TAXATION


IANS 29 November 2016
The Lok Sabha on Tuesday passed the Taxation Laws (Second Amendment) Bill, which amends the Income-tax Act, 1961, and the Finance Act, 2016.   The bill, moved by Union Finance Minister Arun Jaitley, was passed by voice vote amid a ruckus created by the opposition parties over the...

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IANS 28 November 2016
Finance Minister Arun Jaitley on Monday introduced a bill in the Lok Sabha to amend the Income Tax rules, levying a tax of 60% on undisclosed income or investment or cash credit deposited in the banks.   According to the Taxation Laws (Second Amendment) Bill, 2016, the declarant will...

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IANS 28 November 2016
Finance Minister Arun Jaitley on Monday introduced a bill in the Lok Sabha to amend the Income Tax rules levying a tax of 60 per cent on undisclosed income or investment or cash credit deposited in the banks.   According to the Taxation Laws (Second Amendment) Bill, 2016, the...

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Namrata Patel 25 November 2016
The Bombay Chartered Accountants Society has requested the Finance Minister, Arun Jaitley to scrap the Income Computation and Disclosure Standards (ICDS) – Sec. 145(2) of the Income-tax Act, 1961 [the Act]. The basic thrust of the 10 ICDS notified by the CBDT appears to be to prepone taxation...

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IANS 21 November 2016
An informal meeting of the Goods and Services Tax (GST) Council here on Sunday remained stalled on the issue of dual control, or cross-empowerment, on who will exercise control over GST assessees -- the Centre or the states.   "The meeting has remained incomplete. Discussions will...

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IANS 04 November 2016
The decision on the issue of dual control between the Centre and states remained elusive at the conclusion of the Goods and Services Tax (GST) Council's fourth meet here on Friday, a state Finance Minister said.   The Council, which reached a consensus on the four-tier tax slab...

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IANS 02 November 2016
Sharp anomalies in the taxation rates and structure across different industries such as telecom, tobacco, textiles, food processing and tourism should be addressed as the country moves to implement the Goods and Services Tax (GST), an industry report said on Wednesday.   "As we are in...

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IANS 25 October 2016
The Income Tax department will send SMS alerts regarding quarterly Tax Deducted at Source (TDS) deductions to around 2.5 crore salaried tax payers through a facility launched here on Monday by Finance Minister Arun Jaitley.   The Central Board of Direct Taxes (CBDT) will soon offer...

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IANS 24 October 2016
Under the proposed Goods and Services Tax (GST) regime, individuals and entities can pay taxes online using debit or credit cards, the government said on Sunday.   "With regard to payments, the best thing that will happen is all payments will have to be made online. You can use any...

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Having the HRA (house rent allowance) component in the salary helps in reducing the tax burden. Those without HRA had a smaller deduction. But the Finance Act 2016 has raised the maximum deduction available under Section 80GG to Rs60,000 per annum (pa) from the existing Rs24,000 pa. Those who...

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Moneylife Digital Team 13 October 2016
The recently concluded Income Declaration Scheme (IDS) 2016, while was successful in garnering hidden money of about Rs65,000 crore, also opened a window of opportunity for tax officials to open or re-open old cases or that is what the taxmen believes. A circular (No27 of 2016) issued by the...

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IANS 29 September 2016
Taking cognizance of the grievances expressed by taxpayers, Prime Minister Narendra Modi on Wednesday asked tax officials to set up a mechanism to deal with their issues and ensure a speedy resolution.   Modi on Wednesday chaired his fifteenth interaction through PRAGATI - the...

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IANS 23 September 2016
In its first set of decisions, the Goods and Services Tax (GST) Council on Friday fixed the turnover-based exemption limit from such levies at Rs 20 lakh, but left the decision on fixing the actual tax rates and the finalisation of draft rules for later.   Briefing the media after the...

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Moneylife Digital Team 22 September 2016
Dr Subramanian Swamy, a member of Parliament (MP) and leader of Bharatiya Janata Party (BJP) has requested Prime Minister Narendra Modi to stay operations of Goods and Service Tax Network (GSTN).    Dr Swamy, in a letter says, "...the GSTN, which is a data processing and tax revenue...

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IANS 12 September 2016
The government has extended the date for filing of income tax returns by tax payers whose accounts are required to be audited under the Income Tax Act from September 30 to October 17, 2016, an official statement said here on Monday.   "Taking into consideration that the last date for...

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IANS 12 September 2016
Following presidential assent last week to the GST Bill, the Union Finance Ministry on Monday notified the provisions of the Constitution Amendment Act that allows for setting up the Goods and Services Tax (GST) Council.   "The Central Government hereby appoints the 12th day of...

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IANS 08 September 2016
After the nod from President Pranab Mukherjee to the Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, and its Gazette notification, the process remains long in implementing the pan-India Goods and Services Tax (GST) regime:   - The parliament will once again have to...

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IANS 01 September 2016
The Goods and Services Tax (GST) bill ratified by 15 states, awaits the magical number of 16 before it is sent to the president for his assent.   After Goa became the 15th state to ratify the GST bill on Wednesday, decks would have already been cleared for presidential assent had the...

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IANS 30 August 2016
India Inc. proposed on Tuesday that goods fully exempted from excise duty and VAT by states be categorised as exempted goods in the GST regime, which should be implemented after a minimum of 6 months from the date of adoption of the GST law by the GST Council.   "Goods fully exempted...

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IANS 29 August 2016
After a heated debate, both houses of the Maharashtra legislature on Monday unanimously ratified the Goods and Services Tax (GST) Bill, making it the ninth state in the country to do so.   The GST Bill was recently passed in both houses of Parliament and its ratification by various...

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