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Also, there have been incidents where mortgaged properties were auctioned off at “undervalued” prices, the sources said. The meeting is to find out whether there was any actual mischief or if it was due to practical difficulties in finding a buyer to pay a higher value for the property as the registered value shown on paper would have been lesser than its actual value, they added.
The Finance Minister, Mr Pranab Mukherjee, said that he was hopeful that the new Direct Taxes Code would be implemented from April next year. “We are working on tax reforms. I am hopeful that the Direct Taxes Code will be implemented from April 2011”, Mr Mukherjee said in his address at Pravasi Bharatiya Divas, an annual conference for overseas Indians.
The assets did not fall under any of the above exceptional three conditions. The said block of assets was used for the purpose of business during the year. Under the circumstances the assets of the said closed unit amounts to use for the purpose of business in the year under consideration ,
Finance Minister, Shri Pranab Mukherjee has directed the Income Tax Department to make all efforts to achieve the revised direct tax target of Rs.4 lakh crores. Addressing the All India Conference on Tax Deduction at Source (TDS) here today, Shri Mukherjee congratulated the department on reaching tax collection figure of Rs.2.50 lakh crore by December 2009 showing a growth rate of around 8.5%.
The government will allow companies to adjust the fringe benefit tax (FBT) paid by them against the advance tax due in the March quarter, reducing the hazard of claiming a refund and slightly improving profits at a time of rising costs, said an income-tax department official. “The Central Board of Direct Taxes has taken an in-principle decision to allow corporates to adjust FBT paid in the first quarter against their advance tax,” he said.
India Inc on Tuesday asked Finance Minister Pranab Mukherjee to introduce Goods and Services Tax “as early as possible”, amid speculations that the indirect tax reform may not be implemented from the scheduled date of April 1. “We want that the GST deadline should not be missed,” Ficci president Harsh Pati Singhania told reporters after a pre-budget meeting with Finance Minister Pranab Mukherjee along with other industrialists here on Tuesday.
Preparations for Finance Minister Pranab Mukherjee’s second full Budget under the Manmohan Singh government should be an area of interest for a variety of reasons. His first Budget was presented in July 2009 under trying circumstances, with the Indian economy struggling hard to tide over the impact of a global economic downturn. His second Budget, to be presented in less than eight weeks from now, will have a different set of challenges.
Himachal Pradesh chief minister Prem Kumar Dhumal on Monday said commerce and industry minister Anand Sharma has recommended extending special industrial package to the state up to 2013. Dhumal met Sharma on Monday to lobby for the extension of tax benefits enjoyed by industrial units in the state, which was to expire on March 2010.
The finance ministry has quietly initiated the process of opening up the income tax files of politicians belonging to all parties and tallying their income statements with the affidavits filed by them with the Election Commission during the 2009 parliamentary polls. Verification of the assets declared by the Lok Sabha candidates, many of whom have now become MPs and even ministers, will help the department to assess if they had paid appropriate taxes as declared in their statements with the two different authorities.
The government’s tax collections could take a Rs 10,000-crore hit this year due to the setting up of the income-tax dispute resolution panel (DRP) for settling transfer pricing disputes. Such a dispute arises when there is a disagreement between the government and the taxpayer, especially a foreign company, in determining the tax liability of its subsidiary.
