Widening of tax base: E-commerce business on I-T radar
The Income Tax department has trained its scanner on the burgeoning 'e-commerce' business in the country with the taxman deciding to monitor a host of services conducted by these popular online portals to better fill up the revenue kitty.
May 26, 2015, 18:31 PM IST
Shah Committee on MAT dues on FIIs holds first meeting
The high-level Justice Shah committee on levy of MAT on FIIs today met for the first time as it looked to expeditiously give its recommendations to resolve the contentious issue that has riled investors.
May 25, 2015, 18:34 PM IST
I-T to scan tier-II cities to bring more people in tax net
The Income Tax department has decided to use technical intelligence and pay special focus on tier-II cities like Jaipur, Surat and Lucknow among others, to bring more and more people living in these "progressive" cities under the tax net.
May 24, 2015, 18:05 PM IST
Simplified ITR forms to be notified by next week
The Finance Ministry will come out with simplified Income Tax Return (ITR) forms by the next week, replacing the controversial ones that have been put on hold.
May 22, 2015, 15:53 PM IST
Draft norms for 'Range Concept' in transfer pricing released
The tax department Thursday came out with draft norms for introduction of 'range concept' for calculating Arm's Length Price for valuing transactions between related entities for the purpose of taxation.
May 21, 2015, 21:17 PM IST
MAT: Former CEA Ashok Lahiri named member of Shah Committee
Former Chief Economic Adviser Ashok Lahiri named as a member of Justice A P Shah Committee that will look into MAT dues on FIIs.
May 20, 2015, 20:55 PM IST
I-T Dept issues detailed circular to address tax grievances
To address grievances of taxpayers, the I-T Department Tuesday put in place a detailed framework for 'verification and correction' of the outstanding tax demand, while rectifying the inaccuracies arising due to delayed or non-reporting of TDS (Tax Deduct at Source).
May 19, 2015, 23:22 PM IST
New 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.
May 19, 2015, 22:32 PM IST
Company sponsored foreign trip may not need disclosure in revised ITR
The Finance Ministry is likely to exempt assesses from sharing details of company sponsored foreign trips in the revised Income Tax Return (ITR) forms.
May 18, 2015, 15:48 PM IST
Reasonable taxation, ease of doing business government's priority: FM Jaitley
Finance Minister Arun Jaitley Sunday outlined the road map for the second year of the NDA government which includes making taxation more reasonable and improving the ease of doing business in India.
May 17, 2015, 14:24 PM IST
7/10 for Modi govt's first year, needs to clear tax issues: Assocham
Giving the Modi government 7 out of 10 for its first year's performance, Assocham Sunday said it still needs to cover some ground on tax issues and a lot more needs to be done on improving ease of doing business.
May 17, 2015, 14:00 PM IST
New ITR forms to be far more simplified: FM Jaitley
The controversial new income tax return forms, which had been put on hold, will be "far more simplified", Finance Minister Arun Jaitley said Saturday, but kept the suspense on if the requirement of disclosing all bank accounts and foreign travels will be retained.
May 16, 2015, 16:18 PM IST
New ITR forms to be far more simplified: FM Jaitley
The new income tax return (ITR) forms will be far more simplified, Finance Minister Arun Jaitley said on Saturday.
May 16, 2015, 15:50 PM IST
Govt committed to passage of GST Bill in July: FM Jaitley
The GST Bill, which was approved by the Lok Sabha, could not pass muster in the Rajya Sabha and was referred to the select committee for scrutiny.
May 13, 2015, 23:15 PM IST
High level panel on tax issues to have independent members: FM
Finance Minister Arun Jaitley Wednesday said the high level panel looking into the issue of MAT demand raised on foreign investors will consist of independent people so as to ensure non-adversarial tax regime.
May 13, 2015, 22:47 PM IST
Anti-black money bill: Salient points
Salient points of the anti-black money bill passed by the Rajya Sabha on Wednesday, the last day of parliament`s budget session. The Lok Sabha passed the bill on Monday.
May 13, 2015, 21:13 PM IST
Black money bill passed; govt warns those having illegal assets
Jaitley made it clear that the new law will not cover those having amounts equivalent to Rs 5 lakh in bank accounts abroad, which may belong to students or those working there.
May 13, 2015, 20:38 PM IST
RBI says states could tax e-tailers to shore up revenue
The Reserve Bank Tuesday made a case for more clarity on taxing the sunshine e-commerce sector, which has been seeing high valuations and frenetic activities, saying doing so will help bolster their finances.
May 12, 2015, 23:52 PM IST
Govt asks I-T to widen taxpayer base; include 25 lakhs new assesses every month
Government has embarked on a plan to widen the country's taxpayer base and asked the Income Tax department to bring under its net at least 25 lakh new assesses each month during current financial year.
May 12, 2015, 17:15 PM IST
Govt to modify new income tax return forms
Government on Tuesday said it has decided to "modify" the new Income Tax Return (ITR) forms in wake of concerns raised over them.
May 12, 2015, 16:11 PM IST
