Even as income–tax officials continue to unravel the maze of transactions behind the funding of IPL and its franchises, the CBDT has clarified that the tax department was only looking into the “taxation aspects” of the transactio ..
The Supreme Court has ruled that it is not necessary to square off bad debts by closing borrower’s account individually to claim deduction by the assessee lending institutions under the provision of the Income Tax Act. A bench comprising Jus ..
MUMBAI: Ask any schoolkid and she will tell you that steam is H²O. Bombay High Court was however recently approached to decide on a 21-year-old issue: whether steam was a chemical or not. At stake was tax to the tune of crores; if it was desig ..
Accounting regulator ICAI has called for excluding land value from the proposed service tax on the realty sector, saying land is a state subject. "When a prospective buyer makes an advance payment to the builder against booking of a specified u ..
The finance ministry will soon unveil a new format for income-tax returns that will hopefully make tax filing easier for the salaried and pensioners. Theoretically, redesigning a returns form should not be as complex as, say, rewriting archaic incom ..
The Central Board of Excise and Customs (CBEC) has made it mandatory for assessees who have paid Rs 10 lakh or more as service tax for 2008-09 to file returns electronically through internet banking from this year. Notifications issued by the govern ..
Tax evasion could land you behind bars if the country’s direct taxes authority has its way. The central board of direct taxes wants to prosecute tax evaders under the tough anti-terror financing law, even as it looks to adopt a more friendly a ..
Following criticism and pressure from the Opposition, Sheila Dikshit-led Delhi government today withdrew a four-per-cent value-added tax (VAT) on cooking gas, resulting in a Rs 12-13 relief to consumers. The Delhi government, however, did not roll b ..
The Confederation of Real Estate Developers’ Associations of India (Credai) today said it would consider taking the government to court if its demand for excluding land cost from the proposed service tax on housing complexes under construction ..
The Indian Cellular Association (ICA) has made a representation to the West Bengal Government for bringing down the value added tax (VAT) across all types of mobile handsets to five per cent, according to ICA's National President, Mr Pankaj Mohi ..
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