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I-T Dept issues detailed circular to address tax grievances

To address grievances of taxpayers, the I-T Department Tuesday put in place a detailed framework for 'verification and correction' of the outstanding tax demand, while rectifying the inaccuracies arising due to delayed or non-reporting of TDS (Tax Deduct at Source).

New service tax rate of 14% to come into effect from June 1

The new service tax rate of 14 percent will come into effect from June 1, government said Tuesday, in a move that will make eating out in restaurants, insurance and phone bills expensive, among many other things.

CBDT effects changes; Chairperson divests investigation charge

The CBDT has effected an in-house change of charges with Chairperson Anita Kapur divesting the additional charge of investigations to another Member in the board.

No LTC in case of posting in home town

Government employees whose headquarters or place of posting and home town are one and the same are not eligible for home town LTC.

India ignored warnings on foreign investor tax row: Sources

The Finance Ministry could have sidestepped a damaging multibillion-dollar tax row with foreign investors if it had acted on regular warning letters that officials had been sending since as long ago as September.

India, South Korea sign revised DTAA; to begin talks next year

India and South Korea Monday signed a revised double taxation avoidance pact and agreed to begin talks from mid next year to widen the scope of free trade pact to boost bilateral economic cooperation.

Company sponsored foreign trip may not need disclosure in revised ITR

The Finance Ministry is likely to exempt assesses from sharing details of company sponsored foreign trips in the revised Income Tax Return (ITR) forms.

Shah Committee to go into all 'legacy' tax issues: Jaitley

The Justice Shah Committee, constituted to go into levy of MAT on FIIs, will look into all important "legacy" cases, Finance Minister Arun Jaitley said blaming conflicting judicial rulings for the controversy on the issue that has riled foreign investors.

Government misses tax collection target by Rs 2,288 cr in FY15

Government has missed the overall revised tax collection target for both direct and indirect taxes by Rs 2,288 cr.

Prabhu seeks support of political parties to pass GST bill

Railway Minister Suresh Prabhu has sought support of all political parties to make India the single largest market in the world by implementing the Goods and Service Tax (GST) in the country.

'Public sector insurance firms defeating govt's objectives'

The apex consumer commission has imposed a punitive cost of Rs 10 lakh on a public sector insurance company for wrongly denying claims of several people, saying such firms "are always at their best in defeating noble objectives of any welfare scheme".

New ITR forms to be far more simplified: FM Jaitley

The new income tax return (ITR) forms will be far more simplified, Finance Minister Arun Jaitley said on Saturday.

Peerless MF relaunches Child Plan as 3 in 1 Fund

The Fund is an open-ended hybrid scheme which invests in debt, gold ETFs and equity in a manner that optimises risk.

6.7 crore people enrolled under 3 social security schemes

Nearly seven crore people have been enrolled as on day under the three social security schemes launched by Prime Minister Narendra Modi.

Indirect tax collections up 46.2% in April

Led by over two-fold surge in excise duty collections, indirect tax revenue jumped 46.2 percent to Rs 47,747 crore in April this year compared to the same month last year.

Foreign travel details in ITR at suggestion of SIT: Jaitley

Foreign travel details sought in the new income tax return (ITR) forms was done so that risk profiling for detection of tax evasions could be done but the form is being modified in view of the opposition to it.

Govt asks I-T to widen taxpayer base; include 25 lakhs new assesses every month

Government has embarked on a plan to widen the country's taxpayer base and asked the Income Tax department to bring under its net at least 25 lakh new assesses each month during current financial year.

CBDT paid Rs 42,903 cr interest on tax refunds: CAG

The tax department has incurred an expenditure of Rs 42,903 crore on interest payments on refunds during the 6-year period ended 2013-14 without approval of Parliament, official auditor CAG said on Tuesday.

Religare to exit life insurance; Aegon to hike stake to 49%

Financial Services firm Religare Enterprises on Tuesday said will exit Aegon Religare Life Insurance Company by selling its stake to existing partner Bennett, Coleman and Company Ltd of the Netherlands.

Govt to modify new income tax return forms

Government on Tuesday said it has decided to "modify" the new Income Tax Return (ITR) forms in wake of concerns raised over them.