India has the highest number of litigations over transfer pricing, where MNCs have been charged of reducing their tax liability by transferring profits to group companies abroad, a survey has found....

Tax collections during the current fiscal are likely to exceed the budgetary target by about Rs 37,000 crore, at Rs 7.82 lakh crore, in light of robust growth of the economy. "The Budget target of tax revenue has been revised upward to Rs 7.82 lakh...

Indirect tax collections registered a growth of 42.8 per cent during April-December, 2010 which is 75.7 per cent of the Budget Estimates for the fiscal 2010-11.crore customs collections increased 68.1 per cent and covered 86.8 per cent of total Budge...

Crippled by an acute shortage of Revenue Service officers in crucial posts during the peak income tax collection season, the government has ordered that they be re-deployed. The department, which is racing to meet the budgeted target of Rs. 4.30 lakh crore tax collections in this fiscal, has been ordered by the Central Board of Direct Ta...

Around 100 cooperative sugar mills in Maharashtra have lost one round of a battle on income tax (I-T) arrears dating back to 1992-93, with an appellate authority rejecting their argument on dues. If the decision, by the commissioner of income tax (appeals), is not appealed again, the mills may have to pay Rs 2,500 crore in arrears....

Since no Reserve Fund has been opened in the Public Account of India for the purpose of crediting the 1% Secondary & Higher Education Cess for expenditure towards related schemes/prgorammes, the expenditure provision for Department of School Educatio...

Direct tax arrears touched a staggering Rs 2.49 lakh crore last fiscal, and of this, an amount of Rs 1.43 lakh crore is seen to be difficult to recover. The tax arrears are tax demand raised by the revenue department but not realised along with the a...

Income-Tax and Customs Departments are facing a nearly 50 per cent staff shortage at the senior levels. This was stated here on Saturday by the Revenue Secretary, Mr Sunil Mitra, on the sidelines of Fostering trade led growth: strategies and prepare...

Indirect tax collection of the government for the first seven monthsof this financial year (April-October) was up 42% to Rs 1.80 lakh crore, an indication that the industrial growth in the country might gather steam in the coming months. “Total reven...

An analysis of India’s latest tax report card throws up some new leaders in terms of growth rates. Lucknow has emerged ahead of past leaders like Guwahati and Bhopal as the region with the highest all India growth rate. Kolkata is the most impressive...