OECD unveils final standards for international tax reforms
With artificial profit shifting causing an estimated USD 240 billion annual loss, Paris-based OECD Monday came out with the final detailed action plan for coherent and transparent international taxation norms for multinationals.
Oct 05, 2015, 21:08 PM IST
GDP to exceed 7.5%, taxes to fall short of target by Rs 50,000 cr: Govt
Government Monday said revenue collection will fall short by Rs 50,000 crore but expressed confidence that economic growth will exceed 7.5 percent, with fiscal deficit remaining within the budgeted target.
Oct 05, 2015, 17:25 PM IST
Tax department's cash detection ability being strengthened: Arun Jaitley
Tax department's ability to detect large cash transactions is being strengthened to check the menace of black money as bulk of it remains within India, Finance Minister Arun Jaitley said on Sunday.
Oct 04, 2015, 15:26 PM IST
Those did not take advantage of black money compliance window will regret: Das
Only 638 declarations for a total overseas wealth totalling Rs 3,770 crore were made during the 90-day compliance window under the Black money (undisclosed foreign income and assets) and Imposition of Tax Act, 2015.
Oct 02, 2015, 09:29 AM IST
Will now take action against foreign black money holders: Govt
A total of 638 people used the window, declaring an amount of Rs 3,770 crore.
Oct 01, 2015, 16:06 PM IST
Income Tax returns filing deadline extended to October 31
The government on Thursday extended the last date of filing of audit report and the return of income for the Assessment Year 2015-16 to October 31.
Oct 01, 2015, 12:42 PM IST
Brazilian coach Luiz Felipe Scolari cleared of tax evasion
Brazilian coach Luiz Felipe Scolari has paid Portugal 3 million euros back in taxes, the media reported.
Oct 01, 2015, 12:11 PM IST
No action under FEMA for disclosures during black money window
Government has clarified that all those declaring overseas assets during the black money compliance window will not face any penalty or prosecution under FEMA and four other laws.
Sep 30, 2015, 18:55 PM IST
Portugal drops tax fraud probe against Luiz Felipe Scolari
Portuguese authorities have closed a tax fraud probe into former Brazil and Portgual football coach Luiz Felipe Scolari after he paid three million euros ($3.4 million), officials said.
Sep 30, 2015, 17:52 PM IST
CBDT simplifies procedure for filling 15G, 15H forms
Forms 15G and 15H are filed by persons whose incomes are below the taxable threshold, to seek exemption from TDS on interest income.
Sep 30, 2015, 16:17 PM IST
People with Rs 4 lakh income, mofussil residents on IT radar: CBDT
Those earning Rs 4 lakh per annum, besides people in tier-II and tier-III cities with taxable income but not paying taxes are on the radar of the Income Tax department which has launched an ambitious drive to net one crore new assesses this financial year.
Sep 27, 2015, 10:08 AM IST
India needs to repudiate retrospective tax laws: Fund manager
India needs to repudiate retrospective tax laws to get the much-needed foreign investments for achieving double digit growth rate, said a USD 30 billion Los Angles-based fund manager.
Sep 25, 2015, 19:22 PM IST
FM Jaitley confident of GST rollout next year
Promising a simple and globally competitive tax regime, Finance Minister Arun Jaitley on Monday said the government is confident of the new GST regime to roll out from the next fiscal and expressed confidence about an early resolution of pending disputes on direct taxes front.
Sep 21, 2015, 11:09 AM IST
2-3 legacy tax cases to be put to sleep in couple of months: FM Jaitley
Finance Minister Arun Jaitley tonight said only about 2-3 legacy tax issues are left which he hoped will be "put to sleep" over the next couple of months.
Sep 18, 2015, 22:35 PM IST
Corporate tax exemptions with sunset clauses may not be renewed
In order to phase out exemptions and move to lower corporate tax rate, the CBDT is considering not to renew tax exemptions after expiry of sunset clause.
Sep 10, 2015, 19:54 PM IST
Apple unit underpaid $71 mn in tax in 2013: China
A China unit of U.S. tech giant Apple Inc underpaid taxes in 2013 by 452 million yuan ($71 million), according to a report from the country`s finance ministry, which comes as China toughens its stance on tax payments by foreign firms.
Sep 10, 2015, 18:44 PM IST
I-T dept receives 2 crore returns on e-filing portal till Sept 7
The income tax department has received 2.06 crore returns, up 26.12 percent, on its e-filing portal as of September 7 - the last day for filing the returns by individuals.
Sep 10, 2015, 17:58 PM IST
Indirect tax collections grow 36.5% to Rs 2.63 lakh crore
Indirect tax collections rose 36.5 percent in April-August to over Rs 2.63 lakh crore, suggesting that the underlying momentum in the economy is strong, the Finance Ministry said Wednesday.
Sep 09, 2015, 19:18 PM IST
Government retreats on parliament plan for GST
The government has given up plans to reconvene a parliament session to secure approval for a common goods and services tax (GST) because of lack of political support, Finance Minister Arun Jaitley said on Wednesday, making it harder to meet an April 2016 deadline to implement the reform.
Sep 09, 2015, 14:44 PM IST
Swiss govt discloses new name in India's black money probe
In a fresh disclosure on suspected black money cases being probed by tax authorities in India, Switzerland on Tuesday said it has received request for information about Indore-based textiles firm Neo Corp International Ltd.
Sep 08, 2015, 19:48 PM IST
