taxation

Filing tax returns is going to turn more convenient for professionals like businessmen, doctors, lawyers and CAs in the capital as they can now file their returns at special counters which will be set up by the Income Tax department. The last date for filing tax returns is the period nearing July 31. Busine..

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Considering the complexity of issues that need to be addressed, introduction of the goods and services tax from next year appears to be difficult said the President of the Bangalore Chamber of Industry and Commerce(BCIC), Mr K.R. Girish, President, and Mr S. Ven..

The Government proposes to set up a Centralised Processing Centre (CPC) during 2009-10 only at Bengaluru, for processing of all Income-tax returns received in the State of Karnataka and for processing of all e-returns received in the country. It will pro..

The Lok Sabha was informed, on Friday that the new direct tax code will be released for public discussion by August 20. The new code will be released along with a discussion paper, the Minister of State for Finance, Mr S. S. Palanimanickam, said in a written reply in the Lok Sabha. On July 6, the Finance Mi..

With the due date of July 31 fast approaching, it is that time of the year again when the nation’s tax payers scramble to file I-T returns. After all, filing of tax return is compulsory for everyone whose gross total income exceeds the basic exemption limit.  For financial ye..

IT firms such as TCS, Infosys and Wipro expect their effective tax rates to go up in the coming years as more of their delivery units come out of Software Technology Parks of India. This would further impact the net profit of these companies, already under pressure because of the global economic crisis. The..

The Centre's net direct tax collection grew by just 3.65 per cent to Rs 59,465 crore during the first quarter of the current fiscal year-on-year, as tax authorities gave much higher refund. "Lower growth in net tax collection was mainly on account of higher tax refund outgo," an official statement..

The first ever “Customs Tariff Database Online” for India was released by the Chief Economic Adviser (CEA) Dr. Arvind Virmani. This endeavour is a result of the research programme initiated by the Economic Division, Department of Economic Affairs and was prepared by the Academy of Business Studies for the Ministry of Finance under the guidance of Advisers of the Department of Econom..

The Department of Economic Affairs (DEA) in the Finance Ministry is getting tech-savvy by the day. It has gone in for an electronic database of Customs tariffs to equip itself for better policy making on the import tariff front. The electronic database, which would also be accessible to trade through the In..

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 ..

 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 and it recommended to continue with the single tax reg..

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 “abe..

High debts and recession anxiety have prompted many consumers to cut their expenses to the bone. But there's one other place they co..