TAX

  • CBDT asks I-T department to act on public grievances after PM's rap 17 hours 41 minutes ago

    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 21 hours 51 minutes ago

    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 4 days ago

    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 5 days ago

    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...
  • Sachin Tendulkar writes to Maharashtra CM on toll problems in Mumbai March 13, 2015

    Mumbai: Cricket icon Sachin Tendulkar has written to Maharashtra Chief Minister Devendra Fadnavis about the "physical and mental toll" on the commuters due to toll tax. In his letter, sent to Fadnavis on February 20, Sachin expressed his concern about the "state of affairs concerning the operations of toll gates" around...
  • India offers $ 500 million credit to Mauritius, negotiations on tax treaty to continue March 12, 2015

    Port Louis: India offered US dollar 500 million concessional line of credit to Mauritius for key infrastructure projects even as the two countries agreed to continue negotiations on hammering out a revised double tax treaty to prevent its "abuse". The two countries also signed five agreements, including one on developing ocean...
  • SpiceJet clears plane rental dues, pays $10 million to lessors March 2, 2015

    New Delhi: Having settled its dues with the tax authorities and the public sector oil marketing firms, budget carrier SpiceJet on Monday cleared its aircraft rentals dues by paying USD 10 million to some of its lessors. SpiceJet paid these dues after the new owner Ajay Singh infused a fund of...
  • Tax evasion through foreign assets to be a criminal offence March 2, 2015

    New Delhi: The announcement by Finance Minister Arun Jaitley categorising tax evasion in relation to holding of illegal foreign assets as a "predicate offence" under anti-money laundering laws has, for the first time, made concealment of income a criminal offence in India. At present, tax evasion is a civil offence...
  • Finance Ministry proposes levy of tax on all government services March 2, 2015

    New Delhi: The Finance Ministry on Monday proposed the levy of service tax on all services provided by the government and an enabling provision has been proposed in the Finance Bill in this regard. Although the list of services which will incur the service tax has not been decided, telecom and...
  • Controversial meat exporter Moin Akhtar Qureshi granted bail by Delhi court March 2, 2015

    New Delhi: Controversial meat exporter Moin Akhtar Qureshi has been granted bail by a Delhi court in black money case filed by the Income Tax (I-T) department. The I-T department launched an investigation against Qureshi for alleged evasion of tax. Last week, the Enforcement Directorate conducted raids at seven different...
  • Finance Minister fulfils 3 out of 5 demands put forth by CNN-IBN in Budget 2015 March 1, 2015

    The Finance Minister has fulfilled 3 out of 5 demands put forth by CNN-IBN. Transport allowance has been doubled to 1600 rupees per month and both health insurance benefits and tax exemption limit under the new pension scheme have been increased. ...
  • Budget woos foreign investors with tax incentives March 1, 2015

    Mumbai: India, keen to rekindle economic growth, wooed foreign investors on Saturday with a budget that delayed controversial rules to target tax avoidance and maintained lower taxes on income from debt investments. The measures, part of the government's budget for the next fiscal year, come amid growing concerns about foreign investors...
  • Union Budget 2015: Corporate tax to be cut by 5 per cent in 4 years; no change for individuals February 28, 2015

    New Delhi: Finance Minister Arun Jaitley on Saturday announced a 5 per cent reduction in corporate tax over next four years, abolished wealth tax and replaced it with an additional 2 per cent surcharge on super-rich individuals, while increasing service tax that will result in higher cost of variety of...
  • Individuals get more tax benefits; but to pay more on services February 28, 2015

    New Delhi: Giving with one hand and taking with the other, Finance Minister Arun Jaitley on Saturday hiked tax deduction limit for individuals to Rs 4.44 lakh, but slapped an extra surcharge on super-rich and raised service tax rate. The individual taxpayers would get additional deductions of up to Rs 74,600...
  • Union Budget brings lottery sellers under service tax ambit February 28, 2015

    New Delhi: The lottery tickets may get expensive as Finance Minister Arun Jaitley in the Budget on Saturday proposed to remove service tax exemption given to the sellers and distributors of such items. The Union Budget for 2015-16, presented by Jaitley in the Parliament on Saturday,...
  • Union Budget 2015: Service tax increased 14 per cent from existing 12.36 per cent February 28, 2015

    New Delhi: Eating out in restaurants, staying in hotels and other such activities will get costlier as the Union Budget 2015, presented by Finance Minister Arun Jaitley in Parliament on Saturday, proposes to increase the present rate of service tax and education taxes from the existing 12.36 per cent to...
  • Budget focuses only on corporates,income tax payers: P Chidambaram February 28, 2015

    New Delhi: Accusing Finance Minister Arun Jaitley of pleasing just the corporates and the income-tax payers, his predecessor in the UPA regime P Chidambaram on Saturday said the Modi government's first full Budget has failed the fiscal test, the test of equity, and the test of rising inequality. ...
  • A good Budget with 3-4 forceful directions February 28, 2015

    By Dr Shankar Acharya, Former Chief Economic Adviser to Government of India It is a good Budget. I rate Arun Jaitley's Budget as good. Lot of things he mentioned sounded good. He has also given a forceful direction to 3-4 things. Fiscal consolidation has also been taken into account. I like...
  • Union Budget 2015: What is cheaper and what is dearer February 28, 2015

    New Delhi: Finance Minister Arun Jaitley on Saturday presented the first full-fledged Budget of the Narendra Modi government aimed at high growth, saying the pace of cutting the fiscal deficit would slow as he seeks to boost investment and ensure that ordinary people benefit. The government is planning to introduce...
  • Highlights of Union Budget 2015 February 28, 2015

    New Delhi: Following are the highlights of the Union Budget 2015-16 presented by Finance Minister Arun Jaitley in Parliament on Saturday: * No change in personal Income Tax * Health Insurance Premium deduction hiked from Rs 15,000 to Rs 25,000; for senior citizens to Rs 30,000 ...
  • Rationalisation of taxes must to bring in more investment to India: Panagariya February 28, 2015

    NITI Aayog Vice Chairman Arvind Panagariya said rationalisation of taxes is a must to bring in more investment to India. He said, "Tax rationalisation is a must to increase investment into India. The RBI should continue cutting rates." ...
  • Axe the tax: Demand for increase in transport allowance February 28, 2015

    One of the most popular expectations from people for the Budget is increase in transport allowance. ...
  • How the last five Union Budgets impacted income tax February 27, 2015

    With no major surprises in the Railway Budget presented by Suresh Prabhu on Thursday, all eyes will be on Finance Minister Arun Jaitley as he prepares to present the government's first full Union Budget on Saturday. Income tax slabs have always been the most awaited section of the Budget. With the...
  • Gujarat CM Anandiben Patel welcomes move to hike share in central taxes February 25, 2015

    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 February 25, 2015

    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...