taxation

The small business community is usually a discontented lot when it comes to budget announcements b..

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 of crores to the I-T department. Under section 26..

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 Mukherjee and urged him to restore the concession under Secti..

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 doing away with all higher tax rates. The chief minister,..

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 voluntary disclosure system (VDS)," Finance Minister Pr..

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 Marico, the manufacturer of the country’s largest hair-oil brand Parachute, is contemplating legal action against a recent Central Board of Excise & Customs (CBEC) circular which says that companies will have to pay 8% excise on coconut oil packs of under 200 ml. Dabur, which also has a marg..

The Finance Bill proposes some changes in the Customs laws, two of which are noteworthy. One relates to refund of duty on imported goods found to be defective and the other relates to retrospective amendment to notification dealing with Duty-Free Import Authoris..

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The Centre has no plans to bring down the ceiling rate on the Central Sales Tax (CST) from the existing two per cent to one per cent during the current fiscal. This inter-State tax is likely to be phased out in one go at the time of introduction of Goods..

The I-T department has lost the opportunity to recover revenues running into thousands of crores after failing to file its appeals before the Bombay High Court within the stipulated period of 120 days. The Bombay High Court has dismissed about 400 appeals recently. Section 260 A of the Income-Tax Act stipul..

The Institute of Chartered Accountants of India, Eastern Regional Council, has organised here a two-day national conference to deliberate on the relevant implications of various provisions of direct taxes and the best practices across the globe. The conference, which was inaugurated on Friday, is being addr..

 The Lok Sabha was informed on Friday that the Government had no plans to do away with the Securities Transaction Tax (STT), despite demands for its removal. In 2009-10, the Government expects to garner about Rs 6,000 crore from ST..

    The Finance Ministry has come up with an innovative proposal to expand the use of permanent account numbers (PAN) and, thereby, widen the tax base in the country. Budget 2009-10 seeks to amend the income-tax law to spec..