TAXATION


Ameet Patel 14 November 2015
Indian tax laws are complex and their implementation terrifying. What can the government do to change this? Will the new revenue secretary act on these suggestions?   Mark Twain, obviously, had no idea of how complex and uncertain the Indian Income-tax Act, 1961, is, when he said in...

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The Modi government promised to make tax laws more transparent and less complex. The revenue secretary, today, is Hasmukh Adiha, a Gujarat cadre IAS officer who is close to the prime minister. However, Indian tax laws are so outdated, and their application so mindless, that there is no dearth...

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IANS 02 November 2015
"The road map for phasing out of exemptions will be unveiled soon," Adhia told reporters here   The government is likely to unveil a roadmap by next month for doing away with corporate tax exemptions along with a phased reduction of this tax rate to 25 percent over four years,...

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IANS 28 October 2015
Delhi High Court's former judge Justice RV Easwar is chairman of the panel   The government on Tuesday set up a 10-member committee to simplify provisions of the Income Tax Act for enabling ease of doing business.   "The committee will identify provisions in the IT Act which...

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IANS 20 October 2015
Filmmakers unable to complete their movies or who had to abandon them before completing will now be eligible for relief following the latest directive of the Income Tax department doing away with a provision of claiming tax on abandoned projects.   "It is clarified that Rule 9A does...

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IANS 19 October 2015
In order to attract higher investments, the Indian taxation system should be more transparent, Reserve Bank of India (RBI) governor Raghuram Rajan said on Monday.   Speaking at a seminar here, Rajan stressed that the Indian tax system should be transparent and predictable to attract...

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You can no longer be lax about tax on life insurance proceeds. Moneylife examines the impact of TDS which can eat into your already low returns. Know the new rules that have even insurance companies confused   Tax is a clincher in any financial investment. Knowing the net returns you...

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Moneylife Digital Team 05 October 2015
Now the Income-Tax Department has been encouraging taxpayers to file their returns online, email fraud is bound to proliferate and trap the gullible   It is probably a test mail as yet, but several people received a missive, ostensib ly from the Indian Income Tax (I-T) department...

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IANS 01 October 2015
The government on Thursday extended the deadline for e-filing of all Income Tax returns and audit reports till October 31, 2015.   "The government has decided that across the country, all the returns of income and audit reports u/s 44AB which were due for e-filing by 30 September,...

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It is nice to see this tax-payer friendly action on the part of the Income Tax Department and let us hope that this may be the harbinger of many more good things to come   Hope you filed your income tax return (ITR) by now. The earlier you file your return, quicker you will get the...

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A taxpayer who earns income from salary and owns a single house can easily file tax returns online without taking any help from professionals   Every year, the month of July makes every salaried taxpayer rush to file income tax (I-T) returns. However, for FY2014-15 (AY2015-16), the...

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The changes in income-tax forms are designed to plug the loopholes exploited by taxpayers and non-payers   The date for filing income-tax (I-T) returns for assessment year (AY2015-16) has been extended to 31 August 2015. The new I-T return forms (ITRs) seek additional information from...

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IANS 05 August 2015
India's indirect tax receipts grew 37 percent in the first quarter, ended June, over the like period of last year, Finance Minister Arun Jaitley told parliament on Wednesday.   "Indirect taxes in the first quarter (April-June) have risen by a phenomenal 37 percent," Jaitley said while...

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Neeraj Sharma 09 July 2015
The government’s grip over information is tightening not only in respect of transactions undertaken within the country but also overseas   In a liberal economic and low tax rate environment, people are expected to go straight. Tax fraud and tax evasion deprive governments of revenues...

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The tax department cannot issue a direct demand against the assessee for tax deducted but not remitted by the deductor   The biggest problem faced by some of the taxpayers today is the mismatch between the tax deducted at source (TDS) and what is remitted to the government by the...

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Moneylife Digital Team 12 June 2015
Form 15G and 15H can help you to avoid tax-deducted at source (TDS) on fixed deposits (FDs) whose interest crosses Rs10,000 in a financial year. Effective 1 June 2015, recurring deposits (RDs) will also be liable for TDS and interest income of FD and RDs from all branches of a bank will be...

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Restaurants without air conditioning facility will not charge any service tax from their customers while those with ACs will charge only on the 40 percent of the total bill amount, the finance ministry said on Tuesday.   "Restaurants, eating joints or messes which do not have the...

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A 450-member team of the Income Tax Department is conducting searches at offices of the Chettinad Group of companies in Tamil Nadu, Andhra Pradesh and Maharashtra, officials said on Wednesday.   The searches are on at 40 locations in the three states. "The reason for the raid is...

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The Central Board of Direct Taxes (CBDT) on Monday dismissed reports that it has asked its officers to go beyond raids and searches to target tax evaders and said stringent action in big cases of evasion would demonstrate to compliant taxpayers that laws are just and fair.   "CBDT...

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Even in a closed network like Indian Railways, food is now served and sold without receipts, or if you get receipts, then you do not know where the service tax collected is going   An otherwise modest increase in service tax from 12.36% to 14% on an all-India basis would have gone...

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