The Central Board of Direct Taxes on Friday directed tax officials to assess liability for those transacting in shares on the basis of principles laid down by the Authority of Advance Rulings (AAR).
The Insurance Regulatory and Development Authority has clarified that only the premium collected for providing health cover in the case of unit-linked health insurance policies will be eligible for tax benefits.
Move targeted at companies with high promoter holdings.
The direct tax collection for 2009-10 is likely to be around Rs 3.80 lakh crore, missing the revised target by Rs 7,000 crore (Rs 70 billion).
The income tax department will share PAN and bank account details of any entity with 10 investigative and intelligence agencies, including the CBI and NIA, under the integrated counter-terrorism platform NATGRID, according to an official order.
The Central Board of Direct Taxes has sought a clear definition of the term 'permanent establishment' for assessment of tax payable by foreign entities in India. Currently, the Act defines a 'permanent establishment' as a fixed place of business.
Direct tax collection target set for a big hike, says Chidambaram.
A notice put up at the Bandra-Kurla Complex office of the income-tax department says that salaried individuals filing their returns for assessment year 2008--09 (i.e. the last financial year, 2007--08) need to attach annexures.
"Delays, if any, in issuance of PAN cards take place usually due to incomplete documentation by applicants," Central Board of Direct Taxes (CBDT) spokesman Shishir Jha said reacting to a story which appeared in a Delhi newspaper that suggested such decline in FII investments was due to delays in issuing PAN cards.
The Central Board of Direct Taxes is considering a proposal to restrict the exemption on long-term capital gains only to companies constituting the BSE-500 index.
The finance ministry has asked the tax department to impose hefty penalties on those hospitals found with unaccounted cash, and such entities could be booked under anti-money laundering laws and prosecuted, reports Shrimi Choudhary.
Lending and borrowing of securities for short-selling at stock exchanges will not attract Securities Transaction Tax or capital gains tax.
The Income Tax department will investigate over 60,000 individuals under the second phase of the 'Operation Clean Money'.
Wants CBDT to plug loophole in the system.
A group to study simplification of laws relating to income tax has recommended removal of redundant provisions and use of simple language.
The Central Board of Direct Taxes has proposed that the sale of capital assets of a company operating in India, but registered overseas
The CBDT has now laid down parameters specifying the manner in which any communication issued by any income-tax authority relating to assessment, appeals, orders, statutory or otherwise, exemptions, enquiry, investigation, verification of information, penalty, prosecution, rectification and approval to the assessee will be dealt with.
The net direct tax collections for the period are lower due to higher tax refunds given by the government which grew by about about 64 per cent to Rs 33,137 crore (Rs 331.37 billion) compared to last year, the Central Board of Direct Taxes said in a statement on Thursday.
From April 1, individual and corporate taxpayers who pay Rs 50,000 and more as tax in a single payment, may have to make the payment electronically. A formal announcement to this effect from the Central Board of Direct Taxes is expected shortly, finance ministry sources confirmed.
Central Board of Direct Taxes officials claim the figure has surpassed indirect taxes for the first time.
The Central Board of Direct Taxes (CBDT) is likely to increase the exemption limit for tax deducted at source on rental income to Rs 2,00,000 a year from Rs 1,20,000 at present.
The move is being viewed as an effort by the government to expand the taxpayer base.
As on November 15, the government kitty swelled by 42.9 per cent at Rs 1,40,373 crore (Rs 1.40 trillion) against Rs 98,216 crore (Rs 98.21 billion) in the corresponding period last year. With this, net direct tax collections till November 15 stood at 52 per cent of the budgeted target of Rs 2,67,490 crore for this fiscal.
The government is exploring legal options, including bringing an Ordinance, to tackle the problem of income-tax litigation on reassessment notices under old, time-barred norms, according to official sources. This has come in the wake of writ petitions filed by companies and individuals in recent weeks to challenge the validity of the notices issued by the tax department between April 1 and June 30 and under the old norms.
The Central Board of Direct Taxes on Tuesday notified the norms for valuation of employee stock option plans (ESOPs) for calculating fringe benefit tax (FBT). The rules will take effect from April 1, 2008, and apply from assessment year 2008-09. The notification said the value of stock options of listed companies would be the listing value - the average of opening and closing price - on the day the options were vested with the employee.
Enthused by over 36 per cent increase in direct tax collections during 2007-08, Finance Minister P Chidambaram on Monday asked the department to aim for higher collections this fiscal than the Rs 3,65,000 crore (Rs 3,650 billion) estimated in the Budget for 2008-09.
Excise duty and other tax exemptions for attracting industries to hilly states may not go away, but could be limited to fresh investments in the Budget for 2007-08.
The Central Board of Direct Taxes has clarified that employees are not to be taxed when they are issued non-transferable food coupons usable only at food outlets.
The guidelines on the valuation of employees' stock option plans (ESOPs) for calculating fringe benefit tax (FBT) will be issued by September 8.
The commodities transaction tax is likely to come into force within the next two months as the details, including the collection, payment and the procedures for filing returns, will take some more time to be firmed up. The CTT, which will be administered by the Central Board of Direct Taxes, will be levied at the rate of 0.017 per cent on sellers of commodity futures as well as options. Purchasers of options, who exercise them, will pay 0.125 per cent
The Income Tax department has suggested an amendment for taxation of bad debt to the Central Board of Direct Taxes
Kaizen Commercial had offered an initial capital of Rs 3 crore to Reliance Infocomm. In return, the company was offered 30 million shares at par.
Officials are relying on both formal and informal methods for reaching non-filers.
Ruling out extension of July 31 deadline for filing income tax returns, IT authorities said on Monday special counters will be opened from July 28 in major cities to meet the eleventh hour rush.
For all those who have been slow in filing their tax returns this year or have not been able to complete the process, this extension has no impact at all.
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