In a sign that people are paying additional tax demanded by the government, the income-tax authorities collected Rs 90,500 crore (Rs 905 billion) under this head during 1996-2005.
Calling the bluff of the country's sugar barons, the Centre has scrapped 98 per cent of the industrial entrepreneur memorandums obtained by them for setting up new production units.
The online tax payment feature will be extended to all credit cards directly through the website www.incom-etaxindia.gov.in
Public sector entities Life Insurance Corporation, UTI AMC, State Bank of India and Punjab National Bank are among the front-runners to become pension fund managers under the new pension system.
Finance Minister P Chidambaram's efforts to bring down cement prices have finally borne fruit as cement manufacturers have introduced cuts in prices.
Jaipur's corporate tax collection shot up to 158 per cent. In comparison, tax collections for the whole country grew 44.7 per cent during the year.
Prices of most commodities on which the government imposed an export ban to check inflation have risen sharply, touching an all-time high in cases.
The New York-bound fruits will be the second success story in a row for the King of Fruits. Last year, Indian mangoes were exported to Japan for the first time after a gap of 20 years.
The environment ministry has proposed to offer wasteland available with it to investors through multi-stakeholder partnership.
The moves will reduce the administrative burden of the department, banks and taxpayers.
The Institute of Chartered Accountants of India has offered technical information for drafting the rules for valuing employee stock options for calculating the fringe benefit tax.
The country's leading steel companies were considering a price increase of Rs 1,000-2,000 per tonne from April 1, despite a partial rollback last month.
Companies offering much more for wheat than govt's Rs 850 a quintal.
The Maharashtra government has announced fiscal incentives for the state sugar mills to ensure that they continue crushing till all the sugarcane available is consumed.
Annual terrorism risk cover rates will drop 19 to 16 per cent from April 1 following improved claims experience and the withdrawal of premium tariffs on general insurance products like fire, engineering, and motor.
A national data centre of the income tax department will come up in the National Capital Region this year.
The National Bank for Agriculture and Rural Development, the apex financial institution for rural finance, will raise Rs 5,000 crore (Rs 50 billion) through capital gains bonds in financial year 2007-08.
The government will cut the central sales tax rate to 3 per cent from 4 per cent from April 1 through a notification, as announced by Finance Minister P Chidambaram in his Budget speech.
In a bid to reduce harassment of tax payers, the income-tax department is mulling setting up five centralised return processing centres in different parts of the country.
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