The top 100 tax defaulters owe the exchequer a whopping Rs 1.41 lakh crore.
While presenting the Union Budget for 2009-10, finance minister Pranab Mukherjee had said that in order to bring in tax reforms in the country the government will bring the new DTC within 45 days. The code will replace the existing Income Tax Act, which was enacted in 1961 and would subsume the direct tax legislations.
The government on Friday said it has penalised Kingfisher Airlines with a fine of over Rs 26 crore (Rs 260 million) for delay in the payment of tax deduction at source (TDS).
Finance Minister P Chidambaram has so far given three packages to exporters aggregating Rs 5,200 crore (Rs 52 billion) as the $160 billion export target for 2007-08 appears difficult to meet. He has expressed hope that exports target would be met. Palanimanickam said government was already providing 100 per cent tax benefits on profit on exports apart from indirect tax incentives.
Government said on Tuesday over 1.74 lakh applications for permanent account number cards were still pending as on November 30.
The government is considering to bring all international payment gateways like Visa and MasterCard under the ambit of law, whereby they would have to report suspicious transactions to the security agencies.
The Directorate of Revenue Intelligence has booked cases at Mumbai and Delhi against private airlines Jet Airways and Air Sahara for non-payment of customs duty, the Lok Sabha was informed on Friday.
The finance ministry has issued fresh guidelines on government office expenditure to control non-developmental expenditure, Minister of State for Finance S S Palanimanickam said on Monday.
The collection of wealth tax has increased by Rs 145 crore (Rs 1.45 billion) over the last three years, the government informed the Lok Sabha on Friday.
As many as 15 multi-national firms like Nokia, Sony, Samsung and Ericsson have been found guilty of violating foreign exchange regulations and a penalty of over Rs 42 crore (Rs 420 million) has been imposed on them.
The government on Tuesday said it is not considering imposing tax on foreign institutional investors to curb volatility in the stock markets.
The government on Monday introduced a bill in Lok Sabha aimed at discouraging borrowers to postpone repayment of their dues and enable the secured creditor to speedily recover their debts including through security or other measures.
The government on Tuesday announced that it has formally called-off plans to sell stakes in 13 profit-making central public sector undertakings.
The sale of controlling stake in 13 public sector companies, which had been cleared by the previous government, has been called off, Rajya Sabha was told on Tuesday.
The income tax authorities have initiated proceedings for payment of service tax.
He has been given time till March 15.
The government on Tuesday said it was not considering 100 per cent foreign direct investment in the pension sector.
As much as Rs 583 crore (Rs 5.83 billion) was collected from the Fringe Benefit Tax and Rs 20 crore (Rs 200 million) from Banking Cash Transaction Tax during the first quarter of this fiscal, the Lok Sabha was informed on Tuesday.
Dravida Munnetra Kazhagam leader S S Palanimanickam on Wednesday assumed office as Minister of State for Finance.
The Ashok Lahiri committee on tariff structure for crude oil and petroleum products is likely to submit its report by December 31 this year, Minister of State for Finance S S Palanimanickam said on Monday.
The finance ministry on Friday said revenue loss on account of fiscal sops to Special Economic Zones is estimated to be Rs 1,02,621 crore.
Friday cut the import duties on non-alloy steel by five per cent and 10 per cent on ships for breaking, as part of fiscal measures to stem inflation surging towards 8 per cent.\n\n
Life Insurance Corporation has sanctioned Rs 400 crore (Rs 4 billion) loan to Jet Airways for fleet acquisition, Minister of State for Finance S S Palanimanickam said on Tuesday.
Tax holidays to special economic zones are estimated to lead to a revenue loss of over Rs 1-lakh crore by FY10, the Parliament was informed on Friday.
Mumbai has the most number of millionaires in the country with as many as 18,939 individuals declaring income of over Rs 10 lakh to the Income Tax Department, the Rajya Sabha was informed on Tuesday.
With 200 MPs out of 785 above the age of 65, there is a serious shadow of COVID-19 looming over the monsoon session Of Parliament.
Stalin's sister and Rajya Sabha MP Kanimozhi will for the first time try her luck in the Lok Sabha.
The DMK parliamentary party appears to be a house divided, reports R Rajagopalan.
Empowered in the Modi government, junior ministers have enough on their plate.
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