TAXES

  • Switzerland promises cooperation to India on tax matters 3 days ago

    Davos: Switzerland on Wednesday assured India of full cooperation on tax information exchange and agreed to discuss the issue of black money stashed in Swiss banks. This assurance was given during a meeting Finance Minister Arun Jaitley had with his Swiss counterpart Eveline Widmer-Schlumpf on the sidelines of the World Economic...
  • Corporate fraud in India rose 45 per cent last 2 years: Study January 14, 2015

    New Delhi: Corporate frauds rose by over 45 per cent in India in the last two years and the lurking risk has been dissuading global companies from investing in India, said a study. Corporate frauds arose out of corruption, money laundering, tax evasion, window dressing, financial reporting fraud and bribery...
  • Tax exemption sought for 'PK' in Bengal January 4, 2015

    Kolkata: A cultural organization here Saturday pressed for making Aamir Khan-starrer 'PK' tax-free in West Bengal. "'PK' has been exempted from tax in Bihar and Uttar Pradesh despite continued protests by right-wing Hindu organisations that claim the movie hurt religious sentiments of Hindus," said the Bhasha o Chetona Samiti, pushing the...
  • After UP, Aamir Khan's 'PK' now made tax-free in Bihar January 2, 2015

    Patna: Aamir Khan's movie 'PK' will be exempted from tax in Bihar so that the poor can watch the film that exposes the fraud taking place in the name of religion, Chief Minister Jitan Ram Manjhi announced Thursday. Bihar became the second state after neighbouring Uttar Pradesh to take this step,...
  • Robert Vadra's Skylight hospitality issued tax notice, to explain his controversial land deals: Sources January 1, 2015

    New Delhi: Son-in-law of Congress President Sonia Gandhi, Robert Vadra's owned Skylight hospitality firm has been issued a tax notice on Thursday. The Income-Tax department has asked Vadra to explain all his controversial land deals and financial transactions. This is not the first time Vadra has been accused. Prior to...
  • Financial institutions asked to register for FATCA by Wednesday December 30, 2014

    New Delhi All Indian financial institutions with exposure to the US will have to register by Wednesday with the American tax authorities to avoid a hefty penalty tax of up to 30 per cent under the new Foreign Accounts Tax Compliance Act (FATCA). While it has extended the deadline for signing...
  • Make Aamir Khan's 'PK' tax free, says Agnivesh December 30, 2014

    New Delhi: Arya Samaj leader Swami Agnivesh on Tuesday advocated tax exemption for Aamir Khan-starrer 'PK' in view of the movie's "new message" that would encourage scientific temperament among students across India. Agnivesh welcomed "the film which takes a swipe at superstitious beliefs and false idol worship practiced by some people...
  • Arun Jaitley projects better growth rate in 2015, hints at tax reforms December 29, 2014

    New Delhi: While projecting a better growth rate in the year ahead, Finance Minister Arun Jaitley on Monday admitted that manufacturing remained a challenge but also hinted at tax reforms to boost sentiments in India. Speaking at the 'Make In India' event in New Delhi, Jaitley said the government is taking...
  • States want issues to be resolved before GST roll-out December 26, 2014

    New Delhi: Days after Centre bringing in the landmark single rate GST bill, the states on Friday demanded early redressal of their concerns on revenue loss while pressing for release of more funds and having a say in implementation of the central schemes. Besides seeking decentralisation of Centrally Sponsored Schemes (CSS),...
  • DND flyway toll hike: Fonrwa postpones protest for one week December 23, 2014

    Noida: Federation of Noida Residents Welfare Association (Fonrwa), which had planned to stage a protest at DND flyway against the hike in the flyway's toll rates, on Monday postponed their agitation for one week. The Association took the decision of postponement of the protest after meeting with DND flyway management...
  • Government to compensate states for revenue losses from new GST December 20, 2014

    New Delhi: India will compensate its state governments for revenue losses due to the new nationwide Goods and Service Tax (GST), which is targeted to be implemented on April 1, 2016, the Finance Minister said on Friday. Arun Jaitley told reporters that petroleum products would be part of the new GST. Earlier,...
  • Cleared by Cabinet, GST Bill to be taken up in Parliament during Winter Session December 18, 2014

    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 December 14, 2014

    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...