Amid long-pending dispute between the UK-based telecom giant Vodafone and the tax authorities in India, Finance Minister's advisor Parthasarathi Shome on Wednesday said the government should not use retrospective amendment of tax laws to raise revenues.
The government has already embarked on strengthening the tax net by sending letters to those who have not filed tax returns.
A well-functioning GST will enhance tax compliance and boost growth: IMF
FIIs fear short-term capital gains would give rise to tax uncertainty and make their operations difficult, reports Pavan Burugula from Mumbai.
A committee on digitalisation headed by Andhra Pradesh Chief Minister Chandrababu Naidu had in an interim report recommended taxing cash transactions of at least Rs 50,000 to promote digital payments.
Experts will give their inputs for Budget.
A tax reforms panel, headed by finance minister's advisor Parthasarathi Shome, is considering moving away from setting fixed tax-collection targets and linking these with the changing economic scenario during the year.
The constitution amendment Bill on a national GST is likely to be tabled in the current session of Parliament. However, the government is not confident of passing the Bill this session.
The Tax Administration Reform Commission submitted report to Jaitley in June 2014.
Ahead of his government's first full year budget, Prime Minister Narendra Modi on Friday sought ideas from economists to attract investments, create jobs and finance infrastructure to put India back on high growth path.
The Rajya Sabha on Wednesday approved the biggest tax reform since Independence.
One of the key concerns of foreign investors is how the general anti-avoidance rule would apply in case an investor is availing benefits under double taxation avoidance agreement.
The Parthasarathy Shome committee gives its second reform report to finance ministry.
Jaitley sets condition of 50% assets for applicability of capital gain tax.
The new land Acquisition Bill has many implications.
FBT was an unpopular tax and withdrawn before the General Elections in 2009
GAAR will not override the recently revised double taxation avoidance agreements with Mauritius and Singapore.
This means taxpayers might continue to enjoy exemption on maturity of their investments
There are tell-tale signs of a slide in the quality of Budgets presented by the current administration, says Parthasarathi Shome.
Will Arundhati Bhattacharya be the RBI's first woman governor? Or will Urjit Patel succeed Raghuram Rajanas RBI governor when his term ends on September 4?
India has just had one of the worst quarters in export earnings.
There is much work to be done to design a good GST.
The biggest disappointment was the compromise on the promised corporate tax reduction path.
The challenge is to convince productive sectors that a lower general rate would benefit all and remove the prevalent system of favours targeted towards narrow industry and service sector groups.
Gujarat is a flourshing state but its business model is not so well accepted at national level.
If Mr Rajan's citizenship is considered relevant for heading an organisation that issues sovereign currency, should the provenance of a participant in a critical function of a sovereign democracy not count as well?
Agricultural incomes can be taxed without hurting farmers, as a substantial section - the small and marginal ones - will remain outside the tax net simply because their incomes are likely to be below the basic exemption limit of Rs 250,000 per annum that is extended to all taxpayers in India, finds out Ishan Bakshi.
The government now ends its mandate with reaffirmation in the vote-on-account of the same goals, for which it claims to have a clear line of sight.
To begin, the Budget has no doubt attempted to address uncertainty.
The new numbers did not apparently pass consistency checks with production, inputs, or movements in the National Stock Exchange.
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