TAX

  • PAN card to be issued within 48 hours of applying 3 days ago

    New Delhi: The government will soon launch a facility under which a PAN card will be issued within 48 hours of applying. "An online facility for issuance of PAN is on the anvil under which an applicant can get a PAN card within 48 hours," a senior official said. Besides, special camps...
  • Arun Jaitley to meet tax officials again to keep ITR forms simple 3 days ago

    New Delhi: Facing criticism over the new ITR forms that seek details on bank accounts and foreign travel, Finance Minister Arun Jaitley will hold another round of meeting with officials to simplify the procedure. Soon after his trip from Washington, Jaitley had held a meeting with tax officials on the...
  • Arun Jaitley to meet tax officials again to keep ITR forms simple 3 days ago

    New Delhi: Facing criticism over the new ITR forms that seek details on bank accounts and foreign travel, Finance Minister Arun Jaitley will hold another round of meeting with officials to simplify the procedure. Soon after his trip from Washington on Monday, Jaitley had held a...
  • Government to review new Income Tax Return Forms, make them simple 6 days ago

    New Delhi: Government on Saturday announced that new Income Tax Return (ITR) Forms that require disclosure of details regarding bank accounts and foreign trips undertaken by an individual will be reconsidered, a move that comes after criticism from tax experts and others. It will come out...
  • Delhi Court to hear Income Tax case against Subrata Roy, others on June 1 April 15, 2015

    New Delhi: A Delhi court on Wednesday fixed June one to hear an Income Tax case in which Sahara Chief Subrata Roy, now lodged in Tihar Jail, and others have been accused of not filing returns for a group company for 2013-14 assessment year. Additional Chief Metropolitan Magistrate Devendra Kumar Sharma...
  • Maharashtra government decides to shut down 12 toll booths from May 31 April 10, 2015

    Mumbai: There will be a new toll policy in Maharashtra from next month, 12 toll booths in the state will be shut down from May 31. At 53 toll booths, light motor vehicles and state transport vehicles will be exempted from paying toll from May 31. However, all five entry points...
  • Delhi HC stays warrant for Subrata Roy's appearance in IT case April 10, 2015

    New Delhi: The Delhi High court on Friday stayed till May the trial court proceedings and the warrant issued by it for the appearance of Sahara Chief Subrata Roy, now lodged in Tihar Jail, in an Income Tax case for allegedly not filing returns for a group company for the...
  • Tax officials attach all assets of controversial meat exporter Moin Qureshi: Sources April 10, 2015

    New Delhi: Income Tax Department on Friday attached all assets of the controversial meat exporter Moin Qureshi, sources said. Attached assets include a farm house in Chattarpur, house in Defence Colony, luxurious cars, land in Uttar Pradesh, shares in companies promoted by Qureshi, number of bank accounts and lockers. Sources in the...
  • Income Tax collections to fall short by Rs 9,000 crore April 8, 2015

    New Delhi: Income Tax collections are expected to fall short by an estimated Rs 9,000 crore because of a huge shortfall in the overall TDS mop up in the just concluded 2014-15 fiscal. Sources said that the department has till now collected an estimated Rs 6,96,000 crore of taxes against the...
  • What is due must be paid, India no tax haven: Arun Jaitley April 6, 2015

    New Delhi: Finance Minister Arun Jaitley on Monday asserted that legitimate tax demand cannot be considered "tax terrorism" because India is not a tax haven. Appearing to defend the tax notices sent to about 100 FIIs totalling USD 5-6 billion, he said "taxes which are payable must be paid". "India is not...
  • CBDT asks I-T department to act on public grievances after PM's rap March 29, 2015

    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 March 29, 2015

    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 March 25, 2015

    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 March 24, 2015

    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,...