Tax

Economy on strong wicket as direct tax mop-up rises 8.5%

Direct tax collections during the nine-month period ending December 2009 rose by 8.5 per cent reflecting economic revival and better performance by corporates.

Finance Commission suggests new path for fiscal consolidation

The Finance Commission, which makes recommendations on sharing of tax revenues by the Centre and States, has suggested a new path for fiscal prudence in its report submitted to President Pratibha Patil on Wednesday.

Tax hike to hurt iron ore exports

India`s imposition of an extra 5 percent export tax on iron ore would make overseas sales from the world`s third-largest exporter uncompetitive just as demand from China was improving.

Foreign varsity`s consultancy income not taxable in India: AAR

The income foreign universities earn by providing consultancy services to industry chambers or other non-profit organisations in India is not taxable, a tax authority ruled.

Tax burden to be reduced by 25-30% for tax payers: Fin Min

The finance ministry on Wednesday said the tax burden on people will come down by 25-30 per cent with the introduction of the proposed Goods & Service Tax, which seeks to subsume various levies like excise and VAT.

Draft direct tax code creates uncertainty for SEZs: EPCES

The draft direct tax code that would lead to the overhaul of the Income Tax Act, has created uncertainty among the developers of special economic zones over continuation of the tax sops.

Nothing new in taxing perks: Chawla

The Finance Ministry on Tuesday said asking the employees to pay taxes on their perquisites in not new because such incentives were under the net even prior to the Fringe Benefit Tax.

Tax mop-up likely to top Budget estimate: Fin Secy

Buoyed by the healthy growth in advance tax collection, the Government on Tuesday said the revenue realisation during the current fiscal may exceed the budgetary target notwithstanding low indirect tax collection.

Advance tax collection rises 20 per cent during April-Dec

The advance tax collection from India Inc rose 20 per cent during the first nine months of the current fiscal compared to the same period last year, with automobiles, consumer goods and metals leading the pack.

Labour Min opposes taxing PF withdrawals under new tax code

Labour Ministry Monday expressed its reservations on the Direct Tax Code`s proposal to tax all savings and provident fund schemes at the time of withdrawal.

Tax on perks to be effective from April 2009

The government has notified the new rules for valuing perks like accommodation, conveyance and others given to the salaried class for calculation on their tax liability.

Companies pay 24 percent more advance tax in Q3

Firms paid 24 percent more in advance tax for the October-December quarter year-on-year, a finance ministry official said.

`Google pays no tax on 1.6 bn pound earning in Britain`

Internet search giant Google has not paid any tax on its 1.6 billion pound advertising revenues in Britain last year, a media report says.

IT garners Rs 2,477-cr more from top 90 firms

With the Indian economy regaining its robustness, the Income-Tax Department has collected additional Rs 2,477 crore from the top 90 advance tax-payers in the third quarter this fiscal.

PMEAC for 1 GST slab each for goods, services

The Prime Minister`s Economic Advisory Committee (PMEAC) has favoured a single slab each for goods and services under the proposed goods and services tax (GST).

Auto, power firms pay more advance tax in Q3

Advance tax payments by several automobile, power, cement and banking majors in the third quarter have been stronger compared to the year-ago pay-outs.

India not to tax capital inflows to bourses like Brazil

India on Friday ruled out taxing
capital inflows to the stock market on the lines of Brazil
and said markets have been functioning normally.

Professional tax, property tax hike highlights of Delhi budget

A new `professional tax` for those having an income of more than Rs 30,000 per month and five percent hike in property tax rates were among a slew of revenue earning measures proposed as the MCD.

British banks face tax on bonuses: Reports

Britain`s government is considering slapping a "supertax" on bankers` bonuses amid fears of a lavish season for senior staff despite the global financial crisis, reports said on Monday.

Direct tax collections in Apr-Nov up 3.7%; at Rs 1.83 lakh cr

Despite the economic recovery, the government`s direct tax collections increased by a marginal 3.7 percent to Rs 1.83 lakh in the first eight months of this fiscal compared to the same period a year ago.