Chandigarh: Punjab Assembly on Monday passed 16 bills, including Punjab Motor Vehicles Taxation (Amendment) Bill 2013 and Punjab Contract Farming Bill 2013 before the House was adjourned sine die. Meanwhile, the opposition party Congress on Monday continued to boycott the assembly proceedings of the Budget session in protest against the non-revocation of the suspension against its nine MLAs.
Among the major bills, Punjab assembly passed the Punjab Motor Vehicles Taxation (Amendment) Bill 2013, whereby tax has been imposed on the transfer of the ownership of the motor vehicle including two-wheelers. With this amendment, the rate of tax on all kinds of vehicles would be in the range of Rs 500 per vehicle to Rs 15,000 per vehicle. However, no tax would be levied in case of ownership owing to death or transfer to insurance company for settlement claims, the Bill said. The amendment in the Punjab Motor Vehicles Taxation (Amendment) Bill 2013 will fetch an additional income of Rs 25 crore to the state exchequer per annum. Punjab Ancient, Historical Monuments, Archeological Sites, and Cultural Heritage Maintenance Board Bill 2013 was also passed which is aimed to provide for a dedicated fund for the conservation and preservation of protected and unprotected built heritage of the state.
A cess at a rate of 1 per cent has been imposed on the construction of roads, bridges, flyovers, ROB, RUBs taken by the state government and cess would also be levied on construction of all the buildings costing more than Rs
04:16 AM, Mar 26, 2013
India and Mauritius are jointly working to find out a mutually acceptable and beneficial outcome on the Comprehensive Double Taxation Avoidance Agreement (DTAA) which will be a "win-win" situation for both, President Pranab Mukherjee has said. ...
03:59 PM, Mar 12, 2013
Mumbai: Prime Minister Manmohan Singh on Saturday said the government has dispelled the atmosphere of 'gloom and doom' and will soon announce steps to stave off investors' fears ensuing from taxation measures like anti-tax avoidance rule and retrospective tax amendments. "We have dispelled gloom and doom, improved the climate for foreign investment, improved ministry coordination, and are working hard to restore investor confidence and the growth environment," he told captains...
05:33 AM, Nov 11, 2012
Mumbai: Prime Minister Manmohan Singh on Saturday said the government has dispelled the atmosphere of 'gloom and doom' and will soon announce steps to stave off investors' fears ensuing from taxations measures like anti-tax avoidance rule and retrospective tax amendments. "We have dispelled gloom and doom, improved the climate for foreign investment, improved ministry coordination, and are working hard to restore investor confidence and the growth environment," he told captains...
08:09 PM, Nov 10, 2012
New Delhi: Finance Minister P Chidambaram on Thursday said that the Centre will soon bring in a major change in the taxation system in the country. Speaking to reporters, Chidambaram said, "We are moving towards bringing a major change in the taxation system in the country. We are working on the GST." GST is the Goods and Services Tax that, if implemented, will replace all other indirect taxes levied on...
06:00 PM, Nov 08, 2012
New Delhi: Britain-based telecom service provider Vodafone on Thursday said it was willing to discuss a tax demand of Rs 11,000 crore but remained non-commital on paying a lesser amount if the interest and penalty are waived. "I don't know," Analjit Singh, non-executive chairman, Vodafone India, told reporters after a meeting with tax officials in New Delhi, when asked if the company would be prepared to pay the Rs 8000...
09:11 AM, Sep 21, 2012
Bangalore: When Bangalore decided to catch up with the much delayed imitation of the mall culture in 2004 (with Forum Mall), the city went into a frenzy. Having got the taste of it, now, the culture is no more a craze, but more of a pain for surrounding residents and commuters. One of the main cause of concern in areas near shopping malls is the increasing traffic snarls. In 2004,...
01:32 PM, Jul 10, 2012
New Delhi: Mauritius on Friday expressed its readiness to expeditiously revise the tax treaty with India to check tax evasion but asserted that domestic laws should not have precedence over the provisions of the bilateral pact. "We want earlier resolution because we do not want uncertainty, as instability and uncertainty is not good for both countries," Mauritius Minister of Foreign Affairs, Regional Integration and International Trade, Arvin Boolell, told a...
08:46 PM, Jul 06, 2012
Amidst a general economic slowdown, Finance Minister Pranab Mukherjee will present what could be the UPA's make-or-break Budget on March 16.
06:40 PM, Feb 17, 2012
Bangalore: The Government on Friday said an amnesty scheme for bringing back black money is not on the cards though it is working on regulatory mechanisms to eliminate its root cause in the face of "lots of legal impediments" to target those funds stashed abroad. Asked if there is a move for an amnesty scheme to bring back black money, Union Corporate Affairs Minister M Veerappa Moily said, "Whether the...
09:28 PM, Feb 10, 2012
New Delhi: There has been no headway in the Indo-Mauritius talks on the double taxation avoidance agreement (DTAA) as of yet. Government sources indicate that Mauritius is unwilling to allow taxation of capital gains as it feels the move will impact the country's economy. India was keen that investment from Mauritius be subject to capital gains tax because there was a lot of round-tripping. Companies were setting up subsidiaries in...
12:18 AM, Feb 09, 2012
The court hearings had gone on through all of August. On September 8, 2010, the Bombay High Court was packed to the rafters with newspaper reporters of all hues. There was a battery of lawyers representing the Government of India and telecom giant Vodafone. There were two judges who had been hearing the famous Vodafone tax case: DY Chandrachud and JP Devadhar. Though Devadhar was in Nagpur that day, he...
01:18 PM, Feb 07, 2012
New Delhi: India and Nepal will sign a new agreement for avoiding double taxation between the two countries when Finance Minister Pranab Mukherjee visits Kathmandu on Sunday. The treaty will replace the 1987 accord. Indian Foreign Secretary Ranjan Mathai is already in Kathmandu from Saturday ahead of the agreement signing to prepare for the meeting Mukherjee will have with his Nepalese counterpart, Barsha Man Pun. "My current visit is to...
10:59 PM, Nov 26, 2011
New Delhi: India and Nepal will sign a new agreement for avoiding double taxation between the two countries when Finance Minister Pranab Mukherjee visits Kathmandu on Sunday. The treaty will replace the 1987 accord. Indian Foreign Secretary Ranjan Mathai is already in Kathmandu from Saturday ahead of the agreement signing to prepare for the meeting Mukherjee will have with his Nepalese counterpart, Barsha Man Pun. "My current visit is to...
08:59 PM, Nov 26, 2011
New Delhi: The government has received information about Indians having accounts in Swiss banks and is taking appropriate action to bring back funds stashed abroad, Parliament was informed on Tuesday. "We have received some information with regard to some deposits in Swiss Bank", Finance Minister Pranab Mukherjee told the Rajya Sabha. "Whenever information about money deposited in any foreign bank account is obtained the same is first verified and then...
04:20 PM, Aug 02, 2011
New Delhi: While corporates and political parties lobby for better deal, ordinary tax payers are the ones who often get a raw deal during the budget. ‘Axe the Tax’, a CNN-IBN campaign has been taking people’s concerns to the Finance Minister for the last four years. Powered by citizens, the campaign has got finance ministers to change or tweak some of the outdated tax laws in the country. This year...
09:45 AM, Feb 26, 2011
Mumbai: India's fast moving consumer goods industry is hoping the upcoming budget will bring in concrete measures to tame spiralling inflation and viable tax structure to ensure continued growth. The 130-billion-rupee industry, which is the fourth largest sector in the Indian economy, has been reeling under the pressure of surging input costs and subsequent impact on profit margins. "Prices of agri-commodities are on the rise. Prices have risen by 30-35...
03:32 PM, Feb 24, 2011
New Delhi: Seeking equal treatment in investment and taxation between overseas and resident Indians, diversified conglomerate Hinduja Group on Sunday said amnesty must be given to bring back black money from foreign soil to India. In a pre-budget memorandum to Finance Minister Pranab Mukherjee, Hinduja Group Chairman SP Hinduja said, "Overseas Indian investment and taxation (must) be at par with resident Indians in all respects." Hinduja, who is also Chairman...
10:50 AM, Feb 20, 2011
New Delhi: The government on Tuesday said the pact with Switzerland to get details on illicit wealth stashed away in Swiss banks would be applicable only for prospective information and not for incidents of the past. "The new provision will be applicable only for prospective information and not for past information," Finance Minister Pranab Mukherjee told the Lok Sabha in a statement on signing of Protocol with Switzerland to amend...
06:23 PM, Aug 31, 2010
Tax experts feel that it's a move which could result in double taxation. ...
03:51 PM, Dec 31, 2009
