The Income Tax Department will soon ask the BCCI to pay the taxes under Section 11 (4) of the Income Tax Act, 1961, which deals with commercial activity of trusts. This means that the board will pay taxes at the rate of 33.99 per cent on from the current financial year.
As all airlines have raised carriage charges, private couriers have increased their tariffs 8-20 per cent. India Post, on the other hand, has not tinkered with its tariffs at all. As a result, India Post's tariff is 70 per cent cheaper for domestic destinations and 30 per cent cheaper for international destinations.
The implementation of the commodities transaction tax is likely to be delayed to the end of the year or even next year, thanks to the spiralling inflation and its political fallout.
The much awaited implementation of the over Rs 71,000 crore (Rs 710 billion) farm debt waiver and relief scheme got underway on Thursday with public sector banks, regional rural banks and cooperatives displaying names of the beneficiaries at branches.
The tour packages started by IRCTC include rail and road travel, hotel accommodation, meals and sightseeing.
The Central Board of Excise and Customs (CBEC) has started tightening the noose around tax evaders. This year, the department intends to profile banking and financial services, port services and business auxiliary services to pinpoint taxability of various components to enforce compliance. More services will be profiled in subsequent years.
In order to increase its payload capacity and save fuel, the railways are considering a proposal to procure aluminium wagons by 2012-13, when the dedicated freight corridor is scheduled to become operational. The final decision would be taken after a cost-benefit study, said senior railway ministry officials. Aluminium wagons will be costlier than the steel and stainless steel wagons that are in use currently.
Computerisation of the Income-Tax Department has played a key role in raising tax compliance and higher tax collections over the past few years.
The finance ministry has called a meeting of the State-Level Bankers Committee in New Delhi on Tuesday, which will be attended by officials from scheduled commercial banks, regional rural banks, cooperatives, Reserve Bank of India, National Bank for Agriculture and Rural Development, the Centre as well as states. The meeting will be presided over by financial services department secretary Arun Ramanathan.
Delay raises doubts about govt's tax reform plans.
The National Highways Authority of India has decided to slow down the process of awarding contracts for new highway projects. This would further delay the process of modernisation and expansion of the national highways by a few months.
Central tax return processing centres being set up in five major cities.
Net direct tax collections rose 132 per cent to Rs 12,642 crore (Rs 126.42 billion) in the first month of the current fiscal, as against Rs 5,441 crore (Rs 54.41 billion) in the corresponding month of the previous fiscal.
A nation-wide housing price index may be a reality soon. The National Housing Bank, in collaboration with the National Council of Applied Economic Research, is close to finalising the methodology to be adopted for the index, named NHB Residex.
Leading logistics and transport companies are willing to operate Blueline buses on certain lustre routes in Delhi. As many as 11 players have submitted their bids for operating 200 private carriage buses in the capital at an estimated cost of Rs 57 crore
The commodities transaction tax is likely to come into force within the next two months as the details, including the collection, payment and the procedures for filing returns, will take some more time to be firmed up. The CTT, which will be administered by the Central Board of Direct Taxes, will be levied at the rate of 0.017 per cent on sellers of commodity futures as well as options. Purchasers of options, who exercise them, will pay 0.125 per cent
The Central Public Works Department, responsible for awarding these projects, which include construction of stadiums, a media centre and a hostel, among others, has failed to get contractors for these projects due to the government's inability to address their concerns over the unprecedented rise in prices of key raw materials.
The Parliamentary Standing Committee on Finance has passed strictures against the finance ministry for the delay in introducing the draft direct tax code for legislation to replace the voluminous Income Tax Act, 1961.
Public sector bank chiefs will have a lot to discuss when they meet Finance Minister P Chidambaram on May 1 to get a broad direction from the government, the majority shareholder in 28 PSBs, for the strategy they should adopt in 2008-09. High on the agenda will be a discussion on implementation of the Rs 60,314-crore.
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