tax

As many as 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai. These arrangements have been made for the convenience of the Income Tax assesses. Of the 926 bank branches 862 branches are public sector bank branches, 35 HDFC bank branches, 10 ICICI bank branches and 19 AXIS bank branches. The Reserve Bank of India has advised income tax assesses to take advantage of these standing arrangements made for th.. Full Article

Tax defaulters beware! With tax recovery to the tune of more than Rs one lakh crore held up for lack of information about the whereabouts of defaulters, the Income Tax(I-T) department is working on plans to publish their names in newspapers. The problem has been further compounded with several of the tax defaulters having created 'benami' assets to escape the dragnet. Full Article

Though the Goods and Services Tax (GST) bill has been tabled in the Lok Sabha, the Gujarat government today said in the state Assembly that it was not ready to implement it. Minister of State for Industries, Saurabh Patel, told the House that state government was not prepared to implement GST as it would take away state's autonomy in taxation and inflict revenue-loss of over Rs 3,000 crore. Full Article

An expert said under the new structure, foreign banks’ tax liability might go up if the wholly-owned subsidiary decides to pay a dividend, as such payments will attract dividend distribution tax. Tax liabilities of foreign banks will rise marginally 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

The revised tax treaty between India and Switzerland, to enable access to Swiss accounts of tax evaders, seems to have hit bureaucratic hurdle as the two governments are yet to notify each other on the required legal and procedural approvals. As per Full Article

But with that, comes a range of terms which can be difficult to understand. Read our glossary to learn more: Accounting information systems: Computerised accounting systems are essential for all organisations these days. An information systems strea Full Article