Standing Committee on Finance Chairman Yashwant Sinha today suggested raising the income tax exemption limit from Rs 1.6 lakh to Rs 2 lakh in the Budget apparently to provide relief to common man reeling under the impact of high inflation.
The total income tax arrears in the country stood at Rs 2,48,927 crore on April 1, 2010, and the Central Board of Direct Taxes (CBDT) is tasked to monitor all outstanding dues of above Rs 10 crore, Parliament was informed on Tuesday. In a written reply in the Rajya Sabha, Minister of State for Finance S S Palanimanickam said the total outstanding arrears which stood at Rs 2,13,646 crore as on April 1, 2009, further increased to Rs 2,48,927 crore at the start of the current fiscal.
Instead of introducing a consistent approach to pricing of spectrum, the Telecom Regulatory Authority of India (TRAI) recommendations actually seek to introduce radically different approaches to charging for spectrum and despite the fact that all operators compete in the same market, the telecom major said in a statement.
The government may raise the income tax exemption limit in the upcoming Budget to provide some relief to the taxpayer from inflation, Goldman Sachs said today. “Income tax relief can be provided to lower income brackets to compensate for inflation. This could take the form of raising the tax exemption limit from the current Rs 1.6 lakh,” it said in a report.
Design of the National Tax Headquarters has been finalized after holding an open competition in association with the Council of Architecture (CoA). Out of the 133 prequalified architects, 58 had participated in the competition. The entries were adjudged by an eminent jury comprising five architects and four non-architects. M/s Vistaar Architects & Planners, a Mumbai based architect firm finally won the design competition held by the Department of Revenue for the construction of National Tax Headquarters on Kasturba Gandhi Marg in the national capital. The results of the competition were announced yesterday by the Ministry of Finance.
Unique Identification Authority of India (UIDAI) has suggested constituting a joint working group of Securities and Exchange Board of India (SEBI) and UIDAI to work out the modalities for recognizing ‘Aadhaar’ as a proof of address and proof of identity for Know Your Client (KYC) purposes in the securities market.
Recently, the Delhi bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Whirlpool India Holdings Ltd. v. DDIT [201 1-TII-15-ITAT-DEL-INTL] held that Branch Office set up in India which merely remunerated employees seconded by US group company does not constitute a Permanent Establishment (PE) in accordance with Article 5 of India- USA tax treaty (the tax treaty) and therefore was not taxable in India.
Show cause notice was issued by the adjudicating authority to the tax payer alleging that the taxpayer is not entitled to avail/utilize the MODVAT/CENVAT credit in respect of units whose values stood written off. Hence it was proposed to be reverse such MODVAT/CENVAT credit
In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-2014, the Director General of Foreign Trade hereby makes the following corrections in the Public Notice No. 33/(RE2010)/2009-14 dated 15.02.2011 and Public Notice No. 2/(RE2010)/2009-14 dated 23.8.2010.
When transactions with a particular party are over that party may not be ready to co-operate in giving information which are exactly asked by the Assessing Officer from the assessee, under these circumstances, the revenue authorities have ample powers under the Act to issue summons to the party and if they are not exercising such powers, the assessee cannot be blamed for concealing particulars and or furnishing inaccurate particulars of income.
