The panel, headed by former Central Board of Direct Taxes chairman N Rangachary, will be in addition to the one set up to review the General Anti-Avoidance Rules provisions to address the concerns of foreign investors.
The panel, under the supervision of the Planning Commission, also turned down the demand for area-based fiscal concessions for Bihar on the grounds that it was not consistent with the proposed reform measures under the Direct Taxes Code and Goods and Services Tax.
Govt may further hike excise on petrol, diesel before Budget.
A decision by P Chidambaram in his last days as finance minister has annoyed the revenue department.
The PM said that the Union Budget will accelerate the economic growth, financially empower every citizen and strengthen the foundation of the economy in the new decade.
Assuring investors of a stable tax regime, Finance Minister P Chidambaram on Monday said I-T Department will adopt a non-adversarial approach in realizing the direct tax target of Rs 5.70 lakh crore for 2012-13.
Liquidity issues post the crisis at DHFL, progress of monsoon, rupee trajectory at the domestic level and oil prices are some factors that will keep markets choppy, analysts say.
A K Bhattacharya lists three reasons why Finance Minister Arun Jaitley will most likely present a full Budget on February 1, 2019.
The salaried will not face regular income tax scrutiny this year.
Income Tax collections are expected to fall short by an estimated Rs 9,000 crore.
The common man wants the government to demonetise high denomination currency notes like Rs 1,000 and Rs 500 to effectively combat the menace of black money in the country, a finance ministry report has revealed.
There were heightened expectations from Budget 2017 after the impact of note ban on different sections but most remain unfulfilled.
Under the new system, Infosys will handle end-to-end solution - from e-filing to return assessment to refund processing. The new portal is also expected to process the refunds within one day of filing of tax returns, in huge relief for taxpayers.
To seek tax exemption, a start-up will now have to apply, with all the documents, to the DIPP instead of the inter-ministerial board of certification. The earlier requirement of start-up to submit report from merchant banker specifying the fair market value of shares has also been removed.
Infosys chief Kris Gopalakrishnan on Wednesday expressed hope that DTC and GST will be pushed through in the forthcoming budget, while Genpact vice chairman Pramod Bhasin feared economic reforms will be tough going forward.
The Income Tax Department has not recommended 'amnesty scheme' to deal with the issue of black money, the government said on Wednesday.
Ninety-nine companies, which also include some unlisted ones, have more than Rs 100 crore each of minimum alternate tax credit on their books, cumulatively adding up to Rs 75,000 crore. By utilising MAT credit, many companies will be able to bring down their effective tax cost.
With 2014 polls in mind, FM may provide individual tax payers relief despite fiscal constraints.
The new I-T return forms make things more complex. Even trustees or nominees are in for a tough time.
Non-profit organisations set up for charitable purposes may see a tightening of income tax provisions.
The Central Board of Direct Taxes was pulled up by the Public Accounts Committee for delay in tax recovery from the hosts of the 1996 cricket World Cup.
The report, floated recently, comes a few days after the government cancelled the registration of Bengaluru-based NGO Infosys Foundation for alleged violation of norms in receiving foreign grants.
The Committee headed by senior BJP leader Yashwant Sinha had proposed no tax on income of up to Rs 300,000 per annum; 10 per cent for Rs 300,000-10 lakh (Rs 1 million); 20 per cent, for Rs 10-20 lakh (Rs 1-2 million) and 30 per cent on annual income beyond Rs 20 lakh (Rs 2 million).
Amid sagging business outlooks from various chambers, economists on Wednesday told finance minister Pranab Mukherjee that Budget 2012-13 should restore the confidence of investors.
The Central Board of Direct Taxes has issued a notification making e-filing compulsory for assessment year 2012-13 onwards for an individual or a Hindu Undivided Family if his or its total income exceeds Rs 10 lakh.
The Supreme Court said on Thursday that it will hear "as and when required" a public interest litigation challenging the government's notification authorising 10 central agencies to intercept, monitor and decrypt any computer system.
Underlines need to reduce human interface; wants tax e-assessment in more cities
The government has decided to relax angel tax norms for startups, including increasing the investment limit to Rs 25 crore for availing income tax concessions.
Only 300 assessees came forward with disputed tax liabilities amounting to Rs 10,000 crore
Union Finance Minister Pranab Mukherjee on Friday expressed firm commitment to enact the Direct Taxes Code (DTC) Bill at the earliest, after expeditious examination of the report of the Parliamentary Standing Committee.
Various start-ups have raised concerns on notices sent to them under the Section 56 of Income Tax Act to pay taxes on angel funds received by them.
The development is expected to pave way for greater transfer pricing cooperation between the two countries, enhance investment flow
Companies pay advance taxes in four installments.
The panel of Parliament examining the Direct Taxes Code (DTC) Bill has almost finalised its recommendations. It wants more taxpayer-friendly measures.
Finance Ministry issues strict instructions on foreign bank accounts.
'For the first month, we have only had 5.5 million who have paid the tax.' '40 per cent have paid nil as tax; 95 per cent of the taxation for the first two months has come from only 400,000 assessees.' 'So even now, the tax-paying habit, of paying a marginal or negligible amount, or not paying anything at all, is quite prevalent,' reveals Finance Minister Arun Jaitley.
The DCI, to be set up with immediate effect, would collect information about persons and transactions connectedwith criminal activities and initiate prosecution proceedings against them.
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