taxation

conditions for updation of informations in websiete under kvat act, [Notification No.KSA.CR.155/2007-08, Dated: 06.10.2008] I)Whose (only companies) output tax exceeds Rs.1,00,00,000/- for the financial year ending on 31.03.2007. [Notification No.KSA.CR.155 /2007-08, Dated: 06.10.2008] II) Whose total turnover of export is Rs.10,00,000/- or more in the financial year ending on 31.03.2..

The Central Board of Direct Taxes has decided to relax norms on scrutiny of tax payers whose premises have been surveyed by the officials, a step aimed at encouraging evaders to pay up. "The decision is likely to provide relief to thousands of taxpayers and it would save them from harassment at the hands of taxmen apart from litigation costs," said a senior Finance Ministry official. The d..

Concerned by rising tax evasion especially by exporters and certain big manufacturers, the government today announced that the tax man could provisionally attach the property of evaders to recover dues. The property of the manufacturers and service providers evading taxes could be attached by the tax man for up to two years to recover the dues, a circular issued by the Central Board of Excise ..

Authority for Advance Rulings has ruled that the revenue earned by foreign firms by referring business clients to domestic companies is not taxable in India. The Indian companies paying referral fees will also "not be required to withhold any tax under the Income-Tax Act while making remittances" to overseas companies, said the Authority for Advance Rulings in a reference made by Singapore-b..

Belying fears of economic slowdown impacting government revenue, direct tax collections have gone up by 38.6 per cent in the first quarter this fiscal at Rs 57,373 crore compared to Rs 41,391 in the year-ago period. "The growth in direct taxes has been maintained despite much larger refund pay-outs at Rs 11,578 crore against Rs 7,302 crore during the corresponding period last fiscal," said a fi..

The petroleum ministry has said that the income tax holiday of gas production would not be available to oil companies bidding for blocks under the seventh round of the New Exploration Licensing Policy (Nelp VII), which closes on Monday. "It is clarified that as advised by the ministry of finance, income tax holiday will as of now be available for commercial production of crude oil only," the pe..

The Supreme Court has stated that when a tea company has composite income from agriculture and manufacture, both the Income Tax Act and the agricultural tax law of the state would apply. The court was dealing with the tax assessment of a public ltd tea company in Darjeeling, Belgachi Tea Co Ltd. It had tea gardens as well as a factory for manufacture of tea. It also sold leaves. The Supreme Cou..

[TO BE PUBLISHED IN THE GAZZETE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) New Delhi, the 26th June, 2008 Notification No. 29/2008 – Service Tax G.S.R. (E).– In exercise of the powers conferred by sub-sect..

New Delhi: About 92 per cent of the income-tax refund claims for fiscal 2007-08 will be settled without the taxpayers needing to produce TDS certificates, as the government has relaxed the criteria in this regard. According to the relaxed criteria on settling the income-tax refunds for the last fiscal, for tax assessee whose tax is deducted up to Rs 5 lakh and who has filed refund claims up to Rs..

A five-day hearing starts in the Mumbai High Court today to decide whether Vodafone could owe the Indian tax authorities some $2bn (£1bn) for its $11.2bn takeover of one of the subcontinent's major mobile phone networks. When Vodafone bought a controlling stake in Hutchison Essar from the Hong Kong-based Hutchison conglomerate in May last year, the UK group's advisors confirmed that because the d..

About 92 per cent of the income-tax refund claims for fiscal 2007-08 will be settled without the taxpayers needing to produce TDS certificates, as the Government has relaxed the criteria in this regard. According the relaxed criteria on settling the income-tax refunds for the last fiscal, for tax assessee whose tax is deducted up to Rs 5 lakh and who has filed refund claims up to Rs 25,000, TD..

India on Wednesday signed a revised double taxation avoidance agreement with Syria to ensure that the companies are taxed in countries where they have permanent establishments. The agreement, signed by External Affairs Minister Pranab Mukherjee and Syrian Minister of Economy and Trade Amer Husni, would cover all taxes imposed on total income, including taxes on gains from selling of movable or..

India's collected 71.3 percent more direct tax in the first two months of fiscal 2008/09 from a year ago, the government said on Wednesday, as receipts from individuals and companies grew strongly. The Central Board of Direct Taxes said in a statement corporate tax receipts in the April-May period were up by 68 percent to 81.26 billion rupees ($1.9 billion), while income tax collections grew 73..

The income-tax department has asked two leading film and entertainment companies to pay tax on the income generated from sale of distribution rights even though they are based in tax havens such as Cyprus and Mauritius. The department, in two separate orders passed in April, has asked TIFC Cyprus, owned by Network 18, and UTV Mauritius, part of UTV, to pay tax on the income generated in India. ..

Aviation leader Jet Airways today said that authorities are investigating alleged service tax evasion by Sahara Airlines, which it had bought from Sahara Group, and asserted that any liability would be with previous owner. "As per the provisions of the agreements (relating to sale of Sahara Airlines to Jet Airways) ..., the liability, if any, for the tax demands in respect of which the inv..