taxation

 UPA-II’s first Budget may bring some relief for individual taxpayers. The finance ministry is considering a proposal to hike the Rs 1-lakh limit for tax-deductible investments under Section 80C of the Income Tax Act, 1961 by another Rs 50,000. This would allow individual taxpayers to invest up to Rs 1,50,000 of their earn..

In a verdict that will have a bearing on tax exemptions given to Indian trusts, especially educational trusts, the Authority for Advance Ruling has held that tax is to be paid in India on all cross-border transactions, even if the parties involved are exempt fro..

Financial services players on Friday made a strong pitch for measures to promote investment in the forthcoming budget, central to    which they said is the rationalis..

Financial services players on Friday made a strong pitch for measures to promote investment in the forthcoming budget, central to which they said is the rationalisation of taxes by doing away with fringe benefit tax (FBT) and securities transaction tax (STT). They also asked the finance minister to hasten d..

Fiscal benefits such as tax holidays are on the menu for the food processing sector, said Mr Subodh Ka..

The Karnataka Government, on Friday, extended tax concessions of up to Rs 80 crore for a three-year period to Toyota Kirloskar, which is expanding its manufacturing facility at Bidadi on the city’s outskirts. Toyota Kirloskar, as part of its expansion plans to set up a small and compact car manufactur..

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The ministry of corporate affairs on Wednesday said the new taxation policy, being framed in consultation with the ministry of finance, for limited liability partnerships (LLPs) would be active from next fiscal. The LLP Act has already been passed and th..

India is contemplating 10 per cent safeguard duty on imports of key aluminum products used in the automobile and machinery sector to protect the domestic industry against cheap shipments mainly from China, South Korea, Oman and Iran, an official said. Endorsing the industry's concern that the surge in alumi..

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The exporting community has sought restoration of income-tax exemption on profits. This tax holiday should be available for five years, they told the Finance Minister, Mr Pranab Mukherjee, here on Monday as part of the pre-Budget discussions. A t..

The Madras High Court has ruled that 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. Justice V Ramasubramanian on Friday allowing petitions by..

The textile ministry has recommended inclusion of state-level taxes paid by exporters to be part of the duty drawback (DDB) scheme, which allows firms to claim back taxes paid while producing the exported item. At present, only taxes levied by the Centre..

 New Telecom and IT Minister Andimuthu Raja said he will "fight for" the extension of tax sops to IT and ITeS firms for another two years in the coming Budget. "I will fight for the extension of STPI scheme beyond March 2010. The scheme should be extended for at least another two years,&..

The Confederation of Indian Industry (CII) has asked the Finance Minister, Mr Pranab Mukherjee, to abolish several of the taxes announced by his predecessor. These include the Fringe Benefit Tax, the Minimum Alternate Tax and various surcharges and cesses. It has also recommended higher investment in infras..