The Union government has warned a deputy commissioner of income-tax for releasing diamonds seized during a raid without proper orders. The government has said that A K Suri did not act in a manner expected of an officer while on search duty.
The Income Tax department’s tax fair, which starts on Monday, is expected to see 50,000 more taxpayers filing their returns this year. Last year about 4.5 lakh people filed their returns in the tax fair organised at Palace Grounds. This year, the department is expecting 50,000 more footfalls totaling more than 5 lakh tax payers at the fair. Many taxpayers faced problems while filing returns online last year.
The Supreme Court has remanded the income tax department’s appeal raising pertinent issues related to taxability of foreign telecasting companies to the Bombay High Court.The issue revolves around the method of computation of profits by non-resident firms from their Indian operations especially those which don’t have branch offices or permanent establishments in India or are not maintaining country-wise accounts of their operations.
Notification No. 56/2010-Income Tax Gujarat has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules. 1962 (said Rules), from Assessment year 2010-2011 onwards in the category of ‘University’ partly engaged in research activities subject to the following conditions, namely:-
section 80HHC, Deduction under Section 80HHC, Bombay High Court, export turnover,deduction under section 80HHC
Leading developers across the country are likely to meet Finance Minister Pranab Mukherjee and top officials of his ministry on the continuation of tax benefits for special economic zones, or SEZs.The developers, including Raheja Ltd, Ascendas, L&T and GMR, among others, are in the Ministry of Commerce and Industry’s Export Promotion Council for Export Oriented Units and Special Economic Zones (EPCES).
A sharp cut in corporate tax rate proposed in the direct taxes code is likely to be done in stages to ensure that tax collections do no plummet, derailing the government’s attempts to bring the fiscal situation under control. The direct taxes code, or DTC, has proposed a cut in corporate tax rate to 25% from the current 30%, but will withdraw most tax exemptions available to companies.
The income tax department today said it will open 264 special counters from July 21-31 in the Capital and national capital territory region, to accept returns from individual taxpayers. “The income tax department would set up 264 special counters to receive income tax returns at Mayur Bhawan and Pragati Maidan for the benefit of taxpayers,” Income Tax Delhi Circle-I chief commissioner Meenakshi Singh told reporters.
Job interviews can be gruelling. But the worst part is whether to say yes or no to the salary being offered. The most common reaction to an offer is — “I shall get back to you.” During bad times, it has to be a ‘yes’. In better times, well, one can play on the company’s desperation and one’s own comfort with the existing company. Of course, a lot depends on one’s financial condition and the job market. However, a little bit of tweaking can be done by just reworking the components to ensure a better deal.
India’s efforts at retrieving the black money its corrupt citizens have stashed abroad are being helped by some countries. The Income Tax has made a list of 135 individuals and entities, who received payments of more than Rs 1 crore from companies abroad, and sent it to the Director General of Investigation in cities where they are supposed to be residing for further investigation.
