Income Tax : Understanding the need for a Direct Tax Code - Part II. Explore the conceptual framework of this crucial legislation....
Income Tax : Explore the need for a Direct Tax Code in India. Discover the reasons behind the call for a complete replacement of the Income Tax...
Income Tax : Taxation of individuals by a state works on a deeply embedded principle of giving back to the state for the services provided by t...
Income Tax : Over the period of 6 decades, the Income Tax Act of India has undergone various impediments. The judgments of the courts or amen...
Income Tax : The Finance Ministry of India after make-over of Goods & Service Tax is now headed for restructuring the direct tax structure ...
Income Tax : Stakeholder engagement by the Task Force drafting the New Direct Tax Law extended by a period of three months up to June 15,...
Income Tax : Direct Taxes Code, 2013 has proposed to widen the scope of the definition Accountant” to include other professionals as well. It...
Income Tax : Ministry of Finance, Government of India has pronounced the DTC, 2013 along with DTC Bill, 2010 is placed on http://incometaxindia...
CA, CS, CMA : I am happy to inform that after several persuasions for long years by the Institute, the name of Cost Accountant have been include...
Income Tax : Revenues are of paramount importance. The best source of revenue is taxes and for that we need modern tax laws. I am disappointed ...
Income Tax : Task Force for drafting a New Direct Tax Legislation- The term of the Task Force is extended by a period of two months i.e.. the T...
Income Tax : The term of the Task Force for drafting New Direct Tax Legislation is extended by three months beyond the initial term of six mont...
Excise Duty : Circular No. 73/73/94-CX In the All India Conference of Collectors (Appeals) held recently at Bangalore on 6th and 7th October 19...
The government may advance by a year the roll out of some of the income tax measures proposed in the Direct Taxes Code (DTC) to provide relief to inflation-hit households. These measures may form part of the forthcoming budget.
Employees’ Provident Fund If you are a salaried individual, then this is probably the best investment product you have in your portfolio. Every month you park 12% of your basic plus dearness allowance in your account and your employer matches the in
The government plans to widen the scope of wealth tax in Budget 2011-12 to include several assets that escape the tax net as they are acquired through cash transactions.Armed with a survey on ostentatious display of wealth, the government is collecti
Those looking for income-tax relief in the forthcoming Budget to fight rising food prices are likely to be disappointed. According to a senior finance ministry official, the Direct Taxes Code (DTC) has to be implemented next year and considering DTC is a composite plan, it will not be a good idea to implement it in bits and pieces.
The Income-tax Act, 1961 [I.T. Act], with large number of amendments made in nearly last fifty years, has become very complex leading to litigation and uncertainties. Considering the sea change in the nation’s economic policy and environment, the cou
The Income Tax department plans to immediately capture on receipt the data of returns filed by taxpayers to enhance their investigation and enforcement action to curb tax evasion and reduce tax gap over the next few years. The department is also mooting developing a ‘criminal investigation’ system within its establishment to combat terror financing, money laundering, offshore tax evasion and other illegal trades which impact national security.
Parliament’s Standing Committee on Finance has criticised the government for not doing a review of the tax exemptions given to Special Economic Zones (SEZs) and an evalutation of the losses due to these. In April, the committee had asked the government for a study group on the issue.The finance ministry, in its response, said it had initiated steps to constitute a study group but wouldn’t say by when.
Don’t you hate it when you look at your salary slip and find that sundry deductions have pared it down. But believe us, you should actually feel happy about one of these deductions-the monthly contribution to the Employees’ Provident Fund (EPF). The
The Union Revenue Secretary, Mr Sunil Mitra, said here on Tuesday that domestic tax policy would gradually move towards treaty override and introduce measures against aggressive tax planning and tax avoidance. Addressing a FICCI function here, Mr Mitra sought greater responsibility from corporate sector including foreign companies on the issues of illicit fund outflow on account of mis-pricing and misuse of offshore financial centres (OFC).
The government’s official auditor, Comptroller and Auditor General (CAG), has mooted lower corporate taxes to stop many non-resident firms from misusing the Double Taxation Avoidance Agreements (DTAAs) on account of higher levies in India.