Government on Tuesday said it will soon come out with a new Income Tax Code to streamline the taxation structure and reduce the plethora of exemptions given to various segments of taxpayers. The new tax code would become law after debate and deliberations. Direct tax code would replace the existing Income Tax Act, which was enacted in 1961 and would subsume other direct tax legislations. Together with indirect tax exemptions, direct tax exemptions are leading to revenue loss.
First-time Bharatiya Janata Party MLA Rahul Narvekar on Friday filed his nomination as the party candidate for the post of Maharashtra assembly speaker, election for which, if required, will be held on July 3.
The taxman wants the mascot, which will be used in all communications and publicity purposes of the department, to be 'captivating' and 'inspiring', particularly to the young and future taxpayers.
Buoyed by a 60 per cent growth in income tax collection in Mumbai, Finance Minister P Chidambaram on Friday said he expected the country's financial capital to do even better in the next fiscal.Mumbai is the third city to have an LTU after Bangalore and Chennai. Delhi and Kolkata would be the next centres to have LTUs which provide single-window to corporate to pay all central taxes.
The Income Tax department has suggested an amendment for taxation of bad debt to the Central Board of Direct Taxes
Direct tax expert Vikas M Gandhi answers readers' queries.
The finance ministry is considering a proposal to advance the due date for filing income tax returns by two months for all direct taxpayers, both salaried individuals and companies.
The I-T department is now checking the account books and financial documents of select Reebok dealers in India, to whom it is issuing notices.
