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FinMin may double tax exemption limit under 80C to Rs 2 lakh

Last Updated: Monday, June 30, 2014, 16:09

Seeking to boost household savings, the Finance Ministry is considering doubling the exemption limit for investments by individuals in financial instruments to Rs 2 lakh.

Imposing retrospective tax was most regressive thing: Arun Shourie

Last Updated: Tuesday, June 17, 2014, 13:28

The Lok Sabha had approved the Finance Bill, 2012 which sought to amend the Income Tax Act, 1961.

FM hopes to place DTC bill in Monsoon session

Last Updated: Thursday, July 04, 2013, 14:15

The code, which will replace the existing Income Tax Act 1961, aims to rationalise tax rates to bring more people and companies under the tax net.

Govt shouldn't reopen old tax assessment cases: Assocham

Last Updated: Sunday, January 06, 2013, 12:23

In its pre-budget memorandum to Finance Minister P Chidambaram, it has sought "changes in Sections 147/148 of the Income Tax Act. These sections relate to the tax re-assessment on matters already examined or in a blanket manner".

IT Dept refunds Rs 51,908 crore till Oct 2012

Last Updated: Friday, December 14, 2012, 21:10

The I-T department has paid a tax refund of Rs 51,900 crore during the first seven months of the current fiscal.

Waive interest, penalty in cases of retro tax changes: Shome

Last Updated: Tuesday, October 09, 2012, 23:22

In a recommendation that could provide relief to firms like Vodafone, a Government-appointed committee Tuesday favoured companies facing tax liability following retrospective amendment to the Income Tax Act should be exempted from payment of interest and penalty.

Steps in offing to revive investor confidence: Montek

Last Updated: Thursday, June 28, 2012, 21:58

Amidst a flurry of activities in the PMO and the Finance Ministry to clear air on contentious tax laws, Planning Commission Deputy Chairman Montek Singh Ahluwalia on Thursday indicated that the investors will "soon see action" at the policy front for reviving their confidence.

Parliament to take up DTC Bill in monsoon session: Fin Min

Last Updated: Thursday, June 28, 2012, 21:15

The Direct Taxes Code (DTC) Bill, which seeks to overhaul the 50-year-old income tax laws, will be brought in Parliament in the monsoon session, Finance Secretary R S Gujral said on Thursday.

Fin Min to give clarification to PMO on retro tax amendments

Last Updated: Thursday, June 28, 2012, 18:42

The decision of former Finance Minister Pranab Mukherjee to amend the Income Tax Act with retrospective effect to tax overseas deals involving domestic assets had generated a lot of controversy.

'Retrospective amendment to I-T Act may impact FDI in India'

Last Updated: Sunday, May 20, 2012, 13:53

The amendment to income tax laws with retrospective effect passed by Parliament may impact inflows of foreign direct investment (FDI) into the country, a top Italian trade official has said.

Kingfisher Airlines owes Rs 269 crore income tax: Govt

Last Updated: Friday, May 18, 2012, 14:16

Vijay Mallya-promoted Kingfisher Airlines owes Rs 269.06 crore income tax and I-T Department has initiated penalty and prosecution proceedings against the private carrier, Government informed the Lok Sabha on Friday.

Parliament's right to amend laws supreme: FM on Vodafone case

Last Updated: Wednesday, May 16, 2012, 21:46

Winding up a debate on Finance Bill in the Rajya Sabha, Finance Minister Pranab Mukherjee said Parliament is omnipotent and has right to change any provision of the Constitution.