Members of the All India Muslim Personal Law Board were miffed with the government on specific clauses in the Right To Education (RTE) Act, the Direct Taxes Code Bill and the Wakf Amendment Bill of 2010
The 50-share NSE Nifty after moving between 10,374.30 and 10,307.30 settled flat at 10,348.75, up 6.45 points, or 0.06 per cent.
The Income Tax department is said to be mulling prosecution against the HSBC bank for allegedly being the conduit for Indians in stashing money abroad.
To validate and continue using the existing PAN cards, citizens will have to link them to Aadhaar. Or else, they will be permitted to use Aadhaar instead for filing returns and while making other high-value transactions, specified under the Income Tax Act.
Multiple agencies to probe, regulatory crackdown on more companies expected.
"The roadmap given by Finance Minister Pranab Mukherjee makes it clear that this budget will increase financial burden on common people," CPI(M) leader Sitaram Yechury told reporters outside Parliament.
The CBDT said this is "the final opportunity being provided to the taxpayers to regularise their pending ITRs pertaining to AYs 2009-10 till 2014-15.
Former President Dr APJ Abdul Kalam recently addressed the valedictory function of the 86th foundation course at the National Academy of Direct Taxes in Nagpur. We present here an excerpt from Dr Kalam's inspiring speech
The ongoing agitation by income-tax officials has affected search and seizure operations of the department.
The committee, headed by Chairman of the Central Board of Direct Taxes, has received close to 3,300 suggestions through e-mail and the panel is now selecting the most appropriate ones for circulation among various agencies like the Enforcement Directorate, DRI and Law Ministry.
A Parliamentary committee scrutinising the Direct Taxes Code (DTC) Bill will recommend raising of the annual income tax exemption limit to Rs 3 lakh.
An assessee's interest in a foreign trust or a company is also proposed to be made taxable assets under the new tax regime.
Should taxpayers invest in Rajiv Gandhi Equity Saving Scheme to save tax? How much tax will they actually save? And what are the pros and cons you should check out before going for this scheme? Salil Dhawan offers his take.
Overall, Union Budget 2011-12 maintained status quo for the Chemical Industry.
ED has initiated action against these account holders in Mumbai, Delhi and other cities.
Suggests far more generous provisions than proposed in Direct Taxes Code
Suggests far more generous provisions than proposed in Direct Taxes Code
the government will introduce some of its key provisions, such as General Anti-Avoidance Rules, in Budget 2012-13.
The government also informed the apex court that it has completed negotiations for Tax Informations Exchange Agreement with 10 countries where the money is believed to have been stashed.
Tax returns of 100,000 entities under scanner, as preparation for DTC, say officials.
As chairman of the parliamentary standing committee on finance, former finance minister, Yashwant Sinha, says he is committed to expediting the legislative work associated with important Bills, including the direct taxes code (DTC) and Goods and Servies Tax.
Barely four months are left for the financial year to end and the government has reached only the halfway mark of its tax revenue collection target.
Go cashless. Go clean, say I=T to people.
On the lines of the proposed Direct Taxes Code (DTC), the government plans to come out with a Common Tax Code (CTC) for service tax and central excise duty to harmonise the two indirect levies.
The Individual tax payer exemption limit to be raised to Rs 200,000 from Rs 180,000.
Tax payers will be looking forward to some relief from Finance Minister Pranab Mukherjee who is expected to raise the income tax exemption limit to at least Rs 2 lakh in his budget proposals.
The Union finance ministry has set up a special investigation unit to 'regulate' the funding and donations made to political parties.
The home ministry has asked the revenue department to conduct a probe into the allegations of disproportionate assets against former Chief Justice of India K G Balakrishnan.
According to the government's notification, 10 central probe and snoop agencies are now empowered under the Information Technology Act for computer interception and analysis, ministry of home affairs officials said.
The finance ministry has directed the Central Board of Direct Taxes to put in place a framework for an Advance Pricing Agreement mechanism, two officials familiar with the development said.
More developers may withdraw their special economic zones projects, as they lose tax-free status with imposition of minimum alternate tax and further burden through direct tax code, Export Promotion Council for Export-oriented Units and and SEZs said.
There has been an unprecedented surge in number of returns being e-filed.
The CBDT has provided to CBI for possible action the names of those individuals whose names have figured in the LGT Bank accounts for stashing illegal funds abroad.
I-T said that the Supreme Court on Friday had only given a "partial relief" to those who do not have an Aadhaar.
It would perhaps make more sense if the finance ministry gave greater emphasis on the need for a similar exercise to phase out exemptions and concessions in indirect taxes like customs and excise.
Tax collections surged by 15.26 per cent to Rs 1,61,450 crore (Rs 1,614.50 billion) in the first ten months of this fiscal despite a steep fall in direct tax collections last month.
The Income-Tax Department has turned down a proposal by the Department of Economic Affairs to go slow on refunds to taxpayers.
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