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- India signs international tax agreement
Paris, Jan 27: India has become the 32nd signatory for the Convention on Mutual Administrative Assistance in Tax Matters, the Paris-based Organization for Economic Cooperation and Development (....
- West Bengal cable TV equipment makers seek tax holiday
Kolkata, Jan 12: Cable TV equipment makers and traders today sought tax holiday from the West Bengal government for paving the way for digitisation of cable TV network in the state, saying the ....
- Did not violate any service rule, says Kejriwal
New Delhi, Sep 2: Team Anna member Arvind Kejriwal, who has been slapped an Income Tax notice for Rs.9 lakh as dues from his years in government service till 2006, today said he had not violate....
- Only 2.77 percent of India's population pay income tax
New Delhi, Aug 31: Just 2.77 percent of India's 1.21 billion people pay personal income tax, official data showed.
"The number of effective tax payers as on March 31, 2011 wa....
- India amending double taxation avoidance accord: Pranab
New Delhi, Aug 19: The government is amending the Double Taxation Avoidance Agreement it has with four countries and is also negotiating with 16 entities to improve information sharing on black....
- Raise tobacco taxes to curb deaths: US expert
New Delhi, Aug 8: Increasing taxes on tobacco can save up to a million lives, the US Centers for Disease Control and Prevention director Thomas R. Frieden said here today.
Advocating ....
- 300 parties have never filed tax returns: tax panel
New Delhi, July 17: Some 300 Indian political parties have never filed their income tax returns, the Central Board of Direct Taxes (CBDT) has told the Election Commission, official sources said....
- Income Tax commissioner in Mumbai nabbed for graft
Mumbai, July 9: In a big catch, the Central Bureau of Investigation has nabbed an Income Tax commissioner and a chartered accountant for demanding a bribe of Rs.2.20 lakh from a complainant fo....
- Direct tax collection in Q1 up 24 percent
New Delhi, July 7: The country's direct tax collection has increased almost 24 percent in the first quarter of the current fiscal year and stood at Rs.104,136 crore as compared to Rs.84,04....
- Excise official hints at delay in new tax regime
Kolkata, June 28: Citing constitutional amendments and other legislative procedures, Central Board of Excise and Customs (CBEC) Chairman S.D. Majumder today said the government's plan to ro....
- GST won't hamper states' fiscal autonomy: Finance secretary
Kolkata, June 28: The introduction of Goods and Services Tax (GST) will not hamper fiscal autonomy of the states, union Finance Secretary Sunil Mitra said today.
Mitra's comments....
- No tax returns on salaries up to Rs.5 lakh
New Delhi, June 23: Employees who earn up to Rs.5 lakh need not file income tax returns from assessment year 2011-12, an official statement said today.
The Central Board of Direct Tax....
- Karnataka gives tax sops to Toyota's second car plant
Bangalore, June 23: The Karnataka government today extended tax concessions to the Japanese auto joint venture Toyota-Kirloskar Motor Ltd (TKML) for its second car plant at Bidadi in the state....
- Plea on Balakrishnan's assets sent to finance ministry
New Delhi, June 22: The union home ministry today forwarded to the finance ministry's department of revenue a plea made under the transparency law seeking a probe into alleged disproportio....
- Tax reforms in India lag behind growth'
New Delhi, June 20: Taxation reforms in India have not kept pace with economic growth, leading to the problems of tax evasion and money laundering and resulting in an estimated $1.4 trillion o....
- Chhattisgarh bureaucrat denies having Rs.250 crore in assets
Raipur, May 27: A senior Indian Administrative Services (IAS) officer in Chhattisgarh, being probed by the Income Tax department, Friday denied that he has assets worth Rs.250 crore and over 4....
- MAT imposed to stop tax distortion: Official
Kolkata, April 13: Minimum Alternative Tax (MAT) is imposed in the special economic zones (SEZs) to stop distortion in direct taxes for the better interest of the country, a top finance ministr....
- FICCI to convince states for early GST roll-out
New Delhi, March 3; A leading industry lobby said today it would try to convince state governments that the proposed goods and services tax (GST) is in the national interest and would not r....
- Rs.34,000 crore in taxes from money kept abroad: Pranab
New Delhi, March 1: Finance Minister Pranab Mukherjee on Monday said the government has received Rs.34,000 crore (Rs.340 billion/$7.5 billion) this year from levies on Indians who had kept thei....
- Direct tax collection up 20 percent so far: Pranab Mukherjee
New Delhi, Feb 26: India's direct tax collection has reported an increase of 20 percent in the current fiscal year and stood at Rs.335,000 crore, Finance Minister Pranab Mukherjee said toda....
- Over Rs.6,000 crore from automobile excise in April-January 2010-11
New Delhi, Feb 24: Government revenue from excise duty on the automobile sector grew by 32.90 percent and stood at Rs.6,197.99 crore in the first nine months of the fiscal 2010-11, parliament w....
- Rs.70 bn compensation to states on account of reduced sales tax
New Delhi, Feb 10: The Indian government today approved Rs.7,029 crore (over Rs.70 billion) as compensation to states for losses incurred on reducing central sales tax (CST) during the current ....
- India, British Virgin Islands to share tax information
New Delhi, Feb 10: In a bid to tighten the noose on tax evaders and track black money stashed in tax havens, India has signed an agreement with the British Virgin Islands for exchange of tax-re....
- Mumbai's excise, customs collections cheer up Pranab Mukherjee
Mumbai, Dec 23: Excise and customs collections in Mumbai till November during this fiscal have been satisfactory, Union Finance Minister Pranab Mukherjee said today after a meeting with chief c....
- Indirect tax collections up 42 percent in eight months
New Delhi, Dec 15: Revenues from indirect taxes in India jumped up 42.3 percent to Rs.2,07,756 crore in the first eight months of the current fiscal (2010-11), led by 67 percent higher collecti....
- On course to reach tax revenue target: Pranab Mukherjee
Kolkata, Dec 4: The government of India is on course to reaching its target of mopping up direct tax revenue of Rs 4.30 lakh crore this year, Finance Minister Pranab Mukherjee said today.
<....
- Indirect tax mop-up rises to 42.4 percent
New Delhi, Nov 16: Collections from indirect taxes that include customs, central excise and service tax, soared to 42.4 percent in April-October period year-on-year, official data showed today.....
- Income Tax personnel to be monitored for possible corruption
New Delhi, Nov 12: The Income Tax Department has finally decided to put a close watch on its officials. Since a long time onwards the authorities are receiving lots of complaints against its of....
- Indian tariff reduction for least developed African nations
New Delhi, Oct 19: India would announce another round of tariff reduction under its duty free tariff preference scheme for 49 least developed countries (LDCs), two third of which are from Afric....
- Direct Tax Code will ensure greater tax compliance: Revenue Secretary
New Delhi, Sep 29: The direct tax code (DTC) may result in Rs.55,000 crore revenue loss in the first year of implementation, but tax collection in India will increase in the subsequent years be....
- Government to collect Rs.7.45 lakh crore tax in 2010-11
New Delhi, Sep 29: The government is confident of meeting its tax revenue target of Rs.7.45 lakh crore for the current fiscal, Revenue Secretary Sunil Mitra said today.
"We will c....
- Income tax returns filing date extended to Oct 15
New Delhi, Sep 28: The government today announced 15 days relief for income tax payers in view of the disturbance caused by floods in different parts of the country.
The last date of ....
- New India-Swiss pact not to recover black money: Pranab
New Delhi, Aug 31: Finance MInister Pranab Mukherjee today clarified that the revised Double Taxation Avoidance Agreement India signed with Switzerland will not help the country in getting back....
- DTC bill in current session, GST will be delayed
New Delhi, Aug 24: The government is likely to introduce the Direct Taxes Code (DTC) bill in the current monsoon session of Parliament, but the constitution amendment bill on GST will be delaye....
- Let's stick to goods and services tax timeline: Mukherjee
New Delhi, Aug 18: Finance Minister Pranab Mukherjee today urged his counterparts from states to work toward meeting the April 2011 deadline to start the pan-India goods and services tax regime....
- Businesses favour single GST rate at federal, state levels
New Delhi, Aug 16: A majority of businesses want a single rate of goods and service tax (GST), both at the state and federal level, and expect the tax reform to have a positive impact on profit....
- Petrol dealers seek centre's help to bring down VAT on diesel
New Delhi, Aug 4: Petrol dealers in Delhi today sought the centre's intervention in bringing the value added tax (VAT) charged by the state on diesel at par with that of Haryana and Punjab.....
- Companies owe over Rs.65,000 crore to Indian exchequer
New Delhi, July 30: A whopping Rs.75,509 crore ($16.77 billion) was the amount of tax outstanding against companies in India as on April 1, 2009 of which Rs.9,748 crore ($2.16 billion) was reco....
- India celebrates 150 years of income tax from Saturday
New Delhi, July 23: India on Saturday kicks off celebrations to mark 150 years of its Income Tax Department since British rule -- a period that saw the mop-up grow from mere Rs.1.33 crore in 18....
- Goods to be taxed at 6-10 percent, Services at 8 percent: Pranab
New Delhi, July 21: Finance Minister Pranab Mukherjee today said the country can have two goods and services tax (GST) effective from April 1, 2011.
He proposed a dual rate structure ....
- Goods tax to be 20 percent, essential commodities levy lesser
New Delhi, July 21: Finance Minister Pranab Mukherjee today said the country can have two goods and services tax (GST) effective from April 1, 2011.
He proposed a three-tier structure....
- 'Increase cess on mining; granting of leases should be transparent'
Panaji, June 20: The cess on mining needs to be increased significantly and the revenue generated should be earmarked for development of infrastructure in specific areas where mineral explorati....
- Direct Tax Code proposal has welcome respite for individuals
New Delhi: Many suggestions were made in response to the draft Direct Tax Code on issues impacting individuals. It is quite encouraging many of the suggestions have been incorporated in what th....
- Working for consensus on Goods and Service Tax: Mukherjee
Ahmedabad, June 16: Union Finance Minister Pranab Mukherjee said today he was working to evolve consensus on the proposed Goods and Service Tax (GST) as it's implementation was a collective....
- India to set up eight more overseas tax units to curb evasion
New Delhi, June 9: India will set up eight more overseas tax units to fight the menace of evasion as increasing cross-border trade of goods and services was throwing up new and complex challeng....
- Nilekani to chair panel on use of IT for tax administration
New Delhi, June 7: Former Infosys co-chair Nandan Nilekani will head a committee that will recommend to the finance ministry on how best to tap information technology for an effective tax admin....
- Growers oppose natural rubber import duty cuts
New Delhi, June 6: Young farmers in northeast India are a concerned lot after the Delhi High Court asked the government to "consider carefully" the user industry's demand to bring d....
- Advance tax collection buoyant: Revenue Secretary
Kolkata, May 24: Revenue Secretary Sunil Mitra said today the advance tax collection is buoyant at present owing to a revival in the manufacturing sector.
"All I can says is that ....
- India may slap taxes, quotas to limit iron ore exports
New Delhi, May 19: India may impose taxes and quotas on exports of iron ore from the country to increase availability of the raw material for the domestic steel industry, steel minister Virbhad....
- Duty on imported sugar will help stabilise prices: Mawana
New Delhi, May 9: The government should at the earliest levy duty on refined sugar being imported into country as it will not only stabilise the sweetener's prices but also help the indust....
- No excise duty waiver in hill states beyond 2010: Anand Sharma
Shimla, May 8: Commerce and Industry Minister Anand Sharma today said there will be no extension of the central excise duty exception granted to hill states under a special industrial package t....
- G20 ministers hold off on global bank tax
Washington, April 24: Finance ministers of the world's 20 leading economic powers on Friday stopped short of endorsing a controversial global tax on banks, instead calling for the Internati....
- India seeks accord to avoid dual social security taxation
Washington, April 23: India has asked the United States to recognise that New Delhi has achieved significant progress towards comprehensive social security coverage and start negotiations on a ....
- ICAI paper on service tax on realty
Gandhinagar, April 22: The Institute of Chartered Accountants of India (ICAI) has submitted to the finance ministry a concept paper proposing a simpler method of calcuting service tax on commer....
- IT search in Sahara offices in Lucknow
Lucknow, April 22: The Indian Premier League (IPL) trail reached the business house Sahara, as the Income Tax department (IT) today searched the offices of the group here.
Sahara had ....
- Chartered accountants to help excise payers file returns
Gandhinagar, April 20: The Institute of Chartered Accountants of India (ICAI) has signed a memorandum of understanding (MOU) with the Central Board of Excise and Customs(CBEC) to improve servic....
- India inks disclosure pacts with 9 tax havens
New Delhi, April 13: In the first step towards bringing back unaccounted money stashed away in tax havens abroad, the Indian government today said it has entered into accords with nine jurisdic....
- Taxing beedis best way to curb tobacco abuse, says study
New Delhi: The government should increase taxes on tobacco products, especially hike the price of beedis, from the current Rs.14 per 1,000 to Rs.98, to limit 15.5 million premature deaths due t....
- 'Only 25 percent properties in Delhi pay tax'
New Delhi: Only 25 percent of the properties in the national capital are paying property tax, the Municipal Corporation of Delhi (MCD) told the Central Information Commission (CIC), which has t....
- Rs.200 crore tax evasion detected
Ahmedabad: About Rs.200 crore of unaccounted income has been detected in the past week in surveys conducted by the income tax authorities in Ahmedabad and Surat, an official said today.
- Mukherjee hopes for new direct, indirect tax regime from April 2011
New Delhi: Having set April 1, 2011 as the deadline to introduce the new direct tax code, Finance Minister Pranab Mukherjee today hoped to synchronise it with a pan-India goods and services tax....
- Recommendations of Finance Commission largely accepted: Mukherjee
New Delhi: The government has largely accepted the suggestions made by the 13th Finance Commission that has recommended a 32-percent share of the federal taxes for states, as well as grants for....
- Uttar Pradesh waives off trade tax for exporters
Lucknow: With a view to boosting exports from Uttar Pradesh, the Mayawati government has announced a major tax incentive - a full waiver of trade tax - to all export-oriented industrial units a....
- Goods and Service tax not to be implemented from April 1
New Delhi: The decision to implement the Goods and Services Tax (GST) from April 1 has been deferred with the chairman of the panel constituted to build consensus on the issue saying that it wa....
- Tax deduction limits on medical expenses could go up
New Delhi: It is expected that the upcoming union budget would bring some good news for employees who are provided with regular salaries. It is being assumed that the Indian government would be....
- Godrej wants Cenvat rebate to continue
Bangalore: The government should maintain the Central Value Added Tax (Cenvat) rate at eight percent that was part of the financial stimulus measures, Godrej group chairman Adi Godrej said toda....
- Anti-dumping duty imposed on carbon black
New Delhi: The government has imposed an anti-dumping duty of up to Rs.20 per kilogram of imported carbon black.
The Central Board of Excise and Customs (CBEC), in a notification, sai....
- Tendulkar, Ambani evaded vehicle tax: Navi Mumbai Municipal Corp
Mumbai: The Navi Mumbai Municipal Corporation (NMMC) has declared that celebrities like cricketer Sachin Tendulkar, business tycoon Anil Ambani and even singer Shankar Mahadevan have evaded fro....
- Direct tax collections rise nearly 9 percent
New Delhi: Net direct tax collections in the first three quarters this fiscal stood at Rs.250,232 crore, up 8.51 percent from Rs.230,598 crore collected in the corresponding period last year, t....
- Government asked to excuse NBFCs from tax at source
New Delhi: Non-banking finance companies (NBFCs) engaged in infrastructure financing should be excused from tax deduction at source (TDS) on interest payment to asset financing NBFCs, an indust....
- Date for uniform goods and services tax on Jan 8: Dasgupta
Kolkata: The date from which the much-awaited goods and services tax (GST) will come into force and replace a plethora of federal and state-level levies is expected to be announced on Jan 8, ac....
- West Bengal to meet goods and services tax deadline
Kolkata: West Bengal's Left Front government is determined to meet the April 1, 2010, deadline to enforce the goods and services tax (GST) in the state, Finance Minister Asim Dasgupta said ....
- MCD's new tax schemes won't be implemented: Mayor
New Delhi: Delhi Mayor Kanwar Sain today slammed the municipal budget estimates presented a day earlier which proposed hikes in existing tax and new tax schemes. He said the proposal would not ....
- KPMG named 'indirect tax firm' of the year
New Delhi: Global tax and audit firm KPMG's Indian arm has been named the country's "Indirect Tax Firm of the Year" at an international tax forum.
KPMG is bagging the ....
- India to review double taxation treaties to track evasion
New Delhi: India is working towards revising its double taxation avoidance treaties following allegations that many Indians have stashed away unaccounted money in Swiss banks, Finance Minister ....
- Direct Tax Code poses difficulties: Catholic church
New Delhi: Certain provisions in the Direct Tax Code applicable to religious and charitable institutions and trusts will pose "serious difficulties" for these organisations, the Catholi....
- Direct tax collection up 3.9 percent
New Delhi: Direct tax collection during the first seven months of the current fiscal grew 3.92 percent to Rs.173,447 crore as compared to Rs.166,905 crore in the like period last year.
....
- Tendulkar, Lalit Modi, Jagan, among highest taxpayers
New Delhi: Andhra Pradesh' former CM YSR Reddy's son Jagan Mohan Reddy has cemented his name in the list of top taxpayers. According to the recent report on top taxpayers assessed on th....
- Transport taxes rationalised in Uttar Pradesh
Lucknow: The Uttar Pradesh government has brought about sweeping changes in the structure of various transport taxes, effective from Thursday.
Announcing this here today, Principal Tr....
- Include real estate in new tax regime: Finance Commission
Bangalore: The 13th Finance Commission, which deals with the sharing of taxes between the central and state governments, sought to bring the burgeoning real estate under the proposed Goods and ....
- Industry body seeks changes in new direct tax code
New Delhi: An industry body today urged the government to remove some provisions in the Direct Tax Code draft, especially those taxing capital gains arising on indirect transfer of Indian asset....
- New direct tax regime from 2011: Mukherjee
New Delhi: Finance Minister Pranab Mukherjee on Friday said a new direct tax regime with rationalised rates and simplified procedures will take effect 2011, even as the government was open to s....
- Net tax collections up 3.69 percent this fiscal
New Delhi: Net direct tax collections during the first half this fiscal grew 3.69 percent from the corresponding period last year, the Central Board of Direct Taxes (CBDT) said today.
....
- Excise tax collection up by 22 percent in August
New Delhi: India's excise tax collection in August rose 22.7 percent from the previous month, while customs duty collection improved meagrely from minus 30 percent in July to minus 28 perce....
- Taxation policy for tobacco industry under consideration
New Delhi: The government is planning to introduce a new taxation policy to control the demand and supply of tobacco products in the country, officials said today.
The health and fami....
- India revising tax treaties to nab defaulters: Pranab
New Delhi: India will go for amending double taxation avoidance treaties with other countries to allow for exchange of information on tax evaders, Finance Minister Pranab Mukherjee said here to....
- Fact sheet on the proposed new direct tax code
New Delhi: The following are some salient features pertaining to the new Direct Tax Code proposed by the government, for which a draft and a discussion paper were released by Finance Minister P....
- Direct tax collections up nearly 4 percent
New Delhi: India's net direct tax collections increased 3.65 percent in the first quarter this fiscal, but the growth was stymied on account of a 52-percent jump in refunds and lower corpor....
- No rollback of tax cuts in stimulus packages
New Delhi: The government today ruled out rollback of tax cuts offered to various sectors as part of the fiscal stimuli announced earlier and said it intends to bridge the fiscal deficit largel....
- CII calls for changes in tax deduction system
New Delhi: In the run up to the budget 2009-10, the Confederation of Indian Industry (CII) today called for changes in the tax deduction method, Tax Deducted at Source (TDS), to make it more pe....
- Bring tax reforms to spur industrial growth: CII
New Delhi: The Confederation of Indian Industry (CII) has called for tax reforms like unifying various cesses and surcharges into a single corporate tax, allow higher depreciation and remove mu....
- Anti-dumping duty on Chinese Vitamin C extended
New Delhi: The government has extended the anti-dumping duty on Vitamin-C imported from China for another five years, the Central Board Of Excise and Customs (CBEC) said on Friday in a notifica....
- Extend tax holiday to five-star hotels: Assocham
New Delhi: The Associated Chambers of Commerce and Industry (Assocham) has urged the government to extend tax benefits to all categories of the hotel sector, including five-star hotels, to boos....
- Nikon seeks lower import duties in India
New Delhi: Digital imaging products manufacturer Nikon Corporation is hoping for a reduction in countervailing duty and additional duty in the 2009-10 budget to enable it stay more competitive ....
- Reduce tax on household items to spur demand: Assocham
New Delhi: The Associated Chambers of Commerce and Industry (Assocham) today called on the government to bring down tax on household purchases to less than 20 percent from over 45 percent now t....
- Hospitality sector seeks tax rationalisation, industry status
Bangalore: The Indian hospitality sector, hit hard by the economic slowdown and the 26/11 terror attacks in Mumbai, is looking to the government for a "stimulus" in the form of tax rati....
- IT h/w industry wants relaxed taxation in budget
New Delhi: Indian IT hardware industry has called for parity in the countervailing duty (CVD) and service tax, levied on IT hardware products, in a pre-budget memorandum submitted to Finance Mi....
- India's direct tax receipt up 8.3 percent, miss target
New Delhi: India's direct tax receipts were up 8.33 percent to Rs.3.38 lakh crore in 2008-09, the finance ministry said in a statement today.
However the direct tax collections fe....
- Indians-led Citi, Motorola among top tax payers in US
Washington: Citigroup and Motorola, two American corporate giants led by India-born CEOs, rank among the biggest taxpayers in the US despite their heavy losses due to the economic downturn, ac....
- Tax authorities hopeful of meeting revenue targets
Chennai: The Central Board of Excise and Customs (CBEC) is hopeful of achieving its revenue estimates from excise, customs and service taxes this fiscal, a top official said here on Thursday.....
- Chidambaram urges companies to pass on tax cut benefits
New Delhi: Home Minister P. Chidambaram on Tuesday said the 2-percent excise and service tax cuts announced by the government will boost production, and asked companies to pass on the benefit....
- India cuts excise duty, service tax to spur economy
New Delhi: External Affairs Minister Pranab Mukherjee on Tuesday got the Lok Sabha's nod to cut excise duty and service tax by 2 percent in what is being touted as the third stimulus package to....
- India Inc welcomes duty cuts, says it will boost demand
New Delhi: India Inc on Tuesday welcomed the government's decision to reduce excise and service tax by 2 percent besides extending 4 percent excise duty cut beyond March 31, and said this w....
- Lok Sabha nod for two percent cuts in excise, service tax
New Delhi: The Lok Sabha today approved 2-percent cuts in excise duty and service tax proposed by External Affairs Minister Pranab Mukherjee, who said resilience of the India economy which grew....
- No more tax breaks before budget: Ahluwalia
New Delhi: There will be no tax breaks before the budget, the government said here on Tuesday.
"I don't expect tax breaks between now and the budget session," said Planning Commission Depu....
- India's customs and excise tax up to nearly Rs 200 bn
New Delhi: India's customs and excise tax rose to Rs 194.21 billion in September, compared to Rs 181.61 billion in the same period last year, said the finance ministry on Thursday. According t....
- Direct tax collections up 32.54 pc in the first half
New Delhi: Deceleration in economic growth has not impacted revenue collections as the realisation from direct taxes have gone up by 32.54 per cent during the first half of the current fiscal. ....
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