The Delhi high court last week severely criticised the debt recovery tribunal III of the capital and the appellate tribunal for the manner in which it conducted proceedings in the case, IFCI Ltd vs Bharat Steel Tubes Ltd. It is bound to leave an impression in one’s mind, if not graver, at least that neither DRT-III nor the Appellate Tribunal are discharging their functions with the concern and commitment expected from high powered tribunals.
Tax refund benefits relating to domestic transactions, considered as deemed exports, will now be processed electronically, the government said today.The Directorate General of Foreign Trade (DGFT), under the Commerce Ministry, has asked its regional authorities to disburse Deemed Export Drawback claims as well as terminal excise duty online.
In a maiden attempt of its kind, tax enforcement agencies are now trying to locate properties abroad of Pune-based stud farm owner Hasan Ali Khan which could be attached or auctioned to extract from him a huge tax liability to the tune of Rs 40,000 crore.
Citigroup Inc, the third-largest US bank by assets, will split at least $11.9 million among four executives if the company meets profit thresholds set at less than half what the lender generated since 2009. The executives, including Chief Operating Officer John Havens, 54, and Chief Financial Officer John Gerspach, 57, will get a percentage of cumulative pretax income at the New York- based bank’s Citicorp division if that figure exceeds $12 billion over the next two years, according to a filing. Citicorp reported $27.7 billion of cumulative pretax profit in 2009 and 2010, based on the definition in the new filing.
India has decided to press for removal of a distinction between tax evasion and tax fraud which has helped Indians conceal their income in tax havens abroad. Pranab Mukherjee This is part of India’s drive to get back the monies abroad. Sources said a number of countries have refused to give information on the ground that tax evasion was not an offence under their law but if tax fraud was included, they would cooperate.
Finance minister Pranab Mukherjee may have some good news for the salaried class in his forthcoming budget, with the government considering a Rs 20,000 raise in the income tax exemption limit from the current Rs 1.60 lakh per annum. Government sources said the move is aimed at putting money into the hands of people hit by sharp rises in the prices of essential commodities.
For the first time in the country’s minting history, government will issue coins of Rs. 150, marking the number of years of taxation in India. The special coins, to be released by Finance Minister Pranab Mukherjee before his Budget speech, will also be brought out in Rs. 5 denomination on the occasion of completion of 150 years, from 1860 to 2010, of the Income Tax department.
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India signed Tax Information Exchange Agreements (TIEA) with various countries to avoid tax evasions and fiscal frauds such as money laundering. Talking to mediapersons onboard the aircraft while returning from Paris after attending the G-20 summit, Finance Minister Pranab Mukherjee said: “India has initiated negotiations with other countries to prevent the black money from being stashed in foreign banks.
The government has sent notices to 18 Indians who have stashed away unaccounted money in Liechestein’s LGT Bank, asking them to pay Rs 24.66 crore (Rs 246.6 million) as taxes.
