TAX

  • Cleared by Cabinet, GST Bill to be taken up in Parliament during Winter Session 2 days ago

    New Delhi: The Constitution Amendment Bill on Goods and Services Tax (GST) is likely to be taken up in the ongoing session of Parliament with the Union Cabinet giving its nod to bring about long-pending indirect tax reforms. The Bill was approved by the Cabinet late on Wednesday evening and it...
  • Make tax evasion serious crime for black money information: SIT chief 6 days ago

    New Delhi: Tax evasion needs to be made a serious 'criminal offence' to force foreign countries to reveal names and account details of Indians stashing illicit wealth abroad, the Special Investigation Team on black money has said. While adding more teeth to India's pursuit of black money kept abroad, this would...
  • States oppose Centre's revised Goods and Service Tax draft December 11, 2014

    New Delhi: In a huge blow to Centre's plans to build a consensus on the Goods and Services Tax, states have opposed the Centre's revised GST draft. The government was hoping to get the legislation passed in the winter session of Parliament. The government was maintaining that broad agreement had...
  • Arun Jaitley promises 'civilised' tax regime to attract investment December 10, 2014

    New Delhi: India will soon raise the foreign investment cap in insurance sector and work for making the tax regime "civilised" to attract overseas investments, Finance Minister Arun Jaitley on Wednesday said while exuding confidence of achieving 6 per cent growth next fiscal. Underlining that growth would...
  • Mauritius yet to agree on tax treaty revision: Arun Jaitley December 9, 2014

    New Delhi: The government on Tuesday said Mauritius is yet to agree to certain proposals to the long pending revision of bilateral tax treaty. "India has made certain proposals for revision of DTAC to end round tripping and other aspects. Mauritius is yet to agree to such revision," Finance Minister Arun...
  • Satyam scam: Ramalinga Raju, Rama Raju sentenced to 6 months in jail December 8, 2014

    Hyderabad: The Special Economic Offences Court in Hyderabad sentenced Satyam founder-chairman B Ramalinga Raju and his brother Rama Raju to six months in jail in the Rs 617 crore income tax fraud case. The brothers have also been fined Rs 10 lakhs in five separate cases. In connection with the complaints...
  • Finance Minister for more global cooperation to check tax evasion, smuggling December 4, 2014

    New Delhi: Calling upon revenue intelligence agencies to enhance cooperation with their global counterparts to check tax evasion and smuggling, Finance Minister Arun Jaitley on Thursday said free trade should also mean fair trade. Although the fiscal incentives for financial malpractices have come down over the years, the Minister said revenue...
  • SC asks Centre to ensure completion of Income Tax probe into black money case by March 31 December 3, 2014

    New Delhi: The Supreme Court on Wednesday asked the Centre to ensure that the ongoing Income Tax probe for suspected black money concerning 627 Indians who have accounts in HSBC bank, Geneva, be completed by March next year. The apex court directed the Special Investigation Team (SIT) probing the black...
  • Crorepati engineer: Time to unearth black money at home? December 1, 2014

    The Income Tax department has recovered diamonds worth Rs 100 crore, 2 kilos of gold and Rs 10 crore in cash from the residence of tainted Noida chief engineer Yadav Singh. ...
  • I-T department accepts Jayalalithaa's plea to pay charges instead of prosecution December 1, 2014

    Chennai: In a big relief for former Tamil Nadu chief minister J Jayalalithaa and her aide Sasikala, the Income tax department has accepted their plea for compounding alleged offences in filing returns in their individual capacity for the assessment year 1993-94. The Income tax department has informed a court in Chennai...
  • Will try to bring GST Bill in this Session of Parliament: Jaitley December 1, 2014

    New Delhi: The National Democratic Alliance government plans to get some key bills passed in the ongoing Winter Session of Parliament. After a productive week, Finance Minister Arun Jaitley on Monday said that he will try to introduce the Goods & Service Tax (GST) Bill in Parliament. The government proposes to...
  • After recovering diamonds worth Rs 100 crore, Rs 10 crore cash, I-T department to probe UP chief engineer's bank lockers December 1, 2014

    New Delhi: The Income Tax department will open bank lockers of Uttar Pradesh Chief Engineer Yadav Singh in at least 12 banks located in Noida, Delhi and Ghaziabad on Monday, said sources. The I-T department had recovered diamonds worth Rs 100 crore, Rs 10 crore in cash and around 2...
  • Noida engineer to be sacked after I-T sleuths recover valuables worth Rs 100 crore November 29, 2014

    Noida: The Uttar Pradesh government is in the process of suspending Noida engineer Yadav Singh after Income Tax department sleuths recovered diamonds worth Rs 100 crore, 2 kilos of gold and Rs 10 crore in cash from his residence. Raids were carried out at two dozen locations in NCR simultaneously. It...
  • I-T recovers Rs 100 crore diamond, Rs 10 crore cash from Noida chief engineer's residence November 29, 2014

    Noida: The Income Tax department has recovered diamonds worth Rs 100 crore, 2 kilos of gold and Rs 10 crore in cash from the residence of tainted Noida chief engineer Yadav Singh. Raids were carried out at two dozen locations in NCR simulatenously. It revealed that the official had floated several...
  • AG Mukul Rohatgi asks Income Tax department to not appeal ruling in Vodafone tax case November 27, 2014

    Mumbai: The attorney general has recommended the government refrain from appealing a Bombay High Court ruling in favour of Vodafone Group Plc in a long-running tax dispute, a person directly involved in the matter said. Vodafone, the biggest foreign corporate investor in India, has been involved in a series of tax...
  • I-T seizes over Rs 135 crore cash, jewellery from Sahara group November 24, 2014

    New Delhi: The Income Tax department has claimed to have seized cash of over Rs 135 crore from the premises of Sahara group during its raids on its two premises in Delhi and Noida in connection with alleged tax evasion charges. Sources said that the department made one of its...
  • Finance Minister Arun Jaitley against burdening salaried, middle class November 22, 2014

    New Delhi: Finance Minister Arun Jaitley on Saturday said that he does not favour burdening the salaried and middle-class with more taxes but would go after the evaders in widening the net. In fact, he would encourage more money being put in the pockets of tax payers that will lead to...
  • Immigrants work hard, often in tough, low-paying jobs: Barack Obama November 21, 2014

    US President Barack Obama has announced sweeping changes to the country's immigration policies. "Will make it easier for skilled workers and graduates to stay. Most of these immigrants have been here for a long time. Immigrants work hard, often in tough, low-paying jobs," said Obama. ...
  • We are and will always remain a nation of immigrants: Barack Obama November 21, 2014

    US President Barack Obama has announced sweeping changes to the country's immigration policies. He has used executive power to shield five million undocumented immigrants. The changes will offer many a chance to stay temporarily in the country for three years, as long as they pass background checks and pay back...
  • SIT on black money to create database of tax crimes November 19, 2014

    New Delhi: The Special Investigation Team (SIT) on black money has decided to create a rich national database where multiple agencies probing tax and financial crimes will pool in vital classified information to be shared for seamless investigation. The SIT is wanting to bring together the databases of CBDT, Financial...
  • Japan PM Shinzo Abe puts off tax hike, calls snap poll November 18, 2014

    Tokyo: Japan's Prime Minister Shinzo Abe called a snap election for December and put off a sales tax hike planned for next year, vowing on Tuesday to step down if his strategy to revive the ailing economy falls flat. Despite Abe's aggressive revival policies to end two decades of stagnation, the...
  • Shinzo Abe set to call snap Japan poll, delay tax hike November 18, 2014

    Tokyo: Prime Minister Shinzo Abe is set to call a snap election, and seek voters' endorsement for more economic reforms after Japan slipped into recession. Less than two years after he swept to power pledging to reinvigorate the country's flagging economy, Abe is expected to say more needs to be done...
  • Goods and Services Tax bill to be tabled in winter session November 17, 2014

    New Delhi: Showing clear intent in reforming India's indirect tax regime within a time frame, Finance Minister Arun Jaitley Monday said the government would bring in the Goods and Services Tax (GST) bill in the upcoming winter session of parliament. The finance minister made the announcement at the Citi Bank Investor...
  • India @ 9 with Palki S Upadhyay November 16, 2014

    Catch the day's top stories with Palki S Upadhyay on India @ 9. ...
  • G20 vows to put in place tax information exchange mechanism by 2017 November 16, 2014

    Brisbane: The G20 leaders on Sunday committed to put in place a mechanism for automatic exchange of tax information between member countries by 2017, an issue which has been continuously raised by India at international fora to check the menace of black money. The leaders of 20 developing and developed...
  • Felt let down when Jaitley didn't repeal retrospective tax amendment: Chidambaram November 8, 2014

    New Delhi: Former finance minister P Chidambaram took a dig at Finance Minister Arun Jaitley over the issue of retrospective tax saying it was because of latter's insistence on amendment that he could not go ahead with his plans. At a book launch in the national capital, Chidambaram said, "I...
  • Black money details shared under tax treaty can't be shared even with courts: Swiss govenment October 31, 2014

    New Delhi/Berne: Amid a debate on disclosure of names of suspected black money holders, Switzerland Thursday said information exchanged under Swiss-India tax treaty cannot be disclosed "in principle" to a court or any other body outside the proceedings of a 'specific and relevant' case. The comments come at a time when...
  • IT to begin probe against 90 from Mumbai in blackmoney case October 29, 2014

    Mumbai: Mumbai Income Tax authorities will soon initiate the process of ascertaining if there was any "criminality" involved in the accounts of 90 individuals from the city whose names figure in the list of 627 Indians submitted by the Centre to the Supreme Court in the blackmoney case. Sources in...
  • Arun Jaitley to meet IT official to review revenue collection October 28, 2014

    New Delhi: Finance Minister Arun Jaitley will hold a high-level review-cum-strategy meeting of top Income Tax (I-T) commissioners on Thursday to bolster revenue collection work and chart a roadmap to achieve the target. All Principal Chief Commissioners and Chief Commissioners of I-T department in the country have been asked by...
  • Rs 1,381 crore of tax exemption to political parties in 2 years: RTI October 19, 2014

    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...