businessmen

In a major operation against alleged tax evasion, officials of the Department of Income Tax carried out simultaneous raids at 20 offices and residences of four industrialists, including a Congress leader, and scrutinised their property details here on Friday. Income Tax department unearthed several cases of Income Tax evasion by them. They also seized many documents pertaining to illegal property documents and unaccounted cash among others. Full Article

In the present scenario, tax is a burden imposed by law. Since our present state rest on the Principles of Rule of Law, the tax administration does not remain a mere revenue collection exercise, it take the shape of administration of a branch of law. Thus the ideal taxation is execution of a well defined law with defined burden, legal-procedural-financial, on the subjects. When such law is administered by an inefficient and corrupt institution, it does not result in mere.. Full Article

The Supreme Court has decided to examine the issue of whether foreign law firms charging professional fees from Indian companies and businessmen are liable to pay income tax in the country. A bench headed by Justice S H Kapadia has issued notices to a London-based law firm on a petition filed by the Income Tax Department. Full Article

The small business community is usually a discontented lot when it comes to budget announcements by the government. This time though was a little different. The UPA government took significant measures in Budget 2009 to simplify the direct tax code for individuals, entrepreneurs and small businessmen. Under the proposed changes, businesses with revenues of up to [...] Full Article

A. P. (DIR Series)CIRCULAR NO03/RBI under Section 195 of the Income Tax Act read with Rule 29B of the IT Rules, any person responsible for making payment to a non-resident or to a foreign company, any interest or any other sum chargeable under the IT Act, shall at the time of payment or credit of the amount deduct Income Tax thereon at the rate in force. Section 195 of the IT Act is not limited to interest income and it takes into account business income also. Further, p.. Full Article