Tax

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.

High taxes hitting food processing sector: Assocham

Taxation of over 18 percent on branded processed agricultural products is adversely affecting the competitiveness of the sector, an industry lobby has said in a report released Sunday.

Extend tax holiday to 5-star hotels also: Assocham

With less than a year left for the Commonwealth Games, industry chamber Assocham has sought extension of the five-year tax holiday scheme to five-star hotels in the National Capital region.

Spectrum is a tax riddle, says PwC

The government should clarify
taxation rules regarding payments made for acquiring spectrum
while working to resolve the issue of 3G spectrum allocation,
according to financial consultancy firm PwC.

Vodafone seeks time till January next for tax claim reply

UK-based mobile major Vodafone
has sought an extension until January 29 next year to reply to
a tax claim notice issued last month by the Income-Tax
Department, the Lok Sabha was informed on Friday.

India may miss GST implementation target

With issues like the exclusion of petroleum products from the purview of Goods and Services Tax (GST) yet be resolved, India may miss the implementation target by April 1.

Over 14,700 declare foreign accounts under US tax amnesty

More than 14,700 Americans with previously undisclosed offshore bank accounts have come forward to settle their back taxes after an amnesty offer, US officials said Tuesday.

Impose 2% tax on FIIs, says Assocham

The industry body Assocham on Tuesday
suggested that FIIs should be charged a tax of two per cent of
their money pumped into the stock market to prevent further
rise of the rupee and also an asset-bubble.

GST would do away with cascading effect of levies: Pranab

The government on Monday said the
proposed Goods and Services Tax (GST) would help lower the incidence of taxes by avoiding cascading effect of multiple levies.

Swiss banks to ask for ‘tax honesty’ from foreign clients

Switzerland`s secretive banks are considering landmark plans to require that their foreign clients conform to personal taxation requirements abroad, a leading banker said in an interview on Sunday.

Political higher-ups working against me: Koda

Embattled former
Jharkhand Chief Minister Madhu Koda on Saturday alleged some
political higher-ups had hatched a conspiracy to tarnish his
image before the assembly polls and said he is ready to quit
politics if money laundering charges against him are proved.

Fannie Mae tax credit decision could cost $5.2 bln

Fannie Mae has said it may have to ask the government for more financial assistance because the company cannot sell $5.2 billion in tax credits.

Govt reviewing tax rules on savings, capital gains

The government is debating the need for changes in its tax laws including that on saving schemes, capital gains of non-residents and tax agreements with various nations, the Finance Ministry said in a statement on Thursday.

I-T department to summon Koda for questioning

The Income Tax department will soon summon former Jharkhand Chief Minister Madhu Koda for "detailed questioning" on alleged hawala transactions and investments made by him and his associates.

EGoM to submit first draft on GST draft next week

The Empowered Committee of State Finance Ministers will submit its first draft to the Centre on the proposed Goods and Services Tax next week.

Tax dept issues tax claim notice to Vodafone

India`s tax department said on Friday it had issued a show-cause notice to Vodafone for default of non-deduction of tax related to its USD 11.2 billion stake purchase of Hutchison Telecom`s Indian operations in 2007.

Vehicles become costly in UP after govt hikes road tax

All vehicles, except the solar-
powered or battery-operated ones meant for private use, now
cost more in Uttar Pradesh as the state government has hiked
the road tax for all types of private and commercial vehicles.

FM keeps fingers crossed over bringing in GST from April 2010

Finance Minister Pranab Mukherjee
on Wednesday kept his fingers crossed over introducing goods and
services tax from April 2010.

CBI files charges against top I-T official, wife in graft case

Two days after the arrest of Nagpur Income-Tax Commissioner Ajoy Kumar Singh and his wife Mrinalika, the CBI filed chargesheet in a special court here, accusing the duo of amassing disproportionate assets worth Rs four crore.

Britain planning tax raid on banks: Report

Britain is drawing up plans for a
tax raid on banks that could help pay the cost of the
government`s bail-out of the financial system, the Sunday
Telegraph newspaper reported.