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I-T Dept slaps Rs 29,000 crore tax demand notice on Cairn Energy

I-T Dept slaps Rs 29,000 crore tax demand notice on Cairn Energy

It is the second firm to have received retrospective tax notice this year after Vodafone Group.

Govt has taken 'one step forward' on retro tax issue: Jaitley

The government has taken "one step forward" to resolve the retrospective tax cases by putting in place a statutory mechanism for ending such disputes, Finance Minister Arun Jaitley said on Wednesday.

IT Dept processes 3.27 cr returns during April-December

IT Dept processes 3.27 cr returns during April-December

Income Tax Department has processed 3.27 crore returns and has issued refunds in 1.81 crore cases.

India in talks with Mauritius on tax treaty issues

India in talks with Mauritius on tax treaty issues

India is discussing a whole host of issues with Mauritius including ways and means of ensuring that a tax treaty with the island nation is not misused, Akhilesh Ranjan, a joint secretary in the tax department told reporters on Thursday.

Let's make taxation more transparent, investor-friendly: Rajan

Let's make taxation more transparent, investor-friendly: Rajan

Raghuram Rajan on Monday underlined the need to make taxation more transparent so that the Indian economy is able to attract stable inflow of foreign capital for strong growth.

India plans to address some pending tax disputes within days: Jaitley

India plans to address some pending tax disputes within days: Jaitley

India plans to address some pending tax disputes in the next few days, Finance Minister Arun Jaitley said on Thursday, but did not give details or say whether the cases in question included disputes with foreign companies that have spooked investors.

Indirect tax collections pace up, grow 37.5% in April-June

Indirect tax collections pace up, grow 37.5% in April-June

IIP data showed that the growth in factory output in the first two months of the fiscal was 3 percent as against 4.6 percent in April-May of 2014-15.

I-T Dept eyes Rs 2.56 lakh crore tax mop up from Mumbai in FY16

I-T Dept eyes Rs 2.56 lakh crore tax mop up from Mumbai in FY16

The Income Tax department is looking at collecting tax worth Rs 2,56,000 crore from the Mumbai zone during this fiscal, which is 13 percent more than the amount mopped up last year.

Shah panel holds meeting with Tax Dept

Shah panel holds meeting with Tax Dept

The high-level Justice A P Shah panel, set up to look into the levy of MAT on FIIs today held consultations with officials of the tax department.

FinMin asks taxpayers to e-file I-T returns early

FinMin asks taxpayers to e-file I-T returns early

The Finance Ministry today asked taxpayers to file their I-T returns for 2015-16 early to avoid the rush towards the last date of August 31.

No taxman can terrorise assesses of scrutiny: CBDT chief

No taxman can terrorise assesses of scrutiny: CBDT chief

Seeking to allay concerns of taxpayers, CBDT has asked them not to get terrorised by threats of their cases being wilfully chosen for "scrutiny" by the taxman as the procedure is fully electronic and devoid of any human intervention.

Govt proposes tax benefits for card payments

Govt proposes tax benefits for card payments

The government also proposed to make it mandatory to settle high value transactions of more than Rs 1 lakh through electronic mode.

Compliance window under black money law soon: Jaitley

Compliance window under black money law soon: Jaitley

Finance Minister Arun Jaitley on Friday said the government will soon come out with the compliance window under the black money law for persons having illegal money stashed abroad to pay tax and penalty and come clean.

Direct Tax target of Rs 7.98 lakh cr for FY'16 achievable: Das

The Direct Tax collection target of Rs 7.98 lakh crore for the current financial year is likely to be met on account of improvement in economic growth, government said on Monday.

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.

Some tax deductors not depositing TDS: I-T Dept

The Income Tax Department has taken note of some tax deductors not depositing TDS in the government account after deducting the same from specified payments.

Finance ministers want to review GST in other countries

The two-day meeting of the state finance ministers, which concluded here on Friday, has decided to request the Centre to depute the Empowered Committee members to visit some countries which have adopted the GST.

India to raise import tax on natural rubber by 5% from June 1

India will raise import tax on natural rubber by 5 percent to 25 percent from June 1, Finance Minister Arun Jaitley told lawmakers on Thursday.

India to cut export tax on low-grade iron ore to 10% from 30%

India will cut the export tax on low-grade iron ore to 10 percent from 30 percent, Finance Minister Arun Jaitley said on Thursday, a move that will boost shipments of the steelmaking raw material from Goa.