The Income Tax (I-T) department has witnessed a 25.3 per cent improvement in advance tax collections in the state at the end of the second quarter this financial year. This is significant as the collection figures in Mumbai, which accounts for more t
The Central Board of Excise and Customs (CBEC) has asked the telecom department for copy of special audits that were undertaken on the books of all leading telecom companies to examine the service tax angle. Last year, the government ordered special
Following the global financial crisis, protectionist measures taken by countries are on the rise. Business Line spoke to Mr Alejandro Jara, the Deputy Director General, World Trade Organisation, to find out his views on the extent of the impact of th
Chapter V of the Direct Taxes Code (DTC) seeks to levy a tax of 20 per cent on the book profits of every company. Profits of the company have to be prepared in the prescribed form in accordance with the provisions of parts II and III of Schedule VI t
Ensuring a windfall for over 8 million central government employees and pensioners, the Union Cabinet on Thursday approved release of an additional installment of Dearness Allowance (DA) to employees and Dearness Relief (DR) to pensioners to compens
Union Finance Minister Pranab Mukherjee has appreciated the monetary policy tightening announced by Reserve Bank of India(RBI) in its mid quarterly policy review today. He welcomed the RBI’s decision to raise the repo rate by 25 basis points and Reverse Repo Rate by 50 basis points. The Finance Minister expressed his happiness that the RBI has decided not to tighten the CRR from the existing 6 percent. The narrowing of LAF corridor should contribute towards a more efficient monetary policy, the Finance Minister added. He said that this should also encourage a greater absorption of liquidity by the Central Bank and contribute to further control of inflation.
n the Direct Tax Code Bill 2010 certain provisions relating to the INCOME-TAX APPELLATE TRIBUNAL have been incorporated which were not in the earlier draft and therefore we do not have the benefit of any intelligent or meaningful debate in the hands
IN A breather to the assessees, the Supreme Court has ruled that revenue department cannot impose penalty under provisions of the Central Sales Tax Act for furnishing incorrect representation without proving the intention (mens rea) for false representation. The penalty in tax matters is to levied strictly in accordance with the intention of the statutes, said the apex court over-ruling an Allahabad High Court order.
THE Central Board of Direct Taxes (CBDT), constituted under the Central Boards of Revenue Act, 1963, is an all-powerful apex body for the direct tax administration in the country. Its function is not merely restricted to ensuring administration of tax collection, but also to clarify and relax the rigours of the provisions of the Income-Tax Act, 1961 (the Act), to alleviate practical difficulties in the interpretation of law.
Following are the highlights of RBI mid-quarterly monetary review conducted for the first time on Thursday: 1. Ups short term lending (Repo) rate by 0.25 pc to 6 pc 2. Ups short-term borrowing (Reverse Repo) rate by 0.50 pc to 5 pc
