direct taxes

With the direct tax collection growing at a slower pace of 9 per cent this fiscal so far, the government is likely to miss the revenue mop up target for the 2011-12. According to the data released by the finance ministry, the net direct tax mop-up during the April-January period rose 9.28 per cent to Rs 3.46 lakh crore mainly on account higher realisation of personal income tax and corporate tax. Full Article

Come next financial year, the PAN card is likely to become the most potent tool for the Income Tax Department to unearth black money, tax evasion and instances of criminal financing in the country.A recent directive of the Central Board of Direct Taxes (CBDT) to the I-T Dept has asked its officials to launch a special drive against those who have "not furnished their PAN (Permanent Account Number)" while entering into high value transactions. Full Article

The foreign assets kept with Swiss banks came down by about Rs 5,00,000 crore last year, amid a global outcry against the alleged practice of providing secret accounts for black money from different countries, including India. The securities kept by foreign entities in Swiss banks were valued at 2.39 trillion Swiss francs at the end of 2010 (about Rs 12,600,000 crore at the current exchange rates), down from 2.49 trillion Swiss francs (about Rs 13,00,000 crore) a year a.. Full Article

Pradeep Oil Corporation Vs. Municipal Corporation of Delhi and ANR (Supreme Court) Income Tax & Direct Taxes - Municipalities & Local Governments - Delhi Municipal Corporation Act, 1957, ss. 20(2) and 119 - Government Grant Act, 1895 - Property Tax - Lease or License - The President of India under the Government Grant Act, 1895, granted separate and distinct licenses to the appellant for maintaining depot for storage of petroleum products at a yearly license fee - Appell.. Full Article

Income tax department is upgrading its system to ensure an assesse, scrutinised for a particular financial transaction, does not land in trouble the year after. The income tax department has undertaken intensive upgrade of its software and systems re Full Article

Salaried taxpayers with no other income could get a respite from filing tax returns. The income-tax (I-T) department is open to examining a proposal to exempt them from the annual chore. Asked whether the department would think about doing away with Full Article

Those looking for income-tax relief in the forthcoming Budget to fight rising food prices are likely to be disappointed. According to a senior finance ministry official, "the Direct Taxes Code (DTC) has to be implemented next year and considering DTC Full Article

An expert group with the mandate of suggesting measures to plug revenue leakages under existing tax laws will be constituted by March, 2011, the Income Tax Department has said. "Constitution of the expert group to be done before the end of the fin Full Article