Priyanka Chopra's biopic Mary Kom. "As the movie is based on life of boxer Mary Kom, it will be an inspiration for women of the state. The CM has decided to exempt it from entertainment tax", an official spokesman...
  • 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...
  • Priyanka Chopra starrer 'Mary Kom' declared tax free in Maharashtra August 29, 2014

    Mumbai: National Award winning actress Priyanka Chopra's muchawaited movie 'Mary Kom', the story of a determined girl who makes it big in the world of boxing, has been declared tax free in Maharashtra a week before its scheduled release date. "Yay! #MaryKom declared tax free in Maharashtra a week before release!...
  • Indian economy warms in afterglow of Narendra Modi's triumph August 29, 2014

    New Delhi: The afterglow of Narendra Modi's election victory nearly four months ago is expected to have helped India's lumbering economy register its fastest growth in more than two years for the quarter ending in June. India's new prime minister has promised to make it easier to do business through speedier...
  • UK Deputy PM meets Arun Jaitley, discusses retro tax issue August 25, 2014

    New Delhi: UK Deputy Prime Minister Nick Clegg on Monday met Finance Minister Arun Jaitley and discussed various matters of mutual interest, including the retrospective tax amendment issue. Jaitley, according to sources, explained the government's position on the retrospective tax amendments with reference to the tax cases of Vodafone and Cairn...
  • CM Shivraj Singh Chouhan declares 'Mardaani' tax free in MP; lauds Rani Mukerji for her powerful performance August 25, 2014

    Bhopal: Madhya Pradesh Chief Minister Shivraj Singh Chouhan has announced to give taxfree status to actress Rani Mukherjee's latest film 'Mardaani'. "We will give 'tax free' status to 'Mardaani' in Madhya Pradesh considering the bold social message conveyed by it," Chouhan posted on Twitter last night. "Trafficking of young girls and women...
  • I am being subjected to media trial, says Virbhadra Singh August 23, 2014

    Shimla: Himachal Pradesh Chief Minister Virbhadra Singh on Saturday alleged that he and his family members are being subjected to a "malicious media trial" through "false" and "baseless" stories about their income tax matters. "It appears that some vested interests and political opponents are running biased personal investigations into the...