taxation

Even as the indirect tax kitty during the first four months of this fiscal shrunk by 28 per cent when compared to last year, the government expects to meet the budgetary target of about Rs 2.7 lakh-crore reading the signs of revival in economy. "We expect better figures in future. I am hopeful we will ..

Even as the indirect tax kitty during the first four months of this fiscal shrunk by 28% when compared to last year, the government expects to meet the budgetary target of about Rs 2.7 lakh-crore reading the signs of revival in economy. “We expect better figures in future. I am hopeful we will meet th..

A Constitutional amendment will be required for the introduction of a dual goods and services tax (GST) system in the country, the Chairman of the Empowered Committee of State Finance Ministers, Dr Asim Dasgupta, said here on Saturday. “A constitutional amendment is required. A working group will para..

State governments are not keen on reducing the sales tax levied on aviation turbine fuel (ATF) from it..

 Commissioner of Income Tax-I (CIT-I) on Friday claimed to have detected tax evasion worth around Rs 7.25 crore as a result of surveys carried out on 11 premises of three city entrepreneurs on Thursday.  A major chunk of tax evasion has been reported from Scott Edil group, which has accoun..

House owners of the city may pay the property tax (Saral Kar) in three instalments iinstead of one-time payment, according to Rajeev Sharma, city commissioner, Kanpur Nagar Nigam (KNN).  Addressing mediapersons, the city commissioner said that so far house owners have to pay the house tax in on..

Traders, under the banner of Rashtriya Vyapar Mandal (RVM), announced to oppose the new tax code, the draft of which was submitted by Union Finance Minister Pranab Mukherjee on August 12. The traders allege that the new tax code was not in the right direction and far from rationalising the tax structure, it..

The new direct tax code is a ‘discussion document' and the government will consider the views of all constituents before turning it into a final tax rule. As part of the process of taking industry views on the code, finance minister Pranab Mukherjee on Wednesday met with a host of domestic and foreign..

The Delhi High Court said any government employee who is staying with his spouse in a government flat is not entitled to HRA (House Rent Allowance). Stating that if both the husband and wife are government employees, Justice Sunil Gaur said only one can be allotted such accommodation and the other cannot claim house rent allowance. The Court’s dec..

Finance secretary Ashok Chawla on Tuesday launched the first of its kind banking service, where a customer can pay his income tax using an ATM. The facility has been started by Corporation /sp..

 Corporation Bank became the first bank in the industry to start a initiative of accepting income tax through its 1,035 plus ATMs on Tuesday.  The facility was formally launched by Ashok Chawla, finance secretary, ministry of finance, at New Delhi. S S N Moorthy, chairman, central board of..

 The draft Direct Taxes Code that proposes to reduce the rate of corporate tax to 25 per cent from about 30 per cent may have overhauled the taxation structure and rates for companies, but experts see that in real terms companies may end up paying more corporate..

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Finance minister Pranab Mukherjee stuck to his Budget promise on Wednesday, releasing the draft Direct Taxes Code aimed at rationalising and simplifying India’s obtuse tax regime, while expanding the base and moderating rates. The exercise has taken over a..

The Finance Minister today revised the direct tax collection target for the current fiscal to Rs 4 lakh crore, sources said. Commenting on the revised target, Central Board of Direct Taxes Chairman SS N Murthy said, "This is an aspiration we will try to achieve it (revised target)." Earlier in the..