taxation

The Union budget is expected to provide clarity on taxation of limited liability partnerships (LLPs) by treating them like partnership firms for tax purposes. A corporate tax is likely to be levied on the income of an LLP, with the partners being exempted from taxation, as in the case of partnership firms. ..

The Goa Government has restructured the rates and consequently reduced luxury tax to give a major boos..

The Southern Indian Regional Council of the Institute of Chartered Accountants of India is organising a regional seminar on tax laws here on Friday. Mr Vayalar Ravi, Union Minister for Overseas Indian Affairs, will inaugurate the seminar. Mr M.Devaraja Reddy, Chairman, SIRC, will preside over it. Around 750..

The decision of the Maharashtra government to hike VAT (value-added tax) on mobile handsets could actually result in a drop in the state’s VAT collections, says Indian Cellular Association, the industry body for handset manufacturers. In the state ..

The government is considering a proposal to restore the rate of service tax to its earlier level of 12%. The government had reduced the service tax rate to 10% in the third stimulus package which was unveiled in February. This option of withdrawing the service tax cut is being weighed on account of spiralli..

Members of the Securities and Exchange Board of India (Sebi) have suggested a phased reduction of the securities transaction tax (STT), as part of a package of measures to develop the capital markets that was discussed with Finance Minister Pranab Mukherjee last..

The forthcoming Union Budget may extend the corporate tax holiday enjoyed by export-oriented units and software parks by three more years, as the government looks to clear the air for companies in these segments reeling under a demand slump in key Western market..

Is selling mutual fund (MF) products a taxable service? The Supreme Court will decide the matter in an appeal filed by the Commissioner of Service Tax, who feels that the sale of mutual fund products amounted to service for the purpose of levy of service tax. A bench headed by Justice S.H. Kapadia has s..

 Even as an "additional tax" has been imposed, through an Ordinance the Ordinance has made it clear that this tax would not be applicable on items such as agricultural implements, fresh vegetables, salt, newsprint, bangles, handicrafts, PDS items (excluding kerosene), gold, silver, bullion, pulse..

 Tax planning as opposed to tax evasion has legal sanction, and if a dealer plans his transactions in such a manner that he pays less tax, it is not open to the revenue to subject him to a conscience audit or moral assessment. The power to lift the veil has to be exercised with great care and caution, the Ma..

The government has imposed a special duty on imports of compact discs-recordable (CD-Rs) from Iran, Thailand and Korea. The Central Board of Excise and Customs, the apex body for indirect taxes, has notified the levy of anti-dumping duty which is an additional duty imposed on a product exported at a price l..

The Income Tax Department will now mail to individual assessees the details of the tax deducted at source (TDS) on their income from different sources like banks, employers or post offices. Officials said the move is aimed at preventing any discrepancy between the TDS actually deducted and the TDS received ..

Merchant exporters have good news. They will be entitled to full rate of duty drawback (including the excise portion) against export of goods they purchase from the market. This is a complete reversal of the stand consistently taken by the Central Board of Excise and Customs (CBEC) till now, that in the cas..

With the communications and IT ministry working on framing the draft rules for certain provisions of the IT (Amendment) Act, 2008, industry bodies and the legal fraternity have queered the pitch for more progressive regulation. The ministry had sought inputs from industry bodies on defining draft rules for ..

The Income Tax Department is probing tax evasion of Rs 800 crore by some stock brokers who are believed to be diverting profits, earned on trading in NSE, BSE and commodity markets, to “non-deserving” clients through manipulation of client-specific codes. Sources said profits earned or losses su..