taxation

The government is likely to extend the tax benefits on exports earnings of the information technology (IT) units, operating from the Software Technology Parks of India (STPI), to March 31, 2010 in Budget. The scheme was expired in March 2009. Under the STPI scheme, export incomes are exempted from tax under..

The government is considering to re-introduce one-pager ‘‘Saral'' form for filing income tax return. The form was discontinued in 2007-08 and instead of that ITR-1, ITR-2, ITR-3 and ITR-4 were introduced for individual taxpayers. A senior government official said that a large number of people, w..

The Supreme Court has held that Pepsico India Holdings Private Limited is entitled to Sales tax exemptions in the state of Kerala as per the state government notification dated November 3, 1992, vide which the state government had invited investment assuring that all new industrial units, medium and big, will be given Sales tax exemption in the state. Pepsico, manufacturers ..

A recurring issue in service tax law is regarding the effective date of coming into force of various provisions, as contained in the Finance Act 1994. These provisions could pertain to introduction of new conditions and definitions as also changes in the underlying rates of taxes. This article seeks to brie..

In an order that could provide great relief to many tax payers, who missed the opportunity to make proper claim before the tax authorities and consequently ended up paying additional taxes, an Income-Tax Appellate Tribunal (ITAT) held that it has the powers to h..

In an order that could provide great relief to many tax payers, who missed the opportunity to make proper claim before the tax authorities and consequently ended up paying additional taxes, an Income-Tax Appellate Tribunal (ITAT) held that it has the powers to hear fresh claims of the tax payers. The ITAT order was on an appeal filed by Franco-Indian Pharmaceuticals, a Mumbai-based company. Tax..

The Central Board of Direct Taxes is likely to defer introduction of Unique Transaction Number (UTN) f..

 Banks have sought tax relief on interest earned on infrastructure lending in the federal budget for FY10, to enable them to lend more to the sector. "We are in favour of exemption of interest income from lending to infrastructure sector, to help lend more to the sector," B A Prabhakar, execu..

We are a firm of consultants advising numerous Indian and international companies on infrastructure projects. We are currently paying service tax under the taxable service category of ‘management or business consultant’s service’. Recently, we have imported computers for use in provision of such services, on payment of applicable customs duty. Kindly advise on the availabil..

All Central government employees who joined service after 2004 would stand to lose in terms of tax benefits under the new pension scheme. Contribution to the new pension scheme is tax deductible under Section 80CCD of the Income Tax Act wherein employee’..

Income tax department pitches for three slabs. The government is considering a proposal to streamline rates applicable for tax deducted at source (TDS). This follows a recommendation from the income tax (I-T) department that TDS rates should be s..

India has filed a request with the Swiss Government to revise the double taxation avoidance agreement (DTAA) that has been in force between the two countries since 1995. The re-negotiation has not started as yet, but India’s name is in a list kept ..

In fresh trouble for Uttar Pradesh Chief Minister Mayawati, the Income Tax Department has filed two appeals in the Income Tax Appellate Tribunal (ITAT) demanding additional tax of about Rs 10 crore for her income for the financial years 2005-2006 and 2006-2007. T..

India is likely to retain 8.5 percent interest for subscribers of the country's largest pension fund, Employees' Provident Fund    Organisation (EPFO), for the year t..

The government has imposed an anti-dumping duty of $ 3.99 per kg on import of Vitamin-C from China for a period of five years, after it found that ‘‘the domestic industry has suffered material injury.’’ The Finance ministry has im..