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Income Tax department targets tax collection of Rs 3,379 crore for financial year 2010-11 from Uttar Pradesh
TG Team
28 Jun 2010
0 comment
The Income Tax (I-T) department is targeting a tax collection of Rs 3,379 crore during the 2010-11 financial year in Lucknow, which covers the Uttar Pradesh (East) districts. During 2009-10, the department made net tax collection of Rs 2,888 compared with Rs 2,614 during the previous year....
Posted Under:
Income Tax
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News
Commerce ministry expresses reservations on DTC provisions for the SEZ
TG Team
28 Jun 2010
0 comment
The commerce ministry has expressed strong reservations on the provisions envisaged in the new revised discussion paper on direct taxes code for the special economic zones. “We are extremely concerned about the direct taxes code provisions for SEZs,” commerce secretary Rahul Khullar said on Friday....
Posted Under:
Income Tax
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News
Govt may not extend tax concessions for export-oriented units (EoUs) beyond March
TG Team
27 Jun 2010
0 comment
The Union Government might not review or consider the extension of the Sunset Clause to the export-oriented units (EoUs), beyond the earlier set deadline of March 31, 2011. “There is no discussion on this (extension of sunset clause) now, it might not be considered,” said Dr Rahul Khullar, Union Secretary for Commerce and Industries....
Posted Under:
Income Tax
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News
India to protest banking tax at G-20 Summit
TG Team
27 Jun 2010
0 comment
A proposal to tax bank transactions to help some of the global economies tide over the current financial crises will be opposed by India at the G-20 summit, even as it will ask rich countries not to abruptly withdraw their stimuli packages, officials said on Friday....
Posted Under:
Income Tax
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News
Income Tax department will soon launch Internet-based grievance redressal system for taxpayers
TG Team
26 Jun 2010
0 comment
The Income Tax department will soon launch an Internet-based grievance redressal system for taxpayers to lodge their complaints with taxman. The new online facility will also enable taxpayers to register their complaints and put applications to the I-T Ombudsman present in 12 cities across the country including Mumbai and Delhi, the two t...
Posted Under:
Income Tax
|
News
Government sought amendments in its treaty with Mauritius, offered cash compensation for revenue loss on account of changes
TG Team
26 Jun 2010
0 comment
In a bid to plug the tax loophole foreign investors use by routing their money to India through Mauritius, the government has sought amendments in its bilateral treaty with the island nation and offered cash compensation for revenue loss on account of the changes....
Posted Under:
Income Tax
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News
STT may not be scrapped under the DTC Regime
TG Team
26 Jun 2010
0 comment
The securities transaction tax (STT) is here to stay even under the proposed new regime for direct taxes slated to come into force from April 1 next year. But the rate of STT now hinges on the firming up of a revised taxation regime for capital gains and the flow of funds to the capital market, a senior Finance Ministry official said....
Posted Under:
Income Tax
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News
Income tax department will monitor earnings from carbon credits
TG Team
26 Jun 2010
0 comment
Corporate earnings from trading in certified emission reduction or carbon credits has caught the eyes of income-tax department. Tax authorities plan to closely look at companies found active in carbon trading after finding non-payment of taxes on such earnings....
Posted Under:
Income Tax
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News
Eight more income tax overseas units to facilitate seamless flow of tax-related information from abroad
TG Team
25 Jun 2010
0 comment
To check the menace of international cross border tax evasion, the Union Ministry of Finance has approved eight income tax units within the Indian missions overseas, Finance minister Pranab Mukherjee said.The Union Finance Ministry has already set up two income tax overseas units within the Indian missions in Singapore and Mauritius, and ...
Posted Under:
Income Tax
|
News
Mutual fund industry officials will soon meet CBDT officials seeking parity in tax treatment with life insurance products
TG Team
25 Jun 2010
0 comment
The top brass of the Rs8 trillion Indian mutual fund industry will soon meet officials of the Central Board of Direct Taxes (CBDT), seeking parity in tax treatment with life insurance products. The industry, facing outflow of funds and migration of agents to insurers following regulatory changes, is unhappy with proposals in the new draft...
Posted Under:
Income Tax
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News
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