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Tax

Tax dept asks officers to suggest changes in direct tax laws

In a bid to keep nation's tax laws in conformity with changing times, the Income Tax Department has created a permanent mechanism for seeking inputs from its officers for changes required in the direct tax regulations.

Cairn tax dispute: India has to respond by Nov on $5.6 bn compensation demand, says CEO

Cairn tax dispute: India has to respond by Nov on $5.6 bn compensation demand, says CEO

India has time till November to respond to Cairn Energy's demand for USD 5.6 billion compensation in the retrospective tax case, said CEO of the British oil firm, Simon Thomson.

1% TCS on cash buy not to apply on embassies, UN bodies, Govt depts

1% TCS on cash buy not to apply on embassies, UN bodies, Govt depts

Government department, embassies, consulates and UN bodies will be among those exempted from the levy of 1 percent tax collection at source (TCS) on cash purchases of above Rs 2 lakh, CBDT said Monday.

Britain launches soft drinks sugar tax to fight obesity

Britain launches soft drinks sugar tax to fight obesity

Britain on Thursday said it would tax companies which sell sugary soft drinks and invest that money in health programmes for school children, part of a long-awaited strategy to curb childhood obesity that critics say is too weak.

Indirect tax collection up 30% in June quarter against last FY

Indirect tax collection up 30% in June quarter against last FY

The collection up to June indicate that 25.7 percent of the annual budget target of indirect taxes has been achieved in the first three months of the fiscal.

PM Modi assures middle class of an end to tax terrorism

PM Modi assures middle class of an end to tax terrorism

"Middle class, upper middle class used to be hassled with I-T officers, more than police. I have to change this situation, I am working on it and will make the change happen," Modi said in his Independence Day address.

Black money: No proposal to extend Income Disclosure Scheme deadline, says Govt

Black money: No proposal to extend Income Disclosure Scheme deadline, says Govt

The government on Friday said it is not considering any proposal to extend the four-month deadline for disclosing domestic black money under the Income Disclosure Scheme (IDS), which ends on September 30.

Government's tax kitty swells to Rs 4.3 lakh crore in April-July

Government's tax kitty swells to Rs 4.3 lakh crore in April-July

Reflecting an upturn in economic activity, government's revenue collection showed an impressive growth in April-July period of this fiscal, with total direct and indirect tax mop-up rising to Rs 4.3 lakh crore.

GST impact: Cars, FMCG items to get cheaper; services dearer

GST impact: Cars, FMCG items to get cheaper; services dearer

Luxury cars, FMCG products, consumer durables, electronics items and readymade garments will become cheaper once GST is rolled out next year, but mobile phones, banking and insurance services, telephone bills as well as air travel will be dearer due to higher tax.

GST Bill passed in Rajya Sabha; decks cleared for India's biggest tax reform

GST Bill passed in Rajya Sabha; decks cleared for India's biggest tax reform

In the biggest tax reform since Independence, the national sales tax or GST Bill was Wednesday approved by the Rajya Sabha to replace a raft of different state and local taxes with a single unified value added tax system to turn the country into world's biggest single market.

GST to be simple with 1% additional tax removal: Experts

GST to be simple with 1% additional tax removal: Experts

With the government dropping the contentious 1 percent additional inter-state tax, the proposed national sales tax or the GST stands simplified with aberrations removed, said tax experts.

CBDT issues draft norms for taxing buy back of unlisted shares

Central Board of Direct Taxes (CBDT) Monday came out with draft rules for determining the quantum of distributed income arising out of buy back of shares of unlisted companies for levy of tax.

PM Modi's ultimatum to tax defaulters | Part I

P.M Modi has given the last opportunity to tax defaulters for declaring their undeclared property under tax declaration scheme. Watch this special segment and get to know more here.

Department of Posts fails to pay tax, CBEC faults officials

Department of Posts fails to pay tax, CBEC faults officials

The Department of Posts could not pay its service tax because of "unwarranted refusal" by the officials concerned who did not exercise their discretionary power in letting it pay the levy through cheque.

I-T dept to issue notice to seek information about PAN

I-T dept to issue notice to seek information about PAN

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 7th Pay  Commission: How it will change your exact salary-know simply

7th Pay Commission: How it will change your exact salary-know simply

Here we will show you the how 7th Pay Commission will change your exact salary keeping in mind the 4 main salary bands.

7th Pay Commission: Key things you should avoid doing with the additional money

7th Pay Commission: Key things you should avoid doing with the additional money

 It's highly recommended that the additional money you receive is invested wisely.

Relief for taxpayers: No recovery during pendency of stay

Relief for taxpayers: No recovery during pendency of stay

In a relief to tax payers, the government has asked taxmen not to proceed with recovery of a 'confirmed' demand in relation to indirect taxes during pendency of stay applications.

Tax department must trust assessees: Arun Jaitley

Tax department must trust assessees: Arun Jaitley

Making a case for increasing the taxpayer base, Finance Minister Arun Jaitley has said the government's intention is to keep taxation rate "moderate" and emphasised that tax department needs to start trusting the assessees.

Double taxpayers to 10 crore people, says PM Modi; warns against tax evaders

Double taxpayers to 10 crore people, says PM Modi; warns against tax evaders

At the conference titled 'Rajasva Gyan Sangam' (Knowledge Conference on Revenue), Modi asked the officials to "move towards digitisation" to make tax administration efficient and work towards bridging the "trust deficit".