taxation

 The Income-Tax Department has lost the opportunity to recover revenue 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..

Only law firms, which are business entities under the Indian Partnership Act or the Limited Liability Partnership Act, will be have to pay service tax on fees charged from corporates Many legal outfits will not come within the purview of the servi..

Companies in the BSE 500 index are expected to save over Rs 2,025 crore this financial year, if the Budget proposal to remove the fringe benefits tax (FBT) is passed by Parliament. Importantly, these companies account for about 90% of the market capitalisation o..

The proposed income-tax code is likely to consolidate all existing tax exemptions and concessions at o..

The dilution of Section 14A and Section 14AA of the Central Excise Act has been strongly opposed by the President of the Institute of Cost and Works Accountants of India (ICWAI). The Finance Bill made an attempt to dilute the expertise of the profession of cost accountancy, which has been well defined by Pa..

The Centre’s move to bring services provided by law firms under the tax net is unlikely to yield significant revenue for the exchequer. The legal consultancy market today is estimated to be at somewhere between Rs 400 crore and Rs 500 crore and an imposition of service tax would bring in about Rs 50 c..

  A day after Union finance minister Pranab Mukherjee proposed getting law firms under the ambit of service tax, lawyers of all five district courts in the capital on Tuesday decided to abstain from work on July 9 as a mark ..

Several issues have to be addressed before the Union Government is in a position to implement its proposal for service tax on the coastal and inland water transport (IWT) services. First, the rate of the tax. Will it be more than 2.58 per cent currently ..

The General Budget for the Financial Year 2009-10 presented by Finance Minister Pranab Mukherjee today has caused disappointment in the Health and legal sectors. Reacting to the Budget proposals, presented in the Lok Sabha by the Finance Minister, renowned heart surgeon K K Aggarwal said it had nothing in it for the health sector. ‘The budget has ..

The income tax department would assign document identification number on all notices, letters sent to the assessees from October 1,2009 to enable easy tracking of documents and minimise taxpayers' grievances. The explanatory memorandum to the budget said the ide..

The door is wide open now for lawyers, chartered accountants and other professionals with entrepreneurial zeal to join hands to run innovative businesses that would also attract venture capital investments. The Budget has cleared the air of uncertainty o..

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 Budget 2009-10 did not announce any big bang change in the country’s indirect tax regime, but yet succeeded in making the Centre’s intent very clear. Finance minister Pranab Mukherjee on Monday continued with the existing rates for central excise duty, service tax and customs duty in the backdrop of the economic slowdown, while ‘reinforcing’ the Centre&rsqu..

Employees will have to pay tax on Esops, superannuation and ‘other amenities’. First, the good news. The finance minister has removed the fringe benefit tax (FBT) on the value of certain benefits like employee stock options (Esops), sweat equity and superannuation funds given to employees. Now, ..