taxation

Direct tax collections continued to record a growth of over 40 percent for the 1st April 2007 to 15th February 2008 in the current fiscal. Net direct tax collections stood at Rs.2,28,745 crore, up from Rs.1,61,776 crore during the same period last fiscal, registering a growth of 41.40 percent and achieving over 85 percent of budgeted direct tax target of Rs.2,67,490 crore. Corporate Tax registered..

The Union Cabinet today gave its approval to the Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on income and on capital between the Government of India and the Government of the Grand Duchy of Luxembourg. The Agreement will stimulate the flow of capital, technology and personnel from India to Luxembourg and vice-versa. It will provide tax stab..

All tax deductors / collectors are required to file the TDS/TCS returns in Form No.24Q (for salaries), Form No.26Q (for payments other than salaries) or Form No.27EQ (for TCS). These forms require details of all tax deductions with name and permanent account number (PAN) of parties from whom tax was deducted. It had earlier been decided that Form No.24Q with less than 90% of PAN data and Form N..

All tax deductors / collectors are required to file the TDS/TCS returns in Form No.24Q (for salaries), Form No.26Q (for payments other than salaries) or Form No.27EQ (for TCS). These forms require details of all tax deductions with name and permanent account number (PAN) of parties from whom tax was deducted. It had earlier been decided that Form No.24Q with less than 90% of PAN data and Form N..

NEW DELHI, February 5, 2008. Taxation of income of Real Estate Investment Trusts (REITS) on the lines of mutual funds, permission to investment in housing development activities, exemption of capital gains tax on the sale of assets of REITS and VAT ability of stamp duty payable by a REIT are among the 15-point recommendations by FICCI on the Draft (Real Estate Investment Trusts) Regulations issued..

The Delhi government has decided to impose an environment fee on the sale of diesel at Re 0.25 paisa per litre and use the garnered funds to promote clean air policies in the city. The Delhi Pollution Control Board has issued directions to Tax departments to collect the fee on the diesel and deposit in Air Ambience Fund which will be created by the Finance department. "The DPCB has also issu..