The Union Budget proposal to levy a 10% service tax on railway freight may see a partial rollback, with the government planning to exempt sensitive commodities such as food items and fertilisers as it looks to arrest spiralling retail food prices. A ..
The government has rejected the telecom industry’s plea for a single tax regime, giving a big blow to the private GSM operators long-pending demand. A committee was constituted to study the structure of taxes and levies in the telecom sector a ..
The Finance Ministry has defended the recent trend towards increased retrospective amendments to the income-tax law handed down in successive Budgets.The Revenue Secretary, Mr P.V. Bhide, said that such amendments were required to correct the “ ..
High debts and recession anxiety have prompted many consumers to cut their expenses to the bone. But there's one other place they could be saving, and that's taxes. Mid-year is the best time to start planning a year-end tax strategy. Accountants and ..
The small business community is usually a discontented lot when it comes to budget announcements by the government. This time though was a little different. The UPA government took significant measures in Budget 2009 to simplify th ..
The Bombay high court last week dismissed over 1,000 appeals filed by the Income Tax (I-T) department and ruled that it did not have the power to condone delays in filing appeals. The ruling will translate into loss of revenue to the tune of hundreds ..
A body of urban cooperative banks has appealed to Finance Minister Pranab Mukherjee to restore the income tax exemption they enjoyed till 2006. A delegation of Bangalore-based Forum of Urban Cooperative Banks, led by CPI(M)'s Basudeb Acharia, met Muk ..
Assam chief minister Tarun Gogoi on Tuesday stated that in order to mitigate the impact of economic slowdown, the state government has proposed to rationalize rate of taxes under the Assam Entry Tax Act 2008 by keeping only two slabs of 4% and 2% and ..
Government has no plans to bring a new amnesty scheme for tax evaders and wants to amend the Indo-Mauritius tax treaty to curb its abuse by companies, the Rajya Sabha was informed on Tuesday. "We are not enamoured by (suggestions for) another vo ..
Infusion of money into the banking systemWith a view to mitigate the impact of the global economic recession on the Indian economy, the Reserve Bank of India (RBI) initiated measures, which included reduction in the Cash Reserve Ratio (CRR) from 9 pe ..
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