In a strong message to the critics of the retrospective amendment to the tax laws, Finance Minister Pranab Mukherjee on Tuesday asserted India is not a tax haven.India is not a no-tax country, India has a determined tax rate, but it is not a tax haven … If you pay tax in your country of origin, you don’t have to pay tax, if we have double taxation agreement with your country of origin.
Goa Chief Minister Manohar Parrikar Monday presented a populist budget by slashing petrol prices by Rs 11, announcing Rs 1,000 allowance for housewives, proposing to stabilise domestic gas cylinder prices, and setting target of 15 per cent GDP growth for the next fiscal. Parrikar, who holds finance portfolio, said that VAT on petrol would be almost abolished. There would a VAT at 0.1 per cent, just to keep a sale record. This, Parrikar said, would cut petrol prices by almost Rs 11 per litre. Current price of petrol in Goa is Rs 65 per litre.
Amidst fears that FIIs may be taxed for short-term capital gains in stock markets, the government today said it will examine and modify the General Anti Avoidance Rules (GAAR) if required.
Country’s largest lender SBI today raised fixed deposit rates on select maturities by up to 1 per cent, amid tight liquidity situation. Fixed deposits with maturity period of 7 to 90 days will earn eight per cent interest against existing seven per cent. The SBI said in a statement that the new rates would be effective from on Wednesday.
As on September 30, 2011, a net amount of Rs 3,50,000 crore approximately is outstanding as income tax dues, out of which Rs 2,73,000 crore approximately is locked up in tax dispute at various levels,” Minister of State for Finance S S Palanimanickam said in a written reply to the Rajya Sabha.
The 2011 update replaces the 2001 version of the UN Model Double Taxation Convention and Commentary (2001 Version). The 2011 UN Update makes a number of revisions to the commentary on· Article 5 (Permanent establishment), to the MC and · Commentary on Article 26 (Exchange of information) and Article 27 (Assistance in collection of taxes).
Management of Funds Under NPS The investment of pension funds of Government employees, who are covered as subscribers to the New Pension System (NPS), was hitherto being made through a pooling arrangement whereby the funds of such employees were credited to a pool account (pending reconciliation of subscribers’ contribution details) from which such funds were allocated to pension fund managers for immediate investment in the best interest of the subscribers. These funds of the Government employees are being managed based on the investment Pattern prescribed by the Government.
Excise duty from Tobacco Products – The total revenue collected from central excise duty during the financial year 2011-12 (upto January, 2012) is about Rs. 1,14,046 Crore (provisional). The total excise duty collected from tobacco products during the financial year 2011-12 (upto January, 2012) is about Rs. 14,804 Crore (provisional). The break-up of excise duty collected from tobacco products during the financial year 2011-12 (upto January, 2012) is under:-
Students whose parental income is less than Rs. 4.5 lakhs per annum and are enrolled in recognized technical & professional courses, after class twelfth, in India are eligible under the scheme. Educational loans of such students disbursed from 1st April 2009, irrespective of date of sanction are eligible for interest subsidy.
Income Tax Department receives information from various sources including from foreign governments under the Double Taxation Avoidance Agreement (DTAA). Whenever such information is received, it is investigated and any untaxed amount is assessed and brought to taxation. Prosecution proceedings for concealment are initiated in appropriate cases.
