With the present Income Tax Act proposed to be replaced by the Direct Taxes Code next year, the I-T department is planning to introduce a host of services related to processing of tax returns and refunds in the current fiscal.
First things first: For those wondering if they need to reapply, the answer is no.
Premised on the 'best-case scenario' in terms of growth and revenue, the Budget seems unprepared for a possible slowdown.
One can say that with the host of expenditure plans announced in the Budget, the finance minister has managed not to burden the common man directly with taxes.
Chidambaram wants it reworked; GAAR controversy weighs on implementation.
As per the SEZ Act, 2005, and SEZ Rules, 2006, SEZ units are entitled to exemption from duty of customs and excise, exemption from service tax and VAT, exemption from stamp duty and registration fees and exemption from electricity duty, besides income tax exemption on export profits.
The Direct Tax Code (DTC) Bill proposes to raise exemption limit for personal income tax from Rs 1.6 lakh to Rs 2 lakh, Finance Minister Pranab Mukherjee said.
Transfer pricing legislation was introduced in India in 2001 and has emerged as the single biggest source of courtroom battles between Indian tax authorities and companies, a large number of which are multinationals with operations in India.
Overall, Union Budget 2011-12 maintained status quo for the Chemical Industry.
The government on Thursday said it may not be possible to roll out the Goods and Services Tax (GST) from April next year, as the proposal needs consent from all the states. "...the (GST) legislation cannot be voted upon until the ratification is completed...there may be problem on the time factor (April 1, 2012)," Revenue Secretary Sunil Mitra said at a CII post-Budget conference.
Electric power is the key input required for manufacture of caustic soda and accounts for almost 60% of the total cost of production.
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
Finance Minister Pranab Mukherjee said the Centre was willing to consider a phased approach to the introduction of Goods and Services Tax (GST), to reach a consensus on the issue. Mukherjee said he would expect the rollout of GST simultaneously with the Direct Taxes Code (DTC), scheduled for April, but there were some issues.
The studies found that sectors with the highest unaccounted income included real estate, mining, pharmaceuticals, pan masala, gutkka and tobacco, bullion and commodity markets, film industry, educational institutes and professionals.
The revised draft of the Direct Taxes Code would now induce more and more companies to set up their units in the special economic zones before March 31, 2011 as the government has made it clear that it wants to do away with the present provision under which the companies enjoy a 15-year tax exemption.
The special economic zone scheme seems to be in trouble.
Insurance firms and non-banking finance companies are heaving a sigh of relief as the revised draft of the Direct Taxes Code has suggested that book profits rather than gross assets be used to calculate the minimum alternate tax, or MAT, for both groups.
Stimulus was given in phases after Chidambaram had left the finance ministry to head the home ministry in December 2008.
Despite deregulation of petrol prices and a hike in retail prices of other regulated fuels in June 2010, oil marketing companies continue to incur.
Expectations are running high for the Budget 2010 to do many things -- maintain growth, provide employment, reduce fiscal deficit, take steps to shift to the new Direct Taxes Code, take measures to implement Goods and Services Tax, reduce inflation and increase revenue for the government.
Finance Minister Arun Jaitley is unlikely to heed economists' suggestion that an inheritance tax be introduced in Budget 201415 as an additional revenue stream.
Finance Minister Arun Jaitley is unlikely to heed economists' suggestion that an inheritance tax be introduced in Budget 201415 as an additional revenue stream.
The proposed Direct Taxed Code (DTC) is likely to adversely affect the exponential rise in exports from special economic zones (SEZs).
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.
He has spoken to the party's heads in the Lok Sabha and the Rajya Sabha, Sushma Swaraj and Arun Jaitley, respectively , to seek support for the two items of proposed legislation. He got no assurance.
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 government will introduce some of its key provisions, such as General Anti-Avoidance Rules, in Budget 2012-13.
Should you invest or not in these avenues in 2011? Find out...
On the basis of her committee's report, the UCC in Uttarakhand established mandatory registration for marriages and live-in relationships, banned polygamy, and provided equal inheritance rights for women.
The government has identified nine areas of concern in the Direct Taxes Code (DTC) draft, and they would be taken into consideration while it is being redrafted.
The Supreme Court on Friday declared JSW Steel Limited's resolution plan for Bhushan Power & Steel Limited (BPSL) "illegal" and ordered the latter's liquidation, four years after the company was acquired by JSW Steel under the Insolvency and Bankruptcy Code (IBC). Following the ruling, JSW Steel shares fell sharply.
Amidst sweeping changes expected in the customs and excise duties, the entire industry was glossed over by the Union Budget 2011-12.
Markets regulator Sebi has notified a stricter regulatory framework for small and medium enterprise (SME) IPOs by introducing a profitability requirement and capping a 20 per cent limit on offer-for-sale (OFS). The reforms aim to provide SMEs with a sound track record an opportunity to raise funds from the public while protecting investor interests. This move follows a rise in SME issues, which has driven significant investor participation.
Well, here are some views culled from various new agencies, newspapers and experts on what the February 26 Union Budget for 2010-11 might have in store for you.
India is on the brink of overhauling its tax system, implementing the BEPS project and seeing a further evolution of the GST at the same time as a general election. This makes 2019 an exciting and challenging year, note Maulik Doshi and Jigar Doshi.
Budget 2007 is expected to introduce major changes in non-resident taxation, partly aimed at making it easier for foreign companies to do business in India and encouraging greater investment inflows.
The total size of pension market in India is estimated to have stood at over Rs 1.5 lakh crore (Rs 1.5 trillion) in 2010, while it is expected to rise to over Rs 2 lakh crore (Rs 2 trillion) by 2015 and further to close to Rs 3 lakh crore (Rs 3 trillion) in 2020 and more than Rs 4 lakh crore (Rs 4 trillion) by 2025.
A new schedule has been added to report income from cryptocurrencies and other Virtual Digital Assets.
