taxation

Dear Sir, I have beeing working in an Institution as an Branch Supervisor & Office In Charge but now I want to Work in the Field of Legal or Taxation. Kindly Please provide me opportunity if it can be possible. Thanking You, Prashant Singh Rajput ..

No tax relief on interest on loans taken for buying shares Investors who buy shares with borrowed money from institutions cannot claim tax deduction on interest paid on such borrowings, a tax tribunal has ruled. Giving its ruling in a case where two companies had claimed tax deduction on interest paid over the sum borrowed from Reliance Capital, the Mumbai bench of the Income-Tax Ap..

REFUND OF SERVICE TAX ON CERTAIN TAXABLE SERVICES ATTRIBUTABLE TO EXPORT GOODS EXTENDED ------------------------------------------------Government has issued Notification No. 17/2008-ST dated 01.04.08, extending refund of service tax paid by exporters on three more taxable services in addition to existing 13 taxable services, which are not in the nature of "input services" but could be relate..

TAX DEDUCTORS TO QUOTE PAN IN TDS RETURNS -------------------------------------------------------------------------------- The Income Tax department had on 26.3.2008 advised all tax deductors to invariably quote PAN in their TDS returns in all cases wherein they have deducted tax and deposited it into the government account. This has been emphasized as non-quoting of PAN results in ina..

No new tax in Delhi budget, power arrears waived With an eye on poll, the Delhi Government today enhanced funds for various welfare schemes in the Budget 2008-09. Allocating Rs 273 crore for the sector, the Government has increased the pension amount given to senior citizens, widows and unemployed handicapped persons besides streamlining the different social welfare schemes. "We ..

The Finance Ministry said the proposed amendment in the Finance Bill, 2008, with retrospective effect, to empower the assessing officer for levying penalty for concealment of income will not affect the taxpayers' right to contest the decision. "This retrospective effect will not prejudice taxpayers' right to agitate the levy of penalty on merits," Central Board of Direct Taxes (CBDT) said in ..

IMPORT DUTY ON EDIBLE OILS REDUCED IMPORT DUTY EXEMPTION ON MILLED RICE EXTENDED TARIFF VALUES OF CRUDE PALM OIL FROZEN -------------------------------------------------------------------------------- Government has been keeping a close watch on the domestic and international prices of essential commodities, particularly food items such as wheat, rice, pulses, and edible oils so a..

PIL in SC against Railways levying taxes without House nod New Delhi, Mar 16 (PTI) The Supreme Court has agreed to hear a PIL challenging the Government's policy of levying taxes on railway commuters without legislative approval. But, the court said it would take up the issue only if it is not addressed in the on-going Parliament session. The petitioner has pleaded that a..

Former Tamil Nadu Chief Minister J Jayalalithaa withdrew her petition from the Supreme Court relating to her controversial disclosure of an income of Rs 1.72 crore, for the assessment year 1998-99 under a special scheme. The AIADMK Chief had challenged the Madras High Court judgement setting aside an order by the Income Tax Settlement Commission (ITSC) accepting her disclosure application. ..

Loan waiver will not lead to collapse of banks: FM By V S Chandrasekar New Delhi, March 2(PTI)Finance Minister P Chidambaram today sought to allay apprehensions that the Rs 60,000 crore farmers' package will lead to collapse of the cooperative and scheduled commercial banks and weaken the banking system. A combative Finance Minister strongly defended the budget proposal..

Tax payers to gain up to Rs 44,000 under new regime The working class people will stand to benefit by up to Rs 44,000 a year in income tax following the changes proposed by the Finance Minister in the Union Budget for 2008-09, which also provides for a minimum benefit of Rs 4,000. While raising the income tax exemption limit to Rs 1.5 lakh from 1.1 lakh. Finance Minister P Chidamaba..

Current tax slabs to stay, surcharges should go next: FM After giving bonanza to income- tax payers by changing the slabs, Finance Minister P Chidambaram has said the next step should be removal of surcharges if the revenue buoyancy continued. "Last time anyone has set the tax rates was 1997. This time we have set the tax slabs. I am reasonably confident that these tax slabs are goi..

GENERAL BUDGET 2008-09 In the General Budget 2008-09, Banking Cash Transaction Tax (BCTT) has been withdrawn w.e.f. April 1, 2009. The step is in view of the fact that the information gathered by means of BCTT is also available to the Income Tax Department through other instruments introduced in the last few years. Relief has been provided in the Fringe Benefit Tax (FBT) for certain class of..

GENERAL BUDGET 2008-09 The Finance Minister, Shri P.Chidambaram in the General Budget 2008-09 has proposed reduction in the custom duty on crude and unrefined sulphur from 5 per cent to 2 per cent, in order to support domestic fertilizer production. The duty exemption on naphtha for use in the manufacture of polymers has been withdrawn and normal rate of 5 per cent customs duty has been impo..

Union Minister for Finance P Chidambaram presented the Union Budget for 2008-09 in the Lok Sabha, announcing a waiver of agricultural loans to the tune of Rs 60,000 crore, raised the income tax exemption threshold to Rs 1,50,000 and slashed customs and excise duties on variety of goods. Presenting his fifth and last full-fledged budget, he also withdrew the controversial banking cash transactio..