taxation

The Geneva-based International Air Transport Association (IATA) has written to the Finance Minister, Mr Pranab Mukherjee, calling for a relook at the Budget 2010-11 proposal to levy a service tax on domestic and international air transport. “The recent Union Budget announcement..

Industry body Assocham has asked the government to roll back the service tax proposed on real estate developers at the time of construction, as it would increase the tax burden on home buyers and impact the recovery of the sector. The government, in the Budget, said that real estate ..

The government today said around 49 lakh cases of income tax refunds are pending with the revenue department. “Total number of pending refund returns (up to January 2010 is 49 lakh. The statutory time limit to process the return and issue refund in financial year 2009-10 is March, 31, 2011,” minister of state for fin..

The Central Board of Direct Taxes (CBDT) has proposed amendments to law to empower High Courts to condone a delay in filing tax appeals or applications. The proposed amendment will be similar to the one announced in Budget 2009-10 for the Excise Department that had emp..

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The CBEC vide notification dated 19th February, 2010 has made service tax payment above Rs 10 Lakhs per annum including CENVAT utilisation madatory by internet banking. In such cases, the electronic filing of return has also been made cumpolsory. Full text of Notification: [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II SECTION 3 SUB-SECTION (i)] GOVERNMENT OF INDIA MINI..

A writ Petition challenging the constitutional validity of the Explanation inserted by the Finance No.2 Act 2009 to section 80IA (4) of the Act with retrospective effect from 1.4.2000 has been admitted today (16.2.2010) by the Bombay High Court in Patel Engineering Ltd vs. ACIT W. P. No. 219 of 2010. Section 80IA (4) inserted w...

The Government of Punjab has recently imposed Entry Tax on 12 new items under section 3A of Punjab Tax on Entry of Goods into Local Areas Act, 2..

Central Board of Direct Taxes has decided to extend the time limit for filing ITR-V form relating to income-tax returns filed electronically (without digital signature) on or after 1st April 2009, up to 31st March 2010 or within a period of 120 days from the date of uploading of the electronic return data, whichever is later. The ITR-V form should continue to be sent by ordinary post to Post Bag N..

NEW DELHI: The government may not tinker with the corporate tax rates in the Budget 2010-11 despite pressure from India Inc to slash rates or at Twitter    Facebook    Share Email    Print    Save    Comment least do away with surcharge and cess. The industry has bee..

The CBDT vid circular no 2 of 2010 dated 29-1-2010 has decided that any installment of advance tax paid in respect of fringe benefit for A.Y. 2010-11 shall be treated as Advance Tax paid by assessee concerned for A.Y. 2010-11. The assessee can adjust such sum against its advance tax obligation in respect of income for A.Y. 2010-11 or in case of loss to claim such payment as refund as advance tax p..

The Government of Punjab,Department of Excise & Taxation has levied Entry tax on 12 new items Punjab Tax on Entry of Goods into Local Areas Act, 2000 (Punjab Act No.9 of 2000) with effect from 05-02-2010 vide notifications dated 01-02-2010. The new goods on which entry tax has been imposed along with the tax rate applicable are summarized hereinafter ..

1) Tuition fee paid for the education of children Believe it or not, but many taxpayers often forget to claim deduction in respect of the tuition fee paid for the education of their children. Deduction, however, is available to an individual under Section 80C of the I-T Act in respect of tuition fees (excluding any payment towards any development ..

Inordinate delays in filing appeals for recovery of tax dues by the government have often attracted the attention of the apex court. These delays caused by lapses on the part of revenue officials at Centre and states, however, also represent a systemic failure, legal experts say. A Supreme Court Bench headed by Justice SH Kapadia recently pull..