Higher 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.

Govt to provide tax incentives to households for rooftop solar projects

Ministry of New and Renewable Energy (MNRE) has announced that it proposes to allow tax incentives for households who wish to set up rooftop solar plants

Simplify income tax forms, demands BJP member in Rajya Sabha

A BJP member on Friday sought simplification of Income Tax forms for assessees, saying the present form impinges on the individual's privacy as it seeks details of all bank accounts and foreign travel.

Now, disclose bank accounts, foreign travels in IT returns

Taxpayers will have to disclose all bank accounts held by them in the country and instances of foreign travel to the Income Tax department while filing their returns for the assessment year 2015-16.

CBI arrests Deputy Commissioner Income Tax

The CBI Thursday arrested a Deputy Commissioner of Income Tax at his Central Revenue Building office here for allegedly receiving a bribe of Rs 1.5 lakh from an industrialist for settling tax issue.

Digvijaya Singh took money from MP builder: BJP

The BJP on Saturday claimed that documents seized by the Income Tax department had revealed Congress general secretary Digvijaya Singh had taken crores from a builder in Madhya Pradesh during his tenure as chief minister and demanded a thorough probe.

Budget 2015 Analysis: Jaitley gives growth a push, but fiscal concerns remain

The Union Budget 2015-16 has won a round of applause from all sectors and for good reasons at that. It has something for nearly everyone.

Meat exporter Moin Qureshi granted bail in black money case

A Delhi court has granted bail to controversial meat exporter Moin Ahmed Qureshi in a black money case filed by the Income Tax Department for allegedly not disclosing his income of nearly Rs 20 crore.

Highlights of Union Budget 2015-16

Finance Minister Arun Jaitley on Saturday proposed no changes in personal income-tax rates for 2015-16 but extended benefits to middle-class by increasing the limit of deduction on health insurance premium from Rs 15,000 to Rs 20,000, while presenting the Budget 20105-16.