taxation

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Net direct tax collections during first four months of the present fiscal (up to July 2009) stood at Rs.73,990 crore, up from Rs.71,648 crore in the same period last fiscal, registering a growth of 3.27 percent. Growth in Corporate Taxes was 2.61 percent (Rs.42,..

The Centre’s net direct tax collections in July 2009 stood at Rs 14,525 crore, marginally higher than the Rs 14,275 crore collected during the same month last year. For the first four months of the current fiscal, the collections stood at Rs 73,990 crore..

A petition alleging high level corruption to evade income tax by Uttar Pradesh Chief Minister Mayawati has been filed in the Delhi High Court today. Justice Rajiv Shakdher transferred the petition to the bench of Chief Justice who hears the regular PILs (Public Interes..

The Supreme Court has issued a notice to Moser Baer India Ltd why it should not be asked to pay income tax to the tune of Rs 2,978 crore. A bench headed by Justice S H Kapadia sought the reply from the manufacturer of computer-related products, including floppies and compact discs, on the income tax departm..

 Indian Railways may have to pay service tax on revenues from advertising services that it provides to companies. The Central Board of Excise and Customs (CBEC) has directed its field officers to collect data on advertising services offered by Railways all over ..

It’s taxing time for actor Shah Rukh Khan again. The I-T department has dragged the star to the Bombay high court over his foreign earnings as a brand ambassador for the Swiss luxury giant Omega.  A commissioner of Income Tax has appealed against a December 2008 order of the ..

The Authority for Advanced Ruling has ruled that if an Indian company pays a commission to an overseas company to promote its business in that country, such payment will not be taxable in India. The AAR, a quasi judicial body on matters of taxation/span..

Simplification of I-T rules spawns websites that help in tax preparation. This year, Praveen Jain, a software professional in Bangalore, did not have to make his annual tax trip to Kolkata. Even after e-filing came into vogue, Jain, like many of his family members, used to go to his native place near Kolkat..

Shri P.N. Vittal Das, Shri Sumit Dutt Majumdar and Shri Y.G. Parande have joined as Members, Central Board of Excise and Customs. Shri P.N. Vittal Das belongs to the 1974 batch of IRS (C&CE) and was Chief Commissioner of Central Excise, Vishakapatnam zone. S..

Shri Narindar Singh, 1972 batch of the Indian Revenue Service (IRS), has joined the Central Board of Direct Taxes as Member. He was earlier Director General of Income Tax (Exemptions) supervising taxation of trusts and NGOs in India.  ..

The UPA may have set an ambitious target of 15,000 MW of fresh power capacity in 2009-10 as part of its thrust on big-ticket spending on infrastructure projects to revive the flailing economy. But a decision by the Central Board of Direct Taxes to withdraw benef..

 Corporate honchos and Directors on the boards of companies have got a booster dose from the Government. The Finance Ministry has said that remuneration paid to Managing Directors and Directors of companies for their performance as..

Oriental Bank of Commerce has been authorised by the Reserve Bank of India and the Central Board of Excise and Customs to collect central excise duty and service tax through e-payment. Mr Alok K. Misra, Chairman and Managing Director, formally launched the online facility for collection of the tax at an eve..

The Central Board of Excise and Customs (CBEC) has a new Chairman in Mr V. Sridhar. Prior to this appointment, Mr Sridhar, a 1973 batch IRS officer, was Member, CBEC. He succeeds Mr P.C. Jha, who superannuated from his present charge of CBEC Chairman today.  ..