The central government paid Rs.1,983 crore as income tax refund during financial year 2008-09, while it was Rs.1,308 crore in 2007-08 and Rs.1,922 crore in 2006-07, Minister of State for Finance S.S. Palanimanickam told the Lok Sabha. He said the returns received in financial year 2008-09 could be processed up to March 31 next year.
The last date for filing your tax returns for the financial year 2008-2009 was July 31, 2009. But even though the process got a tad simpler with the online option, some of you may have missed your deadline. But don’t fret. You have a second chance.
The Prime Minister’s Economic Advisory Council, or PMEAC, has favoured asingle slab each for goods and services or one common rate for both under the proposed goods and services tax (GST), unlike the proposal mooted by the states.“The Centre could follow the pattern in which there is only one rate for goods and one rate for services, or one rate which is common to both goods and services,” PMEAC Chairman C Rangarajan said.
GST is just a VAT :-GST as you are aware is just value added tax (VAT) because when made a presentation to the chief minister this was an issue which I was asked – In three years you have somehow setup VAT and now you are talking about GST. I told them GST is VAT but two major more taxes are coming in but every other operation is like VAT.
Salaried employees may burn a hole in their pockets with the Government all set to impose tax on all perks –residential accommodation, conveyance and others — paid for by the company, under a new law that replaces the already abolished Fringe Benefit Tax. Perquisites given by the employer such as residential accommodation, conveyance facility and other benefits to the family of the employee could soon be added to their salary for income tax purposes and the Government may come out with a notification soon on the valuation of these perks.
It’s not often that the taxman comes to sting you five-and-a-half months after the budget speech. But finance minister Pranab Mukherjee’s decision to abolish the fringe benefits tax (FBT) last July is only now being clarified by the taxman, and the net result is that you will pay more tax.Not everybody, though. The abolition of FBT affects those taxpayers whose salaries have a heavier weighting of perquisites like official accommodation, servants, car allowance, company credit card, and employee stock option plans (esops), among other things.
The Union government is contemplating a bunch of amendments to its flagship Right to Information (RTI) Act to stop ‘mischievous and frivolous’ queries through the right that is aimed at bringing more transparency in government services.The proposed set of amendments would also try to bring a part of the security establishment under the public scrutiny.
The Anil Dhirubhai Ambani Group (ADAG) has registered a formal complaint with the accounting regulator – the Institute of Chartered Accountants of India (ICAI) – against the government-appointe d auditor for claiming that its flagship company, Reliance Communications (RCom), had allegedly under-reported revenues and evaded licence fees during 2006-08.
Salaried taxpayers enjoying perks, such as chauffeur-driven cars, will see their tax outgo jumping in the next three months as the government changed the way these perks are valued and lumps their whole year collection to three months. The Central Board of Direct Taxes on Friday notified new rules for valuation of perquisites provided by employers to employees. It comes with retrospective effect from April 1, 2009, after the Fringe Benefit Tax was abolished and perks became taxable in the hands of the employee.
Your tax burden has just gone up, with the government today issuing the new guidelines for taxation of perquisities. In fact, it could be a double whammy, as you have to pay the additional tax liability for the whole of this financial year over the next three months. Employees who were not paying tax on a host of perks such as company-provided cars, employee stock options, interest-free loans and salaries of gardeners and watchmen for the past five years now face an additional liability.
