Taxes

  • Political parties should deposit funds in banks: EC 21 hours 2 minutes ago

    New Delhi: The Election Commission on Friday virtually made it mandatory for political parties to deposit their funds in banks and not to exceed ceiling limits in financial assistance for candidates to ensure transparency and accountability. The Election Commission order in this regard under Article 324 of the Constitution (superintendence, direction...
  • Priyanka Chopra starrer 'Mary Kom' declared tax free in Maharashtra Yesterday

    Mumbai: National Award winning actress Priyanka Chopra's much-awaited movie 'Mary Kom', the story of a determined girl who makes it big in the world of boxing, has been declared tax free in Maharashtra a week before its scheduled release date. "Yay! #MaryKom declared tax free in Maharashtra a week before release!...
  • Indian economy warms in after-glow of Narendra Modi's triumph Yesterday

    New Delhi: The after-glow of Narendra Modi's election victory nearly four months ago is expected to have helped India's lumbering economy register its fastest growth in more than two years for the quarter ending in June. India's new prime minister has promised to make it easier to do business through speedier...
  • UK Deputy PM meets Arun Jaitley, discusses retro tax issue 5 days ago

    New Delhi: UK Deputy Prime Minister Nick Clegg on Monday met Finance Minister Arun Jaitley and discussed various matters of mutual interest, including the retrospective tax amendment issue. Jaitley, according to sources, explained the government's position on the retrospective tax amendments with reference to the tax cases of Vodafone and Cairn...
  • CM Shivraj Singh Chouhan declares 'Mardaani' tax free in MP; lauds Rani Mukerji for her powerful performance 5 days ago

    Bhopal: Madhya Pradesh Chief Minister Shivraj Singh Chouhan has announced to give tax-free status to actress Rani Mukherjee's latest film 'Mardaani'. "We will give 'tax free' status to 'Mardaani' in Madhya Pradesh considering the bold social message conveyed by it," Chouhan posted on Twitter last night. "Trafficking of young girls and women...
  • I am being subjected to media trial, says Virbhadra Singh 6 days ago

    Shimla: Himachal Pradesh Chief Minister Virbhadra Singh on Saturday alleged that he and his family members are being subjected to a "malicious media trial" through "false" and "baseless" stories about their income tax matters. "It appears that some vested interests and political opponents are running biased personal investigations into the...
  • Delhi HC asks CBI to file report on graft allegations against Himachal Pradesh CM Virbhadra Singh August 20, 2014

    New Delhi: The Delhi High Court on Wednesday asked CBI to file a report giving details of probe and its status in a preliminary enquiry alleging Himachal Pradesh Chief Minister Virbhadra Singh, during his earlier tenure as CM and Union Minister, indulged in graft, money laundering and forgery. "The CBI is...
  • SIT report on black money pushes for overhaul of tax treaties with different countries: sources August 20, 2014

    New Delhi: The Special Investigation Team report on black money is likely to be submitted to the Supreme Court on Wednesday. Top sources have told CNN-IBN that the report has pushed for a major overhaul of tax treaties with different countries. According to sources, the report says that countries like Mauritius...
  • Jayalalithaa writes to PM Modi on proposed amendment to GST law, says it will weaken states' finances August 18, 2014

    New Delhi: Tamil Nadu Chief Minister J Jayalalithaa on Monday wrote to Prime Minister Narendra Modi over the proposed amendment to the Goods and Services Tax legislation saying that the amendment was unfair to the states and would weaken state finances further. The Chief Minister has demanded the exclusion of...
  • Jaitley announces some concessions, tax on mutual fund from July 10 July 25, 2014

    New Delhi: The government on Friday announced some concessions for mutual fund industry and income tax payers, while committing to low tax regime to promote industrial activity to generate jobs and create more resources to undertake social welfare activities. Announcing the concessions in the Lok Sabha, Finance Minister Arun Jaitley said...
  • Chennai court to hear tax case against CM Jaya on August 7 July 24, 2014

    Chennai: A court on adjourned the income tax return cases against Tamil Nadu Chief Minister Jayalalithaa and her aide Sasikala to August 7. Additional Chief Metropolitan Magistrate R Dakshinamurthy allowed the petitions of Jayalalithaa and Sasikala seeking adjournment citing pendency of their plea for compounding the alleged offences against them...
  • 'Sex tax' levied on brothels and swinger clubs also applies to tantric massages that provide sexual pleasure: German court July 22, 2014

    Berlin: Tantric massages provide sexual pleasure and are subject to the same tax levied on brothels and swinger clubs in a German city, a state court said Monday. The decision by an administrative court in Baden-Wuerttemberg state followed a complaint by the owner of a massage parlour who had been billed...
  • Revenue collection expected to exceed target this fiscal: Arun Jaitley July 21, 2014

    New Delhi: After missing target in the last financial year, the government on Monday exuded confidence that tax collection during the current fiscal would exceed budget estimate of Rs 13.64 lakh crore. "Revenue collection targets fixed for 2014-15 will not only be achieved but also surpassed," Finance Minister Arun Jaitley said....
  • NCW holds CBDT guilty in I-T officer sexual harassment case July 17, 2014

    New Delhi: After an Income Tax officer from West bengal alleged that she was sexually harassed by her superior and her complaints to the Central Board of Direct Taxes (CBDT) were ignored, the National Commission for Women (NCW) has held the CBDT guilty. The NCW said that the lady officer was...
  • India in talks with a number of countries for new tax treaties July 15, 2014

    New Delhi: India on Tuesday said negotiations are going on for signing new Double Taxation Avoidance Agreements (DTAAs) with Hong Kong, Iran, Nigeria and three other nations. The three other countries are Azerbaijan, Chile and Venezuela, Finance Minister Arun Jaitley informed Rajya Sabha in in a written reply. Besides, negotiations are also...
  • Tax official sacked for corruption in Punjab July 15, 2014

    Chandigarh: Punjab Deputy Chief Minister Sukhbir Singh Badal on Tuesday ordered the sacking of a taxation officer and the compulsory retirement of four others, including a woman, on corruption charges. The dismissed Excise and Taxation Officer (ETO) Baljinder Singh was recruited in 2012 and was still under probation. His services...
  • More tax concessions when economy improves: Finance Minister July 12, 2014

    New Delhi: Finance Minister Arun Jaitley on Saturday promised more concessions in income tax when the economy improves. "We do not want a high taxation regime. It was because of the high taxation regime of the previous government that inflation rose." "I think there was never a Union Budget since 1947, which...
  • Axe the Tax impact: Exemption limits hiked in Budget 2014 July 11, 2014

    While announcing the Narendra Modi government's first Budget, Finance Minister Arun Jaitley reacted to CNN-IBN's Axe the Tax campaign and increased the exemption limit on income to Rs 2.50 lakh from the current Rs 2 lakh. ...
  • Budget & You: Tax experts answer your queries July 10, 2014

    Finance Minister Arun Jaitley on Thursday presented his maiden national budget for the government. There is some good news for individual tax payers under the age of 60 years as Finance Minister increased the exemption limit on income to Rs 2.50 lakh from the current Rs 2 lakh. CNN-IBN with...
  • It is not the end, but start of the journey, says Arun Jaitley on his maiden Budget July 10, 2014

    New Delhi: Finance Minister Arun Jaitley is confident that his government will be able to stick to the 4.1 per cent fiscal deficit target even though rating agencies have voiced skepticism about the Budget estimates. "This is not the end, this is just the start of the journey," Jaitley said...
  • Income tax relief in Jaitley's Budget for 2014-15, smokers will pay more July 10, 2014

    New Delhi: The Budget for 2014-15 on Thursday doled out sops to income tax payers by raising the threshold exemption limit from Rs 2 lakh to Rs 2.5 lakh and investments under 80C by Rs 50,000 to Rs 1.5 lakh while seeking to revive growth, manufacturing and investor confidence. Without...
  • Government to raise long-term capital gains tax on debt Mutual fund to 20 pc July 10, 2014

    New Delhi: In a move that may come as a blow to the mutual fund industry, the government on Thursday proposed to raise long-term capital gains tax on debt-oriented mutual funds to 20 per cent from 10 per cent, to bring parity with banks and other debt instruments. However in the...
  • Power producers rise on tax holiday proposal in budget July 10, 2014

    Shares of power producers gain sharply after the finance minister proposed a 10-year tax holiday for power generation companies. Tata Power Co Ltd rises 4.5 per cent, NTPC Ltd is up 2.9 per cent, Adani Power Ltd gains 6.9 per cent and JSW Energy Ltd is 7.8 per cent higher. Arun Jaitley...
  • Budget 2014: I-T exemption limit hiked by Rs 50000, save a maximum of Rs 35000 per year July 10, 2014

    There is some good news for individual tax payers under the age of 60 years as Finance Minister Arun Jaitley increased the exemption limit on income to Rs 2.50 lakh from the current Rs 2 lakh. The savings limit under Income Tax Act Section 80C has also been hiked by...
  • Budget 2014: Disinvestment target revised upwards to Rs 58,425 cr July 10, 2014

    New Delhi: Finance Minister Arun Jaitley on Thursday raised the disinvestment target for the current fiscal to Rs 58,425 crore. The target include Rs 43,425 crore from selling stake in PSUs and another Rs 15,000 crore from sale of residual stake in the erstwhile government companies, as per the Budget document. This...
  • Tax exemption limit under 80C raised to Rs 1.5 lakh July 10, 2014

    New Delhi: Seeking to boost household savings, the government on Thursday hiked the exemption limit for investments by individuals in financial instruments to Rs 1.5 lakh. Presently the investments and expenditures up to a combined limit of Rs 1 lakh get exemptions under Sections 80C, 80CC and 80CCC of the Income-Tax...
  • Government hopes to finalise GST contours this year: Arun Jaitley July 10, 2014

    New Delhi: Committing to expeditiously rolling out Goods and Services Tax (GST), Finance Minister Arun Jaitley on Thursday said a solution to the issues relating to the comprehensive indirect tax regime may be finalised in the current year itself. "I do hope we are able to bring a final solution in...
  • Budget 2014: Tax exemption limit raised to Rs 2.5 lakh from Rs 2 lakh July 10, 2014

    New Delhi: In a minor relief to the individual tax payers, the Narendra Modi government in its maiden Union Budget raised the income tax exemption slab from Rs 2 lakh to Rs 2.5 lakh. "I propose not to make any changes in the tax rate. However, with the view to provide...
  • NDA government's first Budget targets growth, jobs July 10, 2014

    New Delhi: Prime Minister Narendra Modi's new government unveiled what it called a budget for growth on Thursday and vowed to curb borrowing after the longest economic slowdown in a quarter of a century. Delivering his maiden budget, Finance Minister Arun Jaitley told Parliament that India's 1.2 billion people were "exasperated"...
  • Budget 2014: Retrospective tax amendment to be undertaken with extreme caution July 10, 2014

    New Delhi: Assuring investors that retrospective amendments to tax laws will be undertaken with extreme caution, Finance Minister Arun Jaitley on Thursday said all fresh cases arising out of the 2012 amendment of I-T Act will be looked into by a high level CBDT committee. However, the existing tax disputes, arising...